How Your Banking Relationship Can Support Your Woman-Owned Business
The decisions you make about cash and capital have never been more critical. Now more than ever, selecting a bank is one of the most important decisions a business makes. Your choice in a financial partner significantly impacts your financial strategy, cash flow, ability to fund expansion and - ultimately - your long-term success. With many different types of financial institutions available, selecting a bank is seemingly complicated by the free services and low-rate offers advertised often by online-only banks.
One of the best places to start when choosing a financial institution is understanding the difference between a transactional bank and a bank that provides a consultative partnership.
Both Types Exist for a Reason Transactional banks can be thought of as offering basic banking services for free or at discounted rates. This business model focuses on delivering limited and repetitive banking products at a low cost. Many online-only banking service providers fall into this category. By contrast, a consultative bank provides advice, guidance and enhanced services designed to maximize a client’s long-term financial and business success. This difference is key.
Providing a higher level of service, consultative bankers get to know their clients in a way that other financial institutions do not. More than online statements and an occasional satisfaction survey, truly consultative banks are designed to be an integral part of a business’s financial team. Choosing a bank that offers clients financial guidance gives business owners access to strategic advice and financing options that align with your business’s unique needs.
A consultative banking relationship proves particularly valuable when a creative financing solution instead of a traditional loan may be in the best interest of a business. Only with an understanding of the nuances of a business and knowledge of a wide array of financial products can a banking advisor recommend and assist with non-traditional financing products.
Enterprise Bank & Trust clients can benefit from specialized banking services, including professional practice financing, sponsor financing, property management banking, community association banking, customized life insurance financing, agricultural lending, aircraft financing and escrow and legal services - all niche areas due to legal and regulatory requirements or other industry expertise.
The technical knowledge that a consultative banker brings to the relationship can result in many benefits, including favorable interest rates, low fees and flexible terms. Businesses that attempt to operate without such strategic financial counsel and knowledge of and access to creative financial options are at a distinct disadvantage.
Look for Added Value
Additionally, a consultative bank should provide value-added extras such as educational opportunities and report on topics critical to small businesses. A great example is Enterprise’s signature business education program, Enterprise University. These popular educational courses cover best practices and new trends in management and leadership, finance, human resources, sales and marketing and other trending topics relevant to business owners. Because expertise in these key functions is critical to operating any business, these courses are designed to quickly build critical skills and equip organizations for the future all at no cost to participants.
Regardless of the life stage your business is in, women business owners tend to wear many hats. If you are serving in multiple roles or weigh in across business operations, these expert-led business courses offer actionable strategies and relevant knowledge to help you tackle goals and challenges.
Many business owners also incorporate Enterprise University into their talent development programs to support employees’ growth and strengthen their teams. Learn more about leveraging Enterprise University to better your business at enterprisebank.com/eu.
In addition to continuous learning opportunities like Enterprise University, professional growth can also come out of more informal avenues. Because comparing notes with and speaking to other business owners can be very helpful, Enterprise provides access to events, webinars and other networking opportunities where company leaders can make connections with peers.
Seek Expert Guidance
Growing businesses can benefit greatly from expert guidance, not just basic banking services. Having access to options and sound advice could be the difference between confidently setting your course for the future or just getting by.
To learn more about how a consultative banker and a relationship with Enterprise can make a critical difference to your business, visit enterprisebank.com/los-angeles.