Why Your Company Needs a Good Banking Relationship

How many times have you heard somebody say, “Banks only lend to companies who don’t need the money.”? I have heard that comment frequently over the past 10 years. Now, with the benefit of hindsight, I realize it was those companies who valued their banking relationships and were always prepared to talk to the bank who received the funding. The first step in building a solid bank relationship is to value what a bank can mean for you. Many executives still view a bank as a vendor, selling money, rather than a partner, providing ideas and solutions to improve their business. If you have chosen your banker wisely they will have the experience, tools and contacts that can be invaluable to a business that doesn’t have an unlimited budget for consulting expertise.

If you still don’t think your banking relationship is critical here are some more reasons executives should maintain a good working relationship with their bank.

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