Finding the Right Financial Partner
Owning or running a business is a thrilling but stressful endeavor. Long hours, few peers, and knowing other people’s livelihoods depend on you can cause many sleepless nights. Add in the false expectation that a business leader should be an expert in all areas of business and the pressure can be overwhelming.
The truth is, owning a business does not automatically make you a financial expert, a payroll professional, or a benefits specialist. That’s why it is critical to work with partners who are experts in those areas, letting you focus on doing what you do best. Look for a financial partner who can provide:
Experienced, dedicated guidance
Business owners are constantly stretched thin, so the fewer meetings and phone calls needed, the better. Find a financial partner that can provide you with one point of contact for streamlined service and individualized guidance. A business advisor can help anticipate needs, coordinate additional expert insight, and provide strategic guidance to help meet your specific goals. With a holistic view of your business and long-term goals, they can provide recommendations that support the overall financial health and success in addition to meeting short-term needs. Perhaps most importantly, an advisor is there when you need them, because your business is just as important to them as it is to you.
Diversified services and capabilities
Financial service needs change as businesses grow and evolve. There are benefits to be gained from with a provider that can meet your evolving needs, from short-term financing to succession planning and employee benefits plans to payroll processing. Not only is it more efficient, it can also be more cost-effective to work with one vendor rather than several. And with a dedicated advisor’s guidance, you can rest easy knowing your business’ best interests are top of mind.
A bank’s size also dictates its capabilities, so make sure you are working with a provider that can meet your specific needs. A very small bank may not be positioned to service your request, whereas an extremely large bank may see your business as insignificant. As a result of the pandemic, some lenders may be overleveraged in certain sectors and unable to service solid opportunities in those areas. Make sure your financial provider’s capabilities and service offerings match your business’ evolving needs.
One of the best aspects of ownership is you get to choose who you do business with. Banking relationships can last decades, and the right advisor becomes as emotionally invested in your wellbeing and success as you are. Choose a provider who truly cares about you, your employees, and your community. Banks can be more than a business. Those that value doing the right thing, respecting everyone, serving with passion, and embracing change can be catalysts for economic development, community champions, and dream makers — helping you succeed while strengthening the entire community together.