Finance Friday | Bank On It: A Strong Relationship With Your Bank May Save You

“Good bankers, like good tea, can only be appreciated in hot water.” – Anonymous

I loved this quote and I just had to share it. Being that it is quoted from someone anonymous, I can’t give them any credit, but I did find it in a white paper by Rich Russakoff of Bottom Line Consultants. It is a great piece emphasizing the importance of a strong relationship with one’s banker, in personal as well as business life.

From the article I pulled some great tips for building and managing a relationship with your banker that might just save you one day:

·         Think of your banker as a partner in your business, check in at least once a quarter.

·         Keep your banker up to date: Share good news and be the first to tell them about bad news, better coming from you than someone else.

·         Treat your banker like a client: Put them on your maling list, take them to an occasional   lunch, and show appropriate interest in their personal life, thank you and holiday cards are a nice touch.

·         Get them to introduce you to others at the bank, the better known you are at your bank, the better.

When it comes to banks and bankers, the more they know the better. Be open and honest and remember that behind all the numbers and fancy bank buildings, they are people too.