Pub. 7 2017 Issue 3

12 www.azbankers.org W ORKING WITH BUSINESSES IS A SMART BUSINESS DECISION FOR A FINANCIAL INSTITUTION. Business deposit relation - ships maintain larger balances than most consumers and the need for more robust services, including payments solutions is higher. With the complexity that a business has for managing payroll, vendor payments and client invoicing, as well as day-to-day business operations; it is critical that a company select the right financial partners to help achieve its short- and long-term goals. For the financial institution, business deposit relationships can generate healthy non-interest income through account analysis fees, ancillary services with multiple billing points and standard deposi - tory charges, such as cash deposited, monthly maintenance and per usage fees. In addition, the more solutions a financial institution can provide to meet the needs of its business clients, the less likely they will be to seek service providers elsewhere – creating a ‘stickiness factor’ for the institution. A bank or credit union can generate a client for life if it can continually deliver high performing products, excep - tional service and regularly exceed its business clients’ expectations for the partnership. Thus, it is crucial that the relationships with businesses start off on the right footing. The old saying that “You only get one chance to make a first impression” is true; and that impression starts from the very first interaction with a business prospect whether in-person, over the phone or through electronic or other means. Developing a ‘plan of attack’ for prospecting business relationships can go a long way toward ensuring that the lasting impression of your organization is the one you want to leave. Below are some best practices to consider: • Prepare and then prepare more. Once a prospect agrees to meet with you, showing up prepared is critical. Research the company to truly understand what they do; identify any recent news or press releases so you can comment on it in the meeting; determine who the key decision makers may be, etc. To take your preparation a step further, research what is happening in the prospect’s industry and be prepared to ask related questions. Demonstrate that you did your homework. When making joint Best Practices in Prospecting for Business Deposit Relationships BY Melissa Giddens, SVP, Consulting Business Leader, WesPay Advisors