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Why You Need a Business Plan

In today’s society where a lot of small business owners might be consumed with social media marketing, constructing a fancy website and networking on LinkedIn, sometimes the basics of business are overlooked. One of the things that some small businesses overlook is the need for a business plan. A professional, comprehensive business plan is absolutely necessary when considering starting a new business. Think of a business plan as your foundation. It will help you identify your goals, target market, growth objectives, staffing, financing and organizational structure.

As a small business banker, it is the first thing I ask my prospective…

Same Banker Different Bank?

When I sit down with the senior management of a company, one of the things I like to understand is how they ended up with their current bank. The answer can frequently provide valuable insight into the decision making process at the business. While there are a variety of reasons, it has been my experience that a number of themes surface. These include:

  • I have been with this bank since I started my business. Frequently the name of the bank may have changed because of acquisition, but the origin of the relationship remains with that institution.
  • I had a…

Maximize Your Banker

As a business owner you’re constantly being pulled in many directions. Determining who and what deserves the biggest slice of your “time pie” can be challenging. Obviously, there are certain times when your banker is very important – when you need financing to expand or a short-term loan for a last minute opportunity are a couple examples. However, most business owners generally consider their banker to be no more important than their customers or vendors.

If you only consider your banker a partner when you need an assist with financing, you may be missing out on help with your…

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