Relationships matter in small business. Whether you’re looking to find new clients, get to know existing clients or source new suppliers, good relationships can make a difference to your bottom line.
When it comes to your bank, if your only relationship with your bank is virtual, then you may be missing out on opportunities to learn about new products that may help you grow your business.
Fostering a relationship with your lender is one of the best alliances you can make for your small business. While building a personal connection may not seem convenient, it will certainly be worthwhile.
Here are four great ways to foster your relationship for long-term benefits:
- Schedule a meeting —A meeting, especially when you’re a new business, will give you the chance to get to know the products and services that may be available for your business growth and for the development of your small business. Many banks have free online resources and live workshops specifically designed for small business that you may not be aware off. And, if you don’t ask, you won’t know.
Ask lots of questions and ensure your work with your banker to understand the answers, especially if numbers-talk can be confusing. Your banker can help put things in every-day language for you.
- Share your plans —If you’ve never sat down and shared your business plans with your bank manager, make an appointment to do so. The act of presenting your financials and your plans is a great way to let your bank know what they can expect from your business and to help you see opportunities. Not sure how to present your figures? Your bank will be able to point you in the direction of good advice.
- Keep in touch — Nominated for an award? Had a great piece of publicity? Sponsored a local charity event? Let your bank manger now about any positive commentary on your business. Managers are usually well connected in their communities and can help you network. You want to be recognised as a loyal customer and regular content will keep your name top of mind.
It’s even wise to let your banker know if you’re in a spot of bother. The sooner they know the sooner they’ll be able to offer help. So, don’t keep them in the dark.
- Plan for growth — When it comes to obtaining credit, your bank manager is one person you certainly want to have on your side. Your bank manager wants to loan you money, to service your account – and your job is to make it easy for them to do so. Share your plans and you might discover that help is available for you right now, or if you just made some changes to your financial reporting, or the way you use your credit cards you may open up the opportunities for better cash flow and funding.
Your bank and your banking relationships are vital elements should take priority. The better your relationships, the more likely you are to be of help to each other.
ANZ understands what it takes to get a new business off the ground. With the ANZ Start-up Package, if your business is less than two years old, you’ll pay no transaction or monthly account fees on your ANZ Business Current account for the first year. You also get the option of adding an ANZ Visa Business Card to help you keep your personal and business accounts separate, as well as an ANZ Business Premium Call account to save for things like GST and other expenses. Learn more here.
Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you.
ANZ recommends you read the Terms and Conditions and the Financial Services Guide (PDF 104kB) before acquiring the product.
