Travel and Tourism

Balance of power

By Carolyn LaWell

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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.

“I would tell you it’s the same role they should be playing in any economy, but it’s probably more critical in a challenged economy like the one we have right now,” says Elaine McMahon, senior vice president, department manager for small business banking in Southeast Michigan, Comerica Bank. “We have a much broader perspective on the marketplace than usually they do, particularly if we’re talking smaller companies, small businesses. We can provide them consultation relative to what’s going in the marketplace, we can provide them advice as it relates to their specific companies, and ultimately, we can help by providing solutions, the financial products and services that banks offer that can assist them.”

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.