A bank account is one of the modern-world necessities. Obtaining and maintaining a bank account is essentially the only route in to a plethora of financial mediums we all use such as loans, mortgages and pensions. Similar to other necessities quality can often slip. Do we always eat a nourishing, balanced home-cooked meal? No, we eat ready meals or fast food.

Most of us do the same with our banking. A bank account is opened when you start your business and, if it is not abominable, you keep it even if it does not particularly work for your business.

As an SME your banking can truly help or hinder your daily trading activities as well as your potential growth.

Can you talk to someone?

Initial thought to this question is likely ‘call centre’. Call centres can be great if they are available 24/7 and have adequate advisors to answer general questions or out of hours enquiries.

The issue comes with the more complex requirements of your SME where you are explaining the issue to a new person every time or you are waiting umpteen minutes in a phone queue or there is simply a lack of knowledge around the trajectory of your company’s growth.

Having a direct contact is the best way to fulfil the service gap that can often arise where a dedicated relationship manager is not allocated to your account. Whether you already require one or you will in the future having a dedicated relationship manager should be something on your radar.

Can you visit your bank if you need to?

It seems most banks are closing branches more often than the Base Rate is increasing recently. Admittedly, the majority of banking interactions can be completed over the phone or email (given you have someone to actually contact).

The conversation here is centred on having alternate avenues available for the occasions when the need cannot be fulfilled remotely or you simply do not want it to. There is an argument that, dependant on industry and physical cash movement, there is a regular requirement to visit your bank if not weekly.

Keep branch proximity in mind when reviewing bank accounts. Are you able to conveniently travel to your bank? Are more branches being opened that may make this easier?

Do you know what products are available to you?

There needs to be a holistic approach from your financial provider to incorporate the points raised above to ensure your SME is being best cared for – relevance explained later.

Traditional products are standard and well-known: Current Accounts, Savings Accounts, and Loans etc. No surprises. Each banking provider will be offering specific products tailored to the company so exploration should be made in to what is available to elevate your trading.

Scheduling an appointment with your account manager is always the best way to do this. A detailed discussion around your current trading and future development plans allows the relevant products to surface. Here comes the relevance. Ideally you have a relationship manager and this is a fairly elementary task however failing this, a branch visit should always be an option.

Hopefully, the significance of all of these elements operating together is clear and outlines the required encompassing approach necessary to elevate SME banking. The service is undisputable yet the execution may not always be up to the standard your business is providing in its activities. Concisely, ensure you are getting the best from your provider and do not settle for the ready-meal of banking