How bankers may assist business owners

Running a business may involve navigating challenges such as rapid growth, rising costs or sagging sales. These or other similar situations may affect a business’s finance or cash flow.

Bankers, also referred to as relationship managers or business specialists, can serve as a source of information regarding banking products, services and available resources. “Bankers can help you in every phase of your business — from starting a new business to obtaining the capital you require to run and grow your business,” says David Woell, head of Centralized Business Banking for Bank of America.

1. Serve as a banking services trusted advisor. Bankers are trained to be aware of your business’s needs and priorities and recommend potential banking solutions. If you are evaluating opportunities for your business, your relationship manager may discuss banking considerations and available resources. Bankers can also advise on trends in your field and potential risks. “A banker can share knowledge of industry insights gleaned from working with other clients and provide advice and solutions to help you stay competitive,” says Woell.

2. Be a part of your community. Every region in the country has a unique mix of industries and cultures that can benefit from localized expertise. As a part of their local community, bankers are often aware of business events, entrepreneurial programs, grants, community development financial institutions (CDFIs) and other resources to support the small business community.

3. Assist with access to capital. Bankers may provide information regarding financing products, application requirements and options to gain access to financing. From discussing available credit products to providing information about the loan application process and troubleshooting, a banker may serve as a resource throughout the financing process.

4. Monitor cash flow. Some business owners may wait until they encounter a cash flow challenge before reaching out to their banker. A relationship manager may discuss cash flow management products and services and provide information about resources that may support a business’s cash flow management activities.

5. Recommend digital tools. Bankers can point you to digital tools — online and mobile — that can analyze cash flow, track business trends, and send and receive payments. Some are a few keystrokes away on the bank’s website. “We’re also able to walk you through how to use the tools if you find that helpful,” says Woell.

6. Make referrals to third-party payroll solutions. Businesses may use digital tools and payroll services to support payroll administration. Whether a business uses a full-service payroll or a mobile payroll option, bankers may provide information regarding available payroll products and services.

7. Establish relationships. As a business owner, you understand the importance of professional relationships. Bankers may be familiar with local business networks, organizations and resources that may be relevant to business owners.

8. Provide a post-tax time checkup. Many businesses review their financial information after tax season. By reviewing how the previous fiscal year unfolded, a banker may discuss financial trends and complete a peer profile that compares a business with other companies in the same industry in terms of cash flow, debt ratios and other measurements, which can help the business prepare for the upcoming year.

The easiest way to discuss your financial goals and business priorities with a banker is to reach out by email or phone and schedule a time to connect. Bankers can often meet at your place of business, the financial center or over the phone. You can also schedule an appointment anytime through the bank’s website. Depending on your relationship, some banks may assign a dedicated client team that will serve as your dedicated point of contact. “You can engage your banker how and when you need,” says Woell. At a minimum, he recommends meeting with a relationship manager twice a year.

Communicating regularly is essential, particularly when you’re facing challenges. “Be candid about your needs,” advises Woell. You may have never considered doing so, but Woell recommends inviting your banking team to visit your workplace as well. The more your banker knows about your situation, the more they can help you. “With specifics, we can focus on priorities,” says Woell.