If you are like most business owners, you opened your business account either a) where you personally bank or b) wherever is closest to your business. Our client, Joe, was just like you. Read on to learn how we helped save Joe not just money, but a business owner's most precious commodity: time.
All-Too-Common Banking Struggle
Joe started his tech business out of his living room, using a co-working space as his company mailing address. When it came to choosing where to open his business bank account, Joe, like many owners, opened an account where he personally banked. It seemed the easiest path to cross off one of his many to-do list items when starting a business. Joe didn't think much of it.
Flash forward to today: Joe's tech business is booming. Now with staff, his company has their own office location. Clients from all over - including many European countries - pay for his product.
Joe's bank has struggled to keep up. Wire fees and foreign transaction fees eat into Joe's margins. Joe also faced delays with international wires as his bank, lacking its own SWIFT code, relied on intermediary banks to complete transactions. Frustrated, Joe began looking for alternatives.
Working with One Degree Capital
When we met Joe the first thing he did was complete our Banking Needs Evaluator. Like a fine tailor, the Banking Needs Evaluator takes the initial measurements to determine how a business banks. Understanding how a business banks is a critical first step in determining what type of bank may be the best fit.
Joe's results outlined that he did indeed have a banking capabilities mismatch. Joe engaged us to help him find a suitable alternative. After gathering the necessary information, we identified 3 banks that were better matches for Joe's needs, and we obtained proposals for banking services from each of them. We then sat down with Joe to review the options. Once Joe made his selection, we set to work on facilitating the transition over to the new bank.
An Unexpected Benefit
A few months later, Joe commented to us that he gained something unexpected by moving banks: time. Having a bank that was a better match for how his business banked meant that he didn't have to think about it as much or fix things that went wrong (like delayed wires). He was happy to be able focus on other parts of his growing business. He was also reassured by the fact that monitoring his banking relationship was a core part of our services, and if a mismatch started to appear in the future (for example, if his bank got acquired) he would be able to identify and respond to it much faster.
How Well Does Your Bank Meet Your Needs?