Special Report
Balance of power
How to develop a banking relationship to build your bottom line
By Carolyn LaWell
Smart Business Cleveland | August 2009
Page 1 of 4
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.
“Banks can be a sounding board and trusted adviser to help commercial customers understand and be aware of relevant trends that can impact their business,” says Alan Zang, senior vice president, middle market executive, KeyBank’s Cleveland district. “In volatile times, information becomes more valuable.”
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.
