Small businesses are the heart of the U.S. economy. While many continue to succeed, today’s uncertain environment may require more tenacity and flexibility to thrive. From supply chain disruptions to rising costs, owners face tough decisions about how to grow, maintain status quo or stay afloat. Too often, they navigate this journey alone.
Business owners regularly wear the title of “Chief Everything Officer,” and success requires they pair deep expertise in their craft with the grit needed to overcome challenges along the way. Success hinges on their ability to build a network of advisors to bridge knowledge gaps in how best to run their business.
Banks as a business consultant
Small businesses often rely on a fragmented network of accountants, lenders, and consultants. They likely call a number of people for help before they consider calling their banker — even when it comes to how best to navigate their business finances. This results in missed opportunities and unnecessary stress.
Banks can do more to help businesses run better. We are more than loans or a checking account. Banks — and your business banker — are experts who can provide the advice business owners need to grow. They understand that small businesses are the heart of the economy — and cash flow is the lifeblood of a business.
What your bank can (and should) be doing for your small business
There are many reasons small businesses succeed. There are also many reasons why they fail, but most are predictable — cash flow, staffing, expenses, and shrinking revenue streams. A business’s bank has experience navigating each of these, which is why having a banker who can tailor unique solutions for the company based on its specific needs is of great value.
The following are ways an advisory relationship with your bank can keep your small business competitive:
- Navigating market dynamics across the economic cycle by maintaining an awareness of current events and contextualizing them with historical perspective, forward-looking insights, and strategic guidance tailored to your organization’s unique challenges and objectives.
- Adapting with agility in a rapidly evolving digital landscape. Your bank should offer a robust suite of solutions — from digital payment capabilities to integrated merchant services — designed to simplify invoicing, streamline transactions, and enhance operational efficiency.
- Identifying scalable solutions to drive sustainable growth by addressing timely challenges, such as improving employee engagement to strengthen recruitment and retention in today’s competitive labor environment.
It’s easy to assume a bank is a transactional relationship. Conversations like these, however, help evolve a simple transaction into an engaged, advisory relationship. KeyBank, for example, recently launched a Certified Cash Flow Advisor Program. The goal is to create a platform where business owners have access to financial professionals trained to offer tailored advice on how to tackle critical cash flow challenges, optimize operations, and plan for the future.
Integrated guidance
It’s important for business owners to evolve their mindset about banks. Banks, and by extension their business bankers, can help small business owners navigate complexity, improve cash flow, and make smarter decisions. They can connect finance, operations, and planning to unlock new opportunities. For the “Chief Everything Officer,” this kind of relationship not only lightens the load, but also is essential to building a more resilient, efficient, and future-ready business.
For small business owners looking to accelerate their growth, KeyBank offers various resources, including the KeyBank Small Business Check-In, Business Cash Flow Calculator, and a Business Fraud Hub. Find a KeyBank near you to meet with a Certified Cash Flow Advisor and get these important conversations going.
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