The famous Irish poet, Oscar Wilde, once described a cynic as, “the man who knows the price of everything and value of nothing.” This quote is also an accurate description of the methodology some business owners use when choosing a commercial bank. Using a single parameter to choose your bank ignores the substantial benefits it can provide beyond a commercial loan. Unfortunately, many business owners only look for a commercial bank when they need a commercial loan which frequently leads to a comparison on only one basis.
However, the right bank can, and should, bring benefits well beyond the interest rate on a loan. Today’s business owners are frequently required to make decisions on a wide range of issues associated with managing the business. They have built their business based on their knowledge of their product or service, but now need to support that business with a variety of other decisions. For instance:
- What treasury management services are best for cash flow, security and efficiency?
- How should you structure a 401(k) program to attract and retain your employees?
- Is your business properly insured based on size and industry?
- How can you keep up with the ever changing world of employee benefits in light of the Affordable Care Act?
- How do you, as the business owner, put yourself on the right path for wealth accumulation?
All of these are issues a business owner needs to address, but essentially have nothing to do with operating the business. This is where the right banker at the right bank can make a large impact. At Univest, we strive to provide complete financial solutions for our clients. We have a broad range of competencies in almost all the disciplines required to help manage a business beyond just providing commercial loans.
So don’t be a cynic when choosing a commercial bank. Place value on a bank that can help in areas beyond just lending and focus on building a relationship rather than securing a single service. Over time, this can help you and your business achieve your financial dreams. To have a conversation about how the Univest team can serve your business, please contact us at 877-723-5571.
Univest Bank and Trust Co. is Member FDIC, Equal Opportunity and SBA Preferred Lender.