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Making Business Work Better: Russ Burch
posted by Mike Mirau on Jan 27, 2008 | Comments (21) | Permalink | Trackback URL
Russ is a local business banker. He’s been serving the small business sector the last 3 years. He has held numerous sales and marketing positions with different organizations and has had his own direct mail business.
Russ and I discuss the things small business owners need to consider in establishing a banking relationship. Russ shares his insights into what makes a successful banking relationship and what are the things a small business owner needs to have from their bank to support their business. Russ provides tremendous insight from a bankers perspective on what they look for from a business owner in establishing a banking relationship.
FILED IN: Entrepreneurship, Money Management, Podcast, Starting Your Business
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Hi Russ,
what banks are best for small business owners and why.
I am very dissatisfied with the lack of knowledge, and splintered service I am receiving from my bank.
Thank you,
CW
Chevez,
Great question, although I hate to hear that you are very dissatisfied with your bank. Really all (most) banks can work with and handle the majority of small business needs. I have outlined a couple of questions below that I would ask your bank or banker (if you have one that is dedicated to your business) to see if they truly are a fit for your business. First off though, find out if you are working with a business banking specialist, or perhaps a banker that works with personal clients primarily and some business-this will explain a lot.
1. Ask, “How can your bank service the needs of my growing business?”
-It should be more than a checking account
2. Ask, “What experience do you (your banker) have in business?” “Have you owned a business in the past?” “How have you helped similar businesses my size succeed?”
3. Ask, “What are your goals as my banker/advisor for my business?”
4. Ask, “What is an ideal business client for you (your banker)?” “How many clients do you have (your banker)?”
-You may be 1 of 1000 clients that your banker is trying to service, and if that is the case, it just may be too many to provide the service level you need and expect. Just because they have a large portfolio, it doesn’t mean you should suffer.
Your website says-“Our specialty is to provide our clients with the highest service excellence available worldwide!”
5. Ask, “How is your bank different than all of the others and why should I bank with you?”
-Your business is all about service and providing it excellently, find a bank/banker that understands you and your business and shares your level of service excellence.
Hope this helps.
Have a great day!
Russ Burch
I live in Canada and it’s really sad that there is no real competition between the banks here. The “Big Five” Canadian banks monopolize the majority of the banking business. And they don’t care about creating relationship with the customers, simply because the customers don’t have where else to go.
This is a really good read for me, by the way your website is very nicely designed, I have already bookmarked it. Thank you very much.
I just started up my own small business and for the first time I’m dealing with my banking needs in an all new way. Thanks for the article…will be checking back!
Banks in my country do not care to have any good relationship with their clients. Probably since there are not lots of banks here, so the couple of banks have monopolized over, giving no alternatives to unsatisfied clients!
I have outlined a couple of questions below that I would ask your bank or banker (if you have one that is dedicated to your business) to see if they truly are a fit for your business. First off though, find out if you are working with a business banking specialist, or perhaps a banker that works with personal clients primarily and some business-this will explain a lot.
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You may be one of hundreds of clients that your banker is trying to service, and if that is the case, it just may be too many to provide the service level you need and expect. Just because they have a large portfolio, it doesn’t mean you should suffer.
Find out if you are working with a business banking specialist, or perhaps a banker that works with personal clients primarily and some business-this will explain a lot. Provillus Review
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I am in favor of doing business with local
banks- they will take the time to build and maintain a relationship with their customers.Good article.It’s really helpful for those who are into the same business. Thanks for your effort in posting…
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