How To Choose The Right Bank For Your Small Business

Let’s be blunt. The only reason you enter into a relationship of any kind is to be better off than you were on your own. Together, you should be stronger. If partnering up doesn’t benefit you in some tangible way, what’s the point?

Your business is in a relationship with your bank. Never forget that. If your bank isn’t making your business better, then it’s not a keeper. But how do you find the right bank? How do you know when you find “the one?”  Luckily, choosing the right bank is a lot easier than finding a soulmate. Here are some tips that will help you determine the one that is right for you.

 

Know Your Own Needs

The very first step in finding the right bank is outlining your own needs. If you don’t know what you require, there’s no way to determine (until it’s too late) if you’re in a good relationship or not. For instance, if you’re going to need some startup capital, but your bank won’t approve you for a loan, maybe you’re better off… alone.

 

A Notch Or A Name?

There are definitely times in life when it is convenient to be a little bit anonymous. It’s just a business transaction, after all. Nothing personal. Or is it? Do you need a bank that actually knows who you are? Taking the time to find a bank that invests in you personally will make it easier to convey your visions and goals and ensure you’re getting tailored treatment.

 

Are You Being Used?

In any relationship with your bank, it’s all about disclosure and balance. You have to decide if the terms and fees are acceptable and fair for you.

 

Talk To The Ex

You want the truth? Get the scoop from someone who’s been there and done that. No, don’t actually call up customers and demand details. Do your research a little bit more discretely. Check out the reviews online. Do your homework to find out if this is really the bank of your dreams.

 

The foregoing information is provided by City National Bank (CNB). Unless otherwise stated, opinions expressed are those of the respective authors and not necessarily those of CNB. The information is provided without warranty and no recommendation or endorsement by CNB is intended or should be inferred unless specifically stated.

Visit City National Bank’s News & Insights for small business tips, trends and updates.

cnb rbc 4 5 17 How To Choose The Right Bank For Your Small Business

 

 

For more tips and inspiration for small business owners,
visit CBS Small Business Pulse Los Angeles.

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