How to get the most out of your bank manager
Key points in this article
- New client introductions
- Your bank manager as a sounding board
How your bank manager can help your business grow
Banks are vital to the success of any small business. Not only will they provide good advice and help with planning, but they can also point you in the direction of others in your industry that can help you and provide networking opportunities.
They want to see you succeed as much as you do, and they want to help you achieve your objectives. So make the most of them!
Finding expert advice
At ANZ, we’ll find you the right small business specialist who’ll support your business’s goals for growth and will offer the right advice. They’re there to help you:
- apply for a suitable business loan
- manage your cash flow
- streamline your accounts.
Your bank manager can be like your very own personal business consultant – and at no cost.
Introductions to potential new clients
Your bank manager may be able to introduce you to possible new clients, or even potential suppliers. They’ll probably have a number of accounts they manage, so you never know who they might be able to introduce you to that could result in a mutually beneficial relationship.
Potential new client introductions are on the cards with a great bank manager
Your bank manager as a sounding board
Aim to build a rapport with your bank manager where you can trust their judgement and use them as a sounding board. Their advice might prove to be useful during:
- Stages of growth – such as when you plan to open a new store, export overseas, develop new goods or services, or enter new markets.
- Signs of trouble – like when debtors aren’t paying, your cash flow is weak, the economy is trending down, and you’re struggling to pay your creditors.
What’s really important is to be up front and honest with your bank manager at all times. It’s the best way to make sure they’ll be able to help your business in the short and long term.
Trust your bank manager’s judgement so you feel comfortable using them as a sounding board
Re-evaluating your loan
If you have a bank loan for your business, it’s vital that you discuss it regularly with your bank manager. Over time, your business will evolve and may need less or more credit.
Reassessing your loan with your bank manager means you can:
- Save money on interest – for example, it might be possible to offset the balance held in your business’s savings or current account against your business loan.
- Restructure – to lessen financial problems and gain more cash on hand.
- Reduce your debt quicker – by making voluntary or extra payments.
Networking and industry assistance
Through ANZ you’ll have opportunities to network and connect with other business owners, perhaps even within your own industry.
Our Small Business Hub LinkedIn Group is focused on SMEs so you can interact to get advice and gain inspiration from other business owners and industry experts. For information, updates and special offers, visit the ANZ Australia Facebook page.
We can also refer you to other specialists in the bank who may be able to help with your particular industry challenges and problems.
Check with your bank manager for invites to certain networking events where other business owners are present
Specific financial solutions
Finding the right financial solution can sometimes be difficult. But with the help of your bank manager and a variety of products, including loans and savings accounts, you’ll have access to the right solutions for your business as it aspires to grow.