Which Bank is Best for Your Small Business?
Small businesses have a lot of banking options these days. Which will work best for you all depends on what you do…
When you are trying to figure out whether the bank you’ve been working with for your various "small business-y" needs is actually doing a good job, there’s probably a lot that goes into it. And frankly, there should be.
The ability to have financial security and a general ease in dealing with your bank is vital to small businesses but not all banks provide it in the same way, obviously. So when you’re growing a little frustrated with your bank, you might want to weigh your options carefully. For example, if you think your financial institution isn’t providing good enough customer service, but you love the mobile options it provides, you may need to consider the way such a change will affect your ability to deal with your company’s finances when you’re on the go.
One source of extreme frustration for many owners these days is that when they go to banks and try to obtain a small business loan for whatever reason – whether they want to expand or buy new equipment that can make them more competitive – they’re having a hard time getting approval. While it’s understandable that banks would want to be cautious with their money, especially when granting loans of this size, it’s also vital for companies looking to survive in an increasingly competitive market.
If the frustration is just growing way too high, for any reason, you’re probably thinking about a switch. But one thing you might want to do first is to not let spite get in the way, and instead simply talk to the person you deal with most often at your current bank – most lenders will assign a dedicated worker to a specific small business – and talk about whatever issues you have. If they can’t get them resolved in a satisfactory way then you’re well within your rights to take your business across the street, so to speak. They might just be able to accommodate you and then some.
If you do decide it’s time for a switch, then you might want to shop around first. Explore all your options, read up on the pluses and minuses all of the choices will bring with them, and see what you think will fit best for you. It might even be wise to actually call those banks and see what’s going on with them and what they can offer you. The more prep you do, the better off you’ll be!