Tuesday, 30 May 2017

Information and commentary for the small business banking industry

What small business owners are looking for in a bank

07 Apr

A bank that understands small business

These days, small business owners are looking for more from their bank than just finance. Increasingly, they’re looking to their bank as a partner in their business venture, and relying on their advice and guidance.

Small businesses are becoming more valued as customers to banks as well, since it’s small businesses that are having a positive effect on the global economy. So it’s to every bank’s advantage to look at the services they’re currently offering their small business customers and seeking ways to improve them.

At the end of the day, what small business owners want is a bank that understands small business. They want to know that the bank has an interest in what they’re doing, their vision and their goals, and is committed to helping them succeed.

Advice and guidance

Most people, business owners included, will turn to the internet when they want to conduct some research. You can help reduce the number of hours they spend searching for small business solutions by providing small business content in one Small Business Resource Center.

Among the various resources to offer your small business customers you should include:

  • A business plan guide and template. This is one of the most fundamental tools for any small business owner. Provide a guide that helps them to understand how to write an effective plan, and a template that gives them the structure. Then when it’s done, offer to sit down with them and review the plan.
  • Cash flow and sales forecast guides and templates. Another essential business tool, forecasts can be tricky if they’ve never done it before. Give them the necessary guidance to conduct their first forecasts and again, offer to review it with them when completed.
  • Articles around small business planning and management. How to increase capacity, how to manage the ups and downs of a seasonal business, exporting, succession planning, effective growth strategies… there are many issues facing small business owners and you can literally keep growing your library of business guides with advice on how to handle them.
  • Action plans and health checks. Whether a business owner is looking to begin exporting or they’re seeking to increase their capacity, it’s a good idea to run a financial health check over the business before starting, and one that they can fill in and download from the bank’s website is the ideal solution.
  • Case studies that illustrate how other customers of the bank have succeeded in their small business ventures. Small business owners love to read real-life success stories, and it has the added appeal in that the bank is able to showcase their role in that success.

A Small Business Resource Center, one that contains all the advice and guidance that small business owners are looking for, shows that the bank is one that understands small business and is keen to see their customers succeed. Having small business advisors who are experienced and knowledgeable, and who are constantly monitoring the Small Business Resource Center is also a must, because it puts a human face on the banking services and ties those resources to someone who’s able to discuss them with their small business customers.

Here at TSBC, we can offer you great content for your small business customers, including a full and comprehensive Small Business Resource Center. Contact us on www.tsbc.com/contact to find out how we can help you.


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Glen Senior
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.

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