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y Chris McCullough
Your health is important to you. When you’re not feeling well or you sense something is wrong, you go to the doctor. If you get a diagnosis you’re not sure about, you may get a second opinion to be on the safe side. Those same principles need to be applied to your financial health as well. Whether you are a business owner and need to review your company’s financials or if you just aren’t feeling right about your personal finances, a visit with your banker is in order.
For business owners, your company may have evolved into something different from when you first worked with your banker, or you may feel it’s the right time to step on the gas and grow the company. Making enhancements to your business can bring in new customers and reinvigorate old clients. Talk to your local banker and get a business checkup. Here are a few key areas to focus on:
Loans and lines of credit – Whether you need a loan or not, ask about the types of loans, lines of credit and other financing available such as leasing. Ask if the bank offers financing for equipment, real estate, vehicles or working capital. Find out if the bank offers SBA loans which often have more flexible terms than conventional loans, letting you preserve capital for day-to-day expenses.
Convenience – Does the bank have an easy-to-use, convenient and secure online banking tool specific for business banking? Can it meet your daily banking needs? Take some time to familiarize yourself with the Web site to learn what programs are offered.
Treasury management – Review your financial statements with a banker to see where you can make improvements or save money. See what types of treasury management services the bank offers such as fraud prevention, remote deposit or lockbox services.
Relationship banking – Does your bank understand your business? Does your bank understand your goals? Can you trust them and are they looking out for your best interest? Your banker should know and understand your business.
Getting a second look at your financials with a trusted banker will get your business back on the right path, and it will give you piece of mind knowing you’re doing everything you can for your business to succeed.
Chris McCullough is Rabobank, N.A. Vice President and Branch Manager in Murrieta. Rabobank, N.A. has 119 retail branches in California, including Murrieta.