If you opened your first bank account post consolidation between 2006 and 2009, chances are that you didn’t really give it any serious consideration before signing up.

There was a flurry of activities, products and aggressive sales drive from the newly minted 25 banks such that customer education on how to deal with these new entities took the back sit or was never considered. Things have simmered down a little bit and customers are better informed now, thanks to the hands-on experience we all had through our own share of the global financial crisis.

For business owners, there are several external entities that contribute to the success and failure and your bank is an important factor. It is therefore important that a smart entrepreneur should have a strategy for the type of banking relation he wants to be part of his business. The random relationships described above will therefore not suffice anymore. As a forward looking entrepreneur, you must make decide on which bank(s) you do business with.

Things to look out for when choosing a bank;

Soundness and strength of the bank, you want to go to bed knowing that your money is safe and secured.
Branch network, national spread and global reach. Very important for receiving payment from your customers.
Product offering, do they have the type of products that best suit your financial needs? Products that will add value to your business.
Reliability, do they have a track record to delivering on what they promise in terms of products and services. Will they be their when you need them the most.
Quality of service, are they professional, smooth-have seamless processes, customer centric and do they meet your expectations?
Finally, make sure you have a smart Relationship Manager at your beck and call and do not forget to put him to task. A good RM is one that anticipates your needs even before you raise a finger, one that can read the market trends, government policy direction and relate them with your business. Giving you tips on how to stay ahead of your competitors and take advantage of situations as they unfold.

Source: http://smetoolbox.com/2015/12/05/preparing-your-sme-for-banking/