You’ve probably met with your executive team and members of your staff to devise ways to weather this economic cycle on sound financial footing. But you may have forgotten to invite a key player to the table: your banker.
Whether you’re seeing red or thriving during this volatile time, it’s always helpful to ask for input from an outsider. Now is the time you should be thinking beyond just the products your bank offers and see your banker in the role that he or she aspires to be — your trusted adviser.
“What we should be for that business customer is a part business consultant, part business partner, but we should be there to provide sound advice as to how to get through a tough economy,” says John Pelizzari, president and CEO, Fifth Third Bank, Central Indiana. “We don’t know the business as well as the owner, of course, but we do see a large sampling of businesses throughout our footprints wherever we operate, and we may have unique knowledge of the local economy that may be helpful to that business owner.”
Many businesses don’t think to communicate with their bank on a regular basis, which means missing out on a valuable, free resource, according to industry experts. Think of your bank for ideas and solutions for efficiency, especially now when you’re probably looking for answers.
To take advantage of your bank’s true role as a consultant, you must start by forming and maintaining a strong relationship around trust and communication.
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