How basic accounting can help the value of your local banking relationship
All businesses need a banking relationship in some form or fashion. A business may simply have a bank account to manage all of its routine financial transactions. As capital needs grow, a business owner may need a business loan or line of credit. One important aspect of running a business is developing a solid banking relationship.
Four simple steps to develop a banking relationship are:
Find a bank that is a right match for you, in terms of location(s), provides value-added services focused on your business
Meet with your business relationship manager or branch manager on a regular (quarterly, semi annual) basis to discuss updates on your business. You should bring your financials and go over your business plans and needs. If you foresee problems with your business, it is also prudent to make your bank aware early.
Let your bank know if you hear about any new businesses in the area, they will appreciate the lead
Since most banks are active in the community, ask if there are any community events that you could join them in
When the time comes that your business might be in need of some financing, and provided that your business bookkeeping is healthy and your financials are sound, the relationship you have built will make it easier and more comfortable for you to approach your business relationship manager for some advice and assistance. Taking some proactive steps by developing a solid relationship early on build a foundation of trust that should pave the way to obtaining assistance from your bank when you need it. To get more helpful bookkeeping advice and bookkeeping tips visit our blog where we discuss this and more on Tulsa bookkeeping.
LUXA Enterprises offers outsourced accounting services for small businesses in the Tulsa and surrounding areas. If you’re considering a short or long-term approach to outsource accounting, give us a call for more information at 918-928-7288.