There are four things that every business owner should expect from their banking partner. If you’re current bank is unwilling or unable to provide these services then it’s time to shop around.
While working in Kansas City, Missouri last month I had the opportunity to meet Grant Burcham, CEO of Missouri Bank & Trust Co., also known as Mobank. The minute you walk into their main branch, you are met by the following words and phrases: Entrepreneurial, individual, be the difference, unique, community, better off, and authentic.
They are displayed prominently along the walls because they represent the ideas that compose the Mobank philosophy.
After speaking with Grant, it’s clear that there is something different about this bank. Mobank is a community-based bank with over $400 million in assets and several branches. The bank’s focus is on serving entrepreneurs and business owners. Mobank provides financial services that cater to the specific needs of this audience as well as additional value-added services that are atypical for most banks. These include providing access to an intensive business boot camp and professional matchmaking services among their business customers.
Want to read more about working with banks? Check these out:
Mobank’s philosophy is present in the bank’s execution of its daily operations. Does it work? Yes. The bank’s consistent growth, high quality loan portfolio, low employee turnover and low customer turnover attest to it.
After this experience, I started thinking about whether or not I was getting the most out of my banking relationship. Have you asked yourself this question? If not, what can you do about it?
How to get more value out of your banking relationship?
There are four things that every business owner should expect from their banking partner. If you’re current bank is unwilling or unable to provide these services then it’s time to shop around. Business accounts are generally more attractive than consumer accounts for banks and we should recognize that.
Step 1: Work with a bank that caters to your specific needs
There are over 8,000 banking institutions in the United States. Many of these specialize in particular types of clients, geographies or product lines. Like any other industry, it’s important to identify the banking provider that can cater to your specific needs. If you are a small business that sells primarily to foreign buyers, you should work with a bank that is well-versed in dealing with export finance issues. If all of your customers are located in a particular region or city, then working with a bank that works with your customers can have significant advantages. It may very well be that the best bank that meets your needs happens to be one of the largest in the country, but don’t assume that. Do the research.
Step 2: Have your banker introduce you to productive partners
As the example set by Mobank demonstrates, your bank can play a role in helping you grow your business. Work with a bank that will proactively introduce you to potential customers and vendors. Doesn’t it make perfect sense? A good banker knows their customers intimately. They’ll know which personality types will get along and which businesses can service a particular company’s needs. They have all of the ingredients to be tremendous matchmakers. Is your current bank doing this for you?
Continue to the article: How To Get More Value From Your Bank
