Use Bank Representatives To Their Full Potential (OPINION)

Many people grow up considering the retail bank as a sort of enlarged version of the piggy bank sitting on their dresser when they were young — a place to hold their money when they didn’t need to carry it around and a source of additional funds when their pockets were running a little empty. 

It is an unfortunate attitude for a business owner to have, that of considering a bank merely as a checking account or a source of loans. You can miss out on a lot of help to grow and make your business more prosperous.

Yes, banks are your financial partners. Banks can be the source for your various checking, savings, and charge accounts, along with the business loans and mortgages you might need from time to time. But a bank can be much more than a financial partner; it can be an operations partner as well.

The modern bank offers a host of services and accounts that can help business owners not only start but also run their business much more efficiently and easily. Services that might have been shopped to independent accountants, consultants and planners can now be found through your personal contact at the bank.

Most business people know about loans. They might not know about the variety of loans available now, nor which one might be the best for their particular situation. That’s one choice that your banking representative can help you navigate. They can also help you decide the length of the loan, the best terms for your business and the type of loan that can best benefit you at tax time. They can help you evaluate just how much money you might need to start and run your business until it is able to generate its own operational cash flow. They can help you decide if leasing is better than owning your own location.

And your bank representative’s role is not over once accounts are opened and loans secured. The best representatives are trained to help you in all facets of your business, and if they don’t know an answer, they can help you find the guidance you seek.

They can help you make decisions on whether to buy or lease equipment needed to run your office, manufacture your product or make your deliveries. How much business insurance should you carry? Your banking representative can help you determine what amount is right for you.

Your banking representative can provide strategies and programs that maximize your daily cash flow and improve day-to-day operations. As your business grows, they can provide programs that help you track trade discounts or map out your accounts payable in a way that highlights areas where you can cut unnecessary costs.  And they can set up repetitive jobs such as payroll so you have more time to run the business.

Your banking representative can even help you set up your employee benefits and retirement programs so you can be competitive in hiring and retaining the best employees.

I know from personal experience that Arvest Bank provides all these services and works closely with the business owners who are interested in them. You might want to check with your bank to see what services they offer.

Overall, your banking representative can work for you with the understanding that the better you are in your business, the better the bank is in its business. The resulting value from all these services and tools far outweighs any fees or costs that may be associated.

Ignoring how your bank representative can work for you is like hiring an employee and paying them to sit around; you are not using them to their fullest potential. Or yours. 

Lori Winesburg is senior vice president and sales manager for Arvest Bank in Siloam Springs. You can contact her at 479-549-1231 or via email at [email protected].