As with all relationships, there are stages that one goes through in finding the right commercial bank. By going through each of these stages carefully, you increase your odds of finding a bank that will provide a helpful partnership with your business.

Stage 1 – Assess Your Needs
Depending on your business, and where you stand with that business, you need to have a firm grasp of what you need your bank to do for you. Take this first step seriously, do your homework, and you can save yourself a lot of confusion and frustration later.

Stage 2 – Identify Banks with the Services You Need
Not all banks are created equal, and one size does not fit all. Don’t waste your time talking with a bank if they do not offer all of the services you require. A few hours of online research can help you identify what banks may, and may not, be a match for you.

Stage 3 – Create a Request for Proposal (RFP) for Potential Bankers
By using a standard RFP for each bank you are considering, you have created a level playing field, and it will be easier to compare apples to apples. If you let each bank present to you what they want to highlight, you will end up seeing a range of offerings, many of which will not address your needs.

Stage 4 – Compare Results
If each bank you are considering has followed the guidelines of your RFP, and addressed each of your questions / issues, then a side-by-side comparison of the benefits of each bank will be possible. This is where the rubber meets the road. You can rule out some banks immediately, thus paring down your list of prospective banks considerably.

Stage 5 – Investigative Research
Be sure to do some investigation. Do this by speaking with peers and colleagues, and researching publications and the Internet, and by making appointments and interviewing each of the bankers on your short list. Facts and figures tell part of the story, but educated opinions and personal chemistry are crucial to making the right decision on a bank.

Stage 6 – The Working Relationship
If you’ve done your homework thoroughly, you will have found the right bank for you. If all goes well, and you and your banker are honest with one another, you should have a solid and mutually beneficial relationship. If you do see some business issues on the horizon, don’t wait until they turn into a crisis. Go to your bank first; don’t make them come to you. They are your partner, and as such, they do have your best interests in mind.

Stage 7 – What Else is Out There?
Things sometimes happen that cause relationships to sour. Maybe a representative of your bank was rude, or simply neglected you. Or, perhaps something new catches your eye. For instance, maybe another bank offers a product that just seems tailored to your business or industry, or maybe they simply offer better terms than your current bank. Whatever the issue, it is okay to look out for Number One. If you see something at another bank that appeals to you, by all means, investigate it. However, unless your current bank has angered you to the extent that you want to leave them, talk to them about what appeals to you at this other bank. You may find that your current bank appreciates you and your business so much that they will customize terms specifically for you.