Does your banking strategy position your company for success?

by Boyd Hunter, CFO

A good strategy for banking is a foundational element of success for many companies. While your approach to partnering with a dependable financial institution is secondary to core concerns like business performance and company finances, a lack of a strong plan for banking can easily hold your organization back. Let's look at how a more basic approach to banking can leave valuable resources and relationships on the table, and a more proactive approach can benefit your business.

Moving beyond the traditional view of business banking

Technically, there's nothing wrong with viewing a financial institution as only a partner in terms of depositing, securely storing and eventually spending the money your company earns. Every trustworthy bank or credit union can fulfill these basic yet crucial responsibilities, and you shouldn't waste time working with one that can't. It's easy to view your company's banking needs as satisfied at this stage and focus on the many other issues that constantly arise for small-business owners. After all, you know your deposits are secure once they reach the bank and you can count on your debit cards, checks and electronic fund transfers to work as expected.

Limiting your banking experience to this level leaves important potential benefits on the table. The right bank can easily be much more than a place that keeps your money safe. What other advantages can partnering with the right bank bring to your business?

The power of treasury management services and more

Many small-business owners have the education and experience necessary to competently compete in their chosen fields, building their businesses over time. But unless they also pursued an accounting or finance degree during their time in school or have lots of practical experience managing business finances in another position, they may not have as much knowledge of this crucial business practice. This common concern can be alleviated in many ways with the use of treasury management services provided by a trusted financial institution.

An explanation of TAB Bank's treasury management services has to begin with the customizable nature of this offering. No two businesses are alike, and some companies neither need nor want every single option offered within the larger scope of treasury management. At TAB, we offer a broad range of services, from ACH origination and payroll distribution to financial balance reporting and merchant services. We know that not all companies require every single service, which is why we work with you to develop the most individually relevant treasury management services package possible.

One element that is consistent across all the possible combinations of individual treasury management services is the presence of a dedicated relationship manager. Our specialized staff focus their attention on helping your company utilize treasury management in the most efficient and effective way possible. Additionally, they provide guidance and information through services such as loan and account sweeps and financial balance reporting. With a familiar, friendly relationship manager to turn to whenever a question arises about treasury management, this approach is responsive, easily adaptable and consistent - the perfect blend of qualities for your long-term business banking needs.

TAB Bank offers further benefits by also providing a variety of business lending services and other options that can help your company do everything from stabilize cash flow to accessing the working capital needed to take advantage of important business opportunities. Consider TAB your one-stop shop for all of your business banking and lending needs. To learn more, get in touch with us today!

Do you own a business?  For more advice regarding successfully managing your small business check out our ebook, "Effective & Practical Advice for Small Business Success" Click on the tile below to download this ebook today.

About the Author

Boyd is a Certified Public Accountant and received his Bachelor of Arts and Master’s degrees in Accounting from Utah State University. Prior to joining TAB Bank, he worked for eight years with Ernst &Young in that firm’s financial audit division and later became the Manager of the Salt Lake City Technology and Security Risk Services (TSRS) practice for Ernst & Young. He is a graduate of the Graduate School of Banking at the University of Wisconsin –Madison where he also achieved the Executive Leadership Certificate from the Wisconsin School of Business.

Boyd has taught upper level accounting and information systems courses at Utah State University. As CFO of TAB Bank, he participates in the strategic functions of the bank as well as oversees and directs all operations and personnel related to accounting, finance, enterprise risk management, and strategic partnerships. Boyd is active with several charity organizations including many community groups and local schools.

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