Five Reasons to Connect With Your Business Banker (and How to Prepare)

If you’re a business owner, you know that running a business comes with its fair share of challenges. And one of the biggest challenges is ensuring that your business finances are managed appropriately. 

Luckily, you’re not alone when it comes to managing your finances — your business banker is ready to help you plan for your future. 

Below are five reasons clients typically reach out to connect with UMB, as well as how to prepare for your meeting. 

1. You need a financial health checkup

A general financial health checkup is a great reason to connect with your business banker. Whether it’s your first meeting with them, or it’s just been a while, your business banker is there to discuss your business’s overall financial health.

Understanding your business at a high level gives us an idea of your business’s direction, plans, goals and client base. We’ll also take a deep dive into your financials as we look at trends year over year and understand the unique challenges your business is facing. We’ll also examine whether your business’s margins are growing or shrinking, as well as evaluate the reasons this is happening to better formulate next steps.

2. You’re planning an expansion 

If you’re experiencing business growth or planning an expansion, a good business banker can help you see your finances from several angles. It allows us to “dig in” to understand your business, your competition and your vision for the future. We’re then able to combine this information with financial tools and instruments at our disposal to help you achieve those goals.

While necessary capital can come in a variety of forms, from bringing on a partner to obtaining a loan, your business banker is there to help you decide the best option for you. By discussing and understanding your business’s growth strategy, we can make a recommendation on the right moves for you and your business.

3. You’re concerned about fraud

As digital transformation continues to evolve, the risks of fraud and data breaches continue to be major challenges for business owners. While the threats aren’t new, the ways in which these scams are executed are becoming more sophisticated, making fraud prevention even more difficult.

As business bankers, we want to know you and your key employees, and we’re here to help avoid fraud by being involved with validation processes, authentication and more. When your bank knows you, your associates, your day-to-day transactions and your financial plans, we may be more able to spot something that doesn’t look right. 

4. Your industry is experiencing a shift

Over the past several years, many industries have been impacted by economic conditions, global events, technology, changes in consumer preferences and more. When your industry is experiencing a market shift, your business banker is here to help you navigate those changes.

We’ll review external factors causing the market shifts and help you plan for the changing conditions. As every business is different, it’s important for you to have someone by your side who understands the complexities of your industry and the nuances of your business.

5. You’re working on succession planning

With more than half of all business owners age 55 or older, business succession planning is on many people’s minds. And succession planning looks different for everyone — whether selling the business, transferring it to a family member, liquidating, holding an internal business sale or something else. That’s why proactively working with your business banker is important for building a successful strategy

The earlier you discuss with your business banker your plans and vision for the upcoming ownership change, the more time we’ll have to help develop a plan to meet your goals. 

READ: UMB Bank’s Guest Column — How to Select a Fiduciary

Meeting with your business banker

You likely have a team of financial professionals working for your business — an attorney, a CPA, a business banker and more — and each plays an important role. A business banker’s job is to ensure you’re making enough money to sustain your business. 

The best thing you can do to prepare for your meeting with your business banker is to come with an open mind. If you’re willing to look at your strengths and weaknesses, have tough conversations and be receptive to new methods or ideas, you’re going to get more out of the conversation to work toward a plan to support your business’s success.

If you are interested in learning more about how UMB can help your business, visit umb.com/colorado.

Adam McDiarmid is president of small to medium business at UMB Bank. In this role, he is responsible for the implementation of the strategic business plan for serving small and mid-market businesses across the footprint, including portfolio growth, performance quality and managing day-to-day operations. He has more than 18 years of experience in the financial services industry. He earned a bachelor’s degree in business from the University of South Carolina.