For most people, once they have completed the company formation process the next step they will take before they start trading is opening a business bank account. However, a recent report has revealed that over forty per cent of all recently formed companies are unsatisfied with their business banking within the first year from company formation.
The survey, conducted by the Forum of Private Enterprise revealed that the main reason behind this lack of satisfaction is the lack of consistency company formation owners experience from their banks, in both service and also the management of their account.
Just under thirty per of the three thousand small business owners asked revealed that the most important element of their business banking relationship was that they had one point of contact. Yet over forty per cent said that over the past year they have had to deal with at least three separate account managers
Jonathan Ramscar, advisor to the FPE comments;
“Historically, a company’s bank manager was an integral part of the day to day operations of a company and played an integral role in devising strategies and advising on how to take a business forward. However, as communications have become more and more electronic, for many businesses that relationship has been lost.”
“However, in the current economic context it has never been more important for businesses to establish a good relationship with their bank managers.”