How To Navigate banking For Small Business?
There a lot of aspects to running a small business and it’s easy to get overwhelmed, especially with banking. Fortunately, we have some must know small business banking tips for your business. In today’s episode, Alex and Spencer are joined by Ted Janicki. Vice President, Small Business Banker at Bank Of America where he shares advice that small business owners should know about banking.
The Key Points
- When you’re in the growth phase of your business, make sure you have a good relationship with your banker because your banking needs will constantly be changing.
- Like other industries, banks are constantly changing so make sure you review your business with your banker at least once a year to make sure you know all the latest tools.
- A big hurdle for small business is finding and keeping good people, talk to your banker and make sure you have an attractive 401K or IRA plans.
- If you need to find bankers and lawyers, resources are Bank Of America Small Business 101 nation-wide forum, and Bank of America networking events.
- If you need funds, look into CFDI’s funds and talk to your banker about other organizations that will provide funds.
- As a sales lesson from a banker, make sure you sell like you’re giving recommendations and consultation, that way you’re a resource, not a salesperson.
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