Gain competitive advantage through optimised banking relations

Elevate your business with strategic CFO-guided banking partnerships

Your relationship with your bank is a strategic asset that needs to be nurtured. Unfortunately, many business owners find it stressful to talk to their banks so they neglect this relationship. By contrast, our CFOs like to say that the time to speak to your bank manager is when you don’t need them, not when you do.

Cultivating a strong banking relationship is not just about ensuring a line of credit when times get tough. It’s about unlocking a treasure trove of opportunities and expertise that can dramatically influence your business’s growth trajectory.

When you develop an effective relationship with your bank you will gain access to necessary funding, preferential rates, better terms, and specialised financial advice aimed at overcoming challenges and accelerating growth. Another benefit it that your bank engages with businesses across all sectors so it can connect you with prospective vendors, partners, and even customers. Their unique vantage point on the market is incredibly beneficial to your business.

Many business leaders have concerns about losing control to the bank. They worry about compliance and hidden costs. It’s here that your CFO becomes invaluable. A skilled CFO helps business leaders to transform their banking relationship into a lever for strategic advantage and growth. A CFO fosters open lines of communication, ensures financial transparency, and aligns the bank’s services with the company’s strategic goals. This establishes a relationship that will contribute to your business’s prosperity.

Business leaders frequently view their banks as vendors selling money rather than as partners offering solutions to enhance their operations. Steve Rosvold, Founder of CFO University, explains that viewing banks as partners can fundamentally shift the dynamics in favour of the business. Despite this, a striking 73% of UK SMEs they struggle to get a meeting with their bank relationship manager (The Fintech Times). This disconnect underlines a missed opportunity for businesses to leverage their banking relationships for insights, advice, and support that could otherwise propel their business forward.

If this sounds familiar then you need to begin building your relationship with your bank.

5 ways to cultivate bank relationships

Strategic communication

Regular, transparent communication with your bank is key. A CFO ensures your bank is kept in the loop with the highs and the lows, fostering trust and understanding. By sharing detailed updates on your business’s performance, strategic direction, and financial health, a CFO builds a picture of reliability and strategic intent with your bank.
Demonstrate credibility and consistency

Banks need to have confidence in their clients’ strategies and leadership. A CFO aids in presenting a clear, consistent strategic vision to your bank, substantiated with realistic forecasts and credible financial planning. This consistency in strategy and openness not only builds credibility but also makes your bank more inclined to support your aspirations and interventions when needed.
Share insights and objectives

Beyond immediate financial transactions, a CFO uses interactions with the bank to share broader business goals and strategic plans. This includes discussing industry trends, potential growth opportunities, and long-term objectives. A well-informed bank can become a resourceful ally, offering not just customised financial products but also connections and advice that align with your business’s aspirations.
Navigate challenges together

The journey of business growth is punctuated with challenges. A CFO ensures that the bank understands your company’s resilience, problem-solving capacity, and strategic approach to overcoming hurdles. This deepens the bank’s confidence in your business’s stability and governance, making your relationship a genuine partnership.
Leverage your bank's network and knowledge

Banks interact with a wide varieties of businesses and industries, giving them market insights and a broader perspective that can help you grow. They can also introduce you to potential vendors or partners, and even provide customer leads. A CFO can tap into this vast pool, opening doors for new opportunities and collaborations that support business growth.

It’s not just about the banking relationship…

Bank relationships are one pillar in our comprehensive strategic finance blueprint. Our CFOs enhance a total of 12 key areas designed to elevate your business's financial strategy and performance.