Why Would Your Business Want a Banking Relationship?

Enterprise Bank logo: Why Would Your Business Want a Banking Relationship?

Enterprise Bank, a FORGE Steel partner, is an independent, innovative bank that values the entrepreneurial spirit and stimulates the economy by helping to create new businesses. In this Tools of the Trade, Enterprise Bank Executive Vice President Peter Rayno discusses the value of a banking relationship and forming an interpersonal connection with your banker.

You can have business accounts at a bank, or even better, you can have a relationship with your bank. The availability of digital banking tools that let you handle deposits, transfers, and even apply for loans online might make you think you don’t need to have a relationship with a banker. But you don’t need to navigate the banking and financial services world alone, and your banker could be a strategic ally for your business.

Why would you want a banking “relationship”?

There are advantages for businesses and not-for-profit organizations to establish a relationship with a bank. Regular and ongoing communication throughout the banking relationship is the primary way in which the banker can serve in the role of trusted advisor and add value for the client. A commercial lender can help you and your business develop strategic plans for growth. A banker specializing in business cash management can help you streamline your collections and disbursements and include features to help mitigate fraud.

Working with the right banking partner is important to preserve the overall health and financial stability of your company. A banker dedicated to your banking accounts can help to make sure that you and your business receive the best services available for your situation, whether your business is just starting, is in a growth phase, or has decades of experience behind it.

Evaluating your banking relationship

It’s a good idea for companies to periodically review their existing banking relationship. Here are some important considerations for companies when evaluating the strength of their relationship with their current financial institution or a new banking partner.

  1. Do you frequently hear from your banker? Ongoing communication between banker and client is critical to building mutual understanding and trust. A banker who knows your business and has insight into your financial and strategic goals can provide guidance and suggestions on how to meet those goals. They can be an asset when you want the viewpoint of a finance professional or need to respond quickly to a business opportunity.
  2. Has the same banker managed your relationship for several years, or has there been frequent account officer turnover? Frequent account officer turnover can be unsettling. The resulting disconnect can deprive your business of the continuity that comes with having an account officer who possesses an understanding of your business resulting from time and familiarity.
  3. Do you consider your banker a trusted adviser? If not, you are missing out on a critical benefit of a business and banker relationship. You should be able to view your banker the same way you view your attorney or accountant – as someone you can rely on for important guidance and advice. Even better, when your bank operates with a consultative approach, your primary banker is backed by a full team of lenders with depth, strength, and experience in business lending, plus a team of experts in technology and cash management.
  4. Is your banker accessible?  Are you able to easily reach your banker whenever you might have a question or a concern to be resolved?  Do you have your banker’s cell phone number?  When you have needed to reach your banker have you received a same day response?  Access and response time are essential elements to a true banking relationship and if either aspect is less than it should be, it’s a definite drawback to the relationship.

Find a bank with the “right fit”

Compared to large banks and smaller community banks, Enterprise Bank brings the “best of both worlds” to the banking environment. At a size of nearly $5 billion in assets, Enterprise has the bandwidth to meet the widest range of financing needs for businesses and not-for-profits. In addition, our technological and cash management products rival those of the largest banks. Our consultative team approach means our lenders are backed by a team of professionals in the Cash Management and Wealth Management areas, as well as a network of 27 branches in Massachusetts and New Hampshire for those times you need or want to visit a location in person.

The level of customer service, accessibility, and responsiveness that our commercial lending team provides to our clients rivals that of smaller community banks and are critical elements we bring to all our commercial lending relationships. Our clients expect and receive this level of responsiveness and accessibility in support of their banking needs.

Regular and ongoing communication throughout our banking relationship is one of the hallmarks of Enterprise Bank’s client relationships and a primary way in which we add value for our clients in our role as a trusted adviser. Beginning with the initial discussions with prospective business clients, Enterprise Bankers strive to learn about the business and gain insight into their financial and strategic goals. Leveraging our years of experience in dealing with businesses of all types and industries, we help provide guidance and suggestions on how best to meet those goals.

The most important advantage that Enterprise Bank provides to business clients is the depth, strength, and experience of our business lending team. Many of our lenders have decades of experience in the commercial lending field and are uniquely qualified to serve the role of a trusted adviser to their clients.

Most importantly, all of our Enterprise Bank team members adhere to the “Sundown Rule.” When you reach out to anyone on our team with a question, you will receive a response before the end of the same day. 

Is it hard to change banks?

The idea of changing banks can be daunting. Since opening in 1989, the Enterprise Bank team has helped thousands of clients relocate their banking relationships to us in a smooth and seamless fashion. Our branch and lending teams have dedication and years of experience in successfully onboarding new Enterprise Bank clients. Our team proactively takes a consultative approach in listening to our clients’ needs, recommending products and services that meet those needs, and setting up those products and services in such a way as to minimize the time and effort required from our clients to transfer their relationships.

If you would like to speak to an Enterprise Banker about Commercial Loan products to help your business grow, or Cash Management products and services to help your business increase operational efficiency, we invite you to call us at 877-671-2265.

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