Articles & Updates
Checklist for Choosing a Bank for Your Business
Tips from Your Community Bank
As the owner of a small business or the top executive of a growing company, you make decisions every day that affect the bottom line, such as:
- Is it time to order summer inventory?
- Do you add a production line or work with a co-manufacturer to meet demand?
- What can you do to stabilize cash flow until orders pick up?
The decision you make about your business banking partner can also affect your company’s performance. But it’s not a decision you have to make alone. As one of the prominent business banks in Ohio, Consumers National Bank has created the following checklist to help guide your decision process.
- Outline your short-term and long-term business goals.
Review your current business plan and think about the types of banking services your company needs today. For example:
It's also important to think about where you want your business to go in the next 5 or 10-years. Why? Because having a stable and scalable banking partnership will ensure your company has the support you need as you continue to grow.
- Consider whether you may need funding to expand or support with cash management and then look for those services from the banks in your area like Consumers National Bank.
- Evaluate the importance of in-person and online banking services.
If your company is local in northeast Ohio, then business banks with conveniently located branches will rank higher in your consideration set. But if your business is mobile, or you have regional offices, then banks with mobile apps and online banking can save your team time and make banking easier.
- Review how your company interacts with customers and suppliers.
Think about how customers pay you today – by cash, check, credit card, and the number of transactions you handle every month. Then, review the number of suppliers supporting your company and how you currently pay them. The details about accepting and making payments will help you determine the types of cash management services you’ll need from your business bank.
- Assess the value of a business banking partner with experience in your industry.
Some banks in Ohio, such as Consumers National Bank, have a legacy of supporting small-to-midsize companies and entrepreneurs. Our expertise helps us become an extension of your team and instills trust that we'll have resources to directly support your business goals.
- Determine the type of relationship you want with your business bank. After you’ve identified the essential services you need from a business bank, consider how you’d like the partnership to unfold.
- Is it essential to have a business banking team that understands your financial goals and proactively recommends pathways to reach them? Do you need a team that will personally take your call or respond to your email? Do you prefer face-to-face discussions over coffee (and doughnuts)?
Community banks like Consumers National Bank represent a unique solution for business banking. We offer the resources and technologies available from 'big banks' with the responsive, personalized support of local banks. Our commitment includes the recognition that healthy, growing businesses are an essential cornerstone of the economy and the communities we serve.
Let's talk about your checklist for a business banking partner and discuss how Consumers National Bank can deliver the results you need to reach your goals. Contact us today or visit one of our local branch offices and let’s talk about becoming your business partner for success.