Is Your Business Bank Bankable?

Are you happy with your bank? Do you consider what you pay in fees to be a good value for the services received? Do you consider your bank to be a source of support for your business? If the answer to any of these question is "no" or "maybe," read on. The choice of a bank is a serious decision in our personal and business lives and size matters, whether you maintain a business or personal account with the bank.

The expected needs of the individual or the business must be considered when choices are made. Banks have become both expensive and competitive over the past couple of decades and you owe it to yourself to get your needs met in exchange for the favor of allowing the bank to hold your money and collect the fees you pay for that convenience.

In your personal life, you will want to buy or refinance a home, make home repairs and upgrades, or finance your child's education. As a business owner or Solopreneur consultant, you may have equipment or technology upgrades to finance, or growth and expansion plans that will require outside financing. Whatever your financial plans, a helpful banker will provide crucial advice and facilitate access to capital, so that you will realize your goals and fulfill your obligations.

How should Solopreneurs and business owners choose a bank? A good way to start is to identify two community banks, two regional and two large national outfits and pay each a visit. Walk in and ask to meet the business banker, who is also usually the commercial loan officer. If you need an appointment, make one, so that you will have time to talk. Tell this individual about your business, about plans you have on the drawing board and your projected banking services and/or financial needs. How can the bank augment and support your plans? What insights and suggestions does the banker offer you?

If business credit is a priority, ask these three questions:

Thanks for reading, Kim

Kim L. Clark is an external strategy and marketing consultant who brings agile skills to the for-profit and not-for-profit organization leaders with whom she works. Please visit to learn how your organization can achieve mission-critical goals when you work with Kim.

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