The myth is that bankers don't like entrepreneurs. The reality is that bankers have nothing against entrepreneurs, but bankers tend to be conservative and risk-averse. As we know, entrepreneurs tend to be risk takers and able to deal with uncertainty. If you view this situation as a communication gap, not a personality clash, you'll be on your way to building a strong relationship with a banker.
But how do you find the right bank for your company? The first step is to determine exactly what services you need from your bank. I like the idea of starting with a community bank, where you can get to know your banker and they can get to know you and your business.
That personal relationship is critical. I was once hired by Wells Fargo Bank to research what was most important to small business owners about their banking relationship. We were surprised to learn that most business owners want a bank with a personal banker dedicated to their specific needs.
Unfortunately, given the massive consolidation among banks and the push to doing most transactions online, it's tough to find a real person.
Despite these drawbacks, it's still possible to find a good business banker, especially at a community bank like Montecito Bank & Trust in Santa Barbara. I've been working with the team there on a variety of marketing projects and they really do care about their customers. Choosing a banker is like choosing a good doctor. You want someone who is competent, personable, and a good listener. Your banker should be a member of your management team.
What you need from a bank changes depending on where you are in the business life cycle. In the first year or two, you'll probably need a business checking account, a savings account, and, if you process credit card orders, merchant card services (see Great Idea #50).
Other services to consider:
Some tips on finding the right banker:
18.119.131.72