Part two: What do your small businesses want?

Our final blog in this series will detail two more types of small business owners you might have encountered within your institution and provide tips on how to speak their language when it comes to small business banking services. We started the series {add second blog link} by explaining how we approach the small business banking market and drive adoption with Jobs-to-be-Done, further redefined by our very own Chris Spiek. Then, we put the methodology into action {add previous blog link} by sharing common scenarios in the form of small business owners like Carl the contractor and Polly the photographer. Now, we'll introduce you to Daisy the dog walker and Pete the painter -- two more small business owners in need of a better way to manage their businesses.

Meet Daisy the dog walker. She recently launched her own business as a dog walker. She’s been planning this for a very long time, but there are still some things she’ll need to learn as she goes, like how to manage her billing. Daisy has researched and tested many different options, she was willing to put together a cocktail of apps from non-bank providers, despite the fees and possible complications.

To get things started, she opened a business checking account at her bank. While in the branch opening this account, the representative showed her a free way to collect remote payments directly into her account – a solution without the extra stuff. She asked her banker more about the solution and tried it firsthand. Deciding not to overthink or over-complicate the issue, Daisy used it and got back to launching her business. The solution provided her with a way to invoice customers and accept payments, so she could focus on scaling and expanding her business.

Introducing Pete the painter. He wasn’t planning to take over his family’s company but knew if there was anyone in the family who could handle this, it would be him. With all these recent life changes happening at once, he was not in a hurry to change things about the business. Keeping its current momentum would be enough – although he could tell that the existing invoicing system was going to be a pain. Feeling overwhelmed with no time to shop around, he made his existing tools work, but he realized things were quickly getting out of control and it was difficult to keep track of who owe him what. He needed a way to invoice customers, accept payments and stay organized.

At the right moment in time, a new solution had promised to make sending an invoice and getting paid easy. He jumped on the idea of this new “easy button” and asked his credit union for more information. The solution became part of his routine, he finally felt like the chaos was under control and could focus on his passions instead.

Whether you come across a small business customer like Carl, Polly, Daisy or Pete at your financial institution, it’s important to understand some of the key concerns each might have before introducing a new solution. As financial institutions, we can alleviate some of the financial burden by understanding the busy business owner’s struggle and providing the most consolidated solution available.

Follow our blog to continue finding more ways you can embrace the struggle as an opportunity to enter the small business market with more confidence and ease.