ChatGPT has taken the world by storm. When asked what small business owners want from their banks, ChatGPT identifies five key factors:
- Access to capital
- Convenient banking services
- Business expertise
- Competitive rates and fees
- Strong customer support
While these five factors are essential, they should be considered baseline expectations. To truly add value and differentiate your bank, it is crucial to go above and beyond these expectations to forge deeper relationships with your small business owner customers.
There are obviously many ways to accomplish this, and your bank is undoubtedly doing some of them. But let’s focus on one idea: Conduct an offsite meeting with all the business owner’s key advisors.
We know that many times business owners receive conflicting advice from their advisors. The advisors do not do this on purpose. They are focused on their specialty and rarely think about how their advice might be incongruent with advice being given by other key advisors.
To initiate this idea, ask the following question. “What impact would it be to your business if we were to get your key advisors (typically this includes a CPA, attorney, business coach, financial advisor and insurance consultant) together for a day or half-day and focus 100 percent on you and your business, the opportunities you are pursuing, the challenges you are facing and how to deal with these and other issues?”
The business owner will almost always say it would have a huge impact. Then you follow up with the statement, “With your permission, I will contact your key advisors to schedule a date that is convenient for all. Also with your permission, I will create an agenda for the meeting. Of course, I will run it by you before we finalize.”
This approach takes the pressure off the business owner. All they have to do is show up. There is no doubt they will receive great value in this meeting and they will walk away with action items for both the short and long term. As the banker, you are the conductor — not just part of the orchestra. You create the agenda, you facilitate the meeting and you are instrumental in the meeting adding great value for your customer.
Not only will you add great value for your customer, but you will be viewed entirely differently by the advisors who participate in the meeting. The credibility you will establish will allow you to develop deeper relationships with these advisors, which will result in great referrals in the future. You will definitely separate yourself from other bankers that are also calling on them for referrals.
Now a question that often comes up is, “Do I have to pay my attorney and CPA their hourly rate to be there?” The response should be, “That is a great question. There are really three ways you can approach this. First, you can choose to pay them their hourly rate. Second, you can offer a flat rate, say $500. Third, you can choose to pay them nothing and suggest that if they want to continue to be your attorney or CPA, you would like them to be at the meeting.” By making this suggestion, you demonstrate respect for their autonomy and eliminate the need to defend the decision when reaching out to the key advisors to schedule the meeting.
Imagine suggesting this idea to all your key customers. While some may decline, the mere suggestion will distinguish you from other bankers. The good news is that the majority of your key customers are likely to embrace the concept.
To get started, select a customer with whom you have a strong relationship and present the idea of an offsite meeting. Follow through with the entire process, from reaching out to the key advisors, selecting a location and date, creating the agenda and moderating the meeting. It is important to remember that perfection is not the goal, but rather establishing a foundation for success with other customers.
While meeting the basic expectations of small business customers is important, it is crucial to go above and beyond to add significant value and differentiate your bank. Conducting offsite meetings with key advisors is just one example of how you can strengthen relationships, foster collaboration, and provide substantial support to your small business customers. By consistently seeking innovative ideas to support their growth, they will help you grow your business as well.
Chris Carlson is managing director at Core Academy, where he works with banks across the country, teaching credit/business acumen and business development skills.