By Paul Flood

Business banking involves a closer relationship than you’re used to with consumer banking. Outside of family, your business is one of the more important things in your life. You should bank with people you trust to care for it.

When done right, your business banker will become a trusted advisor that you consult before making major purchases, big decisions or change in strategy or tactics. In general, expect much more customer service than you are used to as a consumer banking customer.

Here’s what every new business should know about banking:

1) Know what you need from your banker. Not all banks offer the same services. Do you need deposit accounts, credit, international services, payroll processing? Do you need someone to help you make decisions on what you need or just a transactional relationship? Use a bank that best fits your needs.

2) Know what the bank needs from you. It’s a two-way street. You need to provide reliable information on a timely basis so your banker can be up to speed with your business. Your banker will benefit from regularly scheduled meetings with you. Keep in mind that the bank needs appropriate lead time for many activities, such as processing a loan.

3) How well does your banker know your industry? It’s important to have a banker who understands your industry and is actively involved with trade organizations and is current on the issues a particular industry is facing. By being actively involved, your banker should be able to anticipate your needs and make referrals to other professionals who focus on your industry.

4) Speed up cash flow with remote deposit and merchant services. Cash is king. Preserve it and protect it. Using remote deposit gets money into your account faster and with less hassle. With merchant services, you can accelerate collections and avoid becoming a financing source for your customers. Understanding your cash flow and cash flow requirements is critical to your success. Your banker should also be available to work with your CPA or bookkeeper to map out your cash flowneeds.

5) Be open to hearing new ideas on how you can do things. Bankers generally deal with a cross section of businesses. Many businesses suffer from similar problems that have similar solutions. We are able to share ideas and solutions that have worked for others. We see a lot of transactions, problems and challenges. As a result, we’ve gained valuable insights. You don’t have to take our advice, but staying open to new ideas increases your chances of being successful.