As a mutual bank, First County Bank prides itself on the relationship that it has with its Corporators. The Bank’s Corporators consist of a diverse group of business and nonprofit leaders, as well as professionals, who provide the Bank with additional “eyes and ears” in the local communities we serve by engaging with the Bank at every opportunity. In order to continue to learn and grow as a business, it is critical to forge sound alliances and leverage the vast amount of knowledge that exists in our marketplace.
The same concept can probably be applied to most businesses regardless of their type or size. Here, at First County Bank, our bankers and managers are working hard to become “Trusted Advisors” to our clients. We do this not only by listening, asking the right questions and offering our point of view, but also by broadening our experience level when an opportunity arises such as becoming Certified Financial Planners and Licensed Life Insurance Agents. We are not, nor should we be, a business person’s sole source of advice.
Surround yourself with a group of key experts and your business will be better because of it.
While we have a natural tendency to talk with our Trusted Advisors only when needed – the obvious example is your attorney or insurance agent—you should consider formalizing this group to take advantage of their expertise. In addition to your banker, attorney and insurance agent, recruit your CPA and an HR professional on your team. The business environment we work in is constantly in motion and the decisions we make today have a broad impact on tomorrow.
I think it’s wise to formally mobilize your team, regardless of the size of your business, and share your thoughts and ideas with this group. By being sure they know you better and know each other, they can appreciate how each other’s advice may impact your business. Collectively, your Trusted Advisors are exposed to any number of business problems and associated remedies that may be a viable solution for what’s on your plate.