KQ Article

Small businesses employ the vast majority of today’s U.S. workforce, and they’re a prized segment for financial institutions. Yet we seem to lack a clear understanding of what motivates today’s small business owner. Many banks and credit unions have difficulty forging loyal, lasting relationships with these customers.

This issue of The Knowledge Quarterly examines how the nature of small business has changed over the last several years, and how this change impacts what small business owners look for in a financial institution.

The lead article, written by Rocky Clancy, Executive Director of Financial Service Practice for J.D. Power and Associates, presents results from a 2008 study examining small business banking satisfaction. The article stresses the importance of forging strong person-to-person connections in today’s troubling times, and offers several useful suggestions for improving small business relationships.

In “How to Attract Deposits Without Giving Away the Bank,” brand experience consultant Dave Norton stresses the importance of assisting small businesses with their cash flow. “Most would forgo some return in exchange for help [in creating] greater flow with the funds they have,” Norton writes.

Our regular contributor Will Marré also provides a timely message in “Be the CEO of Your Own Life.” In this essay, Marré argues that despite economic cycles, the enduring qualities that make us valued are our character and our competence. By mastering both of these qualities, Marré says, we can become the CEOs of our own lives.

Speaking of personal lives, I recently made the decision to retire as president of Deluxe. It was a difficult decision to say the least, but the right one at this point in my life. I’ve spent more than 31 years at this company for two primary reasons: great people and a strong personal belief in what we do. I see more proof of our work’s value every day. Leadership is now in the highly capable hands of another Deluxe veteran, Tom Morefield. I’ve worked alongside Tom for decades, and his passion for our customers is unmistakable. I’m excited about the future of this company under his direction.

It has been an absolute pleasure serving you. I wish you all the very best.

_{© 2010 Luann Widener}