Better Banking: Five Signs Your Business Needs a New Bank
Portland, Ore. (PRWEB) February 14, 2015 -- In a fiercely competitive global market, many small and medium-size businesses face challenges when trying to fuel their growth strategy.
Jodi Delahunt Hubbell, president and chief executive officer for The Commerce Bank of Oregon, understands the pressure and frustration many small businesses have with their bank.
“I’ve lost track of the number of times a client has come to us because they’re unhappy with the service of their previous bank,” said Delahunt Hubbell. “When you’re in growth mode, it’s not just about the lowest rates. It’s about finding a partner who’s going to give you their time and expertise to help get your business to the next level.”
From Delahunt Hubbell’s experience, most big banks aren’t structured in a way that fits the unique needs of small and medium-size enterprises.
Look for these five signals to determine if your business could benefit from a new banking relationship:
1. You don’t know your banker. Between high turnover rates and long distance relationships, many SMB owners have little insight into the banker who’s actually conducting their business and making the decisions. This can be unproductive for many reasons, but the biggest opportunity loss is the ability to develop a lasting relationship that will grow with your business.
2. The bank doesn’t understand your business. Does your bank take the time to learn about the unique landscape of your business? Receiving personalized service is more than just a courtesy; it’s the most valuable way that a bank can help you make financial decisions that will benefit your business in the long term.
3. Your relationship manager is not a trusted advisor. Titles can be deceiving. This is often the case with relationship managers who are simply viewed as salespeople by their financial institution. Find a bank where the relationship manager you work with is also your banker – one who proactively advises your business, helping it grow.
4. Banking decisions are not made locally. Many business owners wonder if it really makes a difference if banking decisions are made out-of-state. Ask yourself: Have you ever met your bank’s leadership team? There are many benefits to having local leaders supporting your growth in the community – it’s a win-win for both parties.
5. You’re uncertain about your bank. Small business leaders have tremendous instinct. Just like managing other areas of your business, you have to trust your gut. If your bank is not a key partner in helping your business grow, it’s time to find a new bank that can be your trusted advisor.
There’s hard work in advancing new ideas. A company’s growth must be financially smart, innovative and creative. Those are words not often associated with banking, but today’s business community has no time to waste with how banking used to be.
Insist on a banking relationship that you are confident is helping your business grow.
About The Commerce Bank of Oregon
Since 2005, The Commerce Bank of Oregon has served small and medium-size businesses by providing clients with innovative and informed financial recommendations that are made by local bankers who are familiar with each client’s unique personal and business goals. The Commerce Bank of Oregon focuses on key Oregon industries, such as manufacturing, wholesale, distribution, food production, retail, and the professional service sector. Learn more at http://www.tcboregon.com.
Stefanie Week, DHX Advertising on behalf of The Commerce Bank of Oregon, +1 503-830-9236, [email protected]
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