Leticia Aguilar is here to tell you that your banker is your friend.

Aguilar is senior vice president and market president of Union Bank's San Diego region, She's also passionate about encouraging women and minority entrepreneurs to start new businesses and develop their current companies.

In her career as a banker, Aguilar has had ample opportunity to watch what women business owners do right and what they do wrong. Here are a few of her observations and suggestions:

1. Reach out. "As women, we don't always seek help from the right folks," Aguilar says. "I think a lot of people feel reticent to go to the bank and ask for help. That's probably the very first thing they need to do. They need to reach out to the experts, and, in most cases, it is your banker."
   According to Aguilar, if you're just starting out, a banker can advise you on the steps to take. "Ask about how to become certified, for instance. There are a lot of companies that supply services through the supplier diversity program. Your banker can guide you through that process.
   
   "It's not just about opening a business bank account," Aguilar says. "There's so much more your banker can do to help you get started or to help you grow the business that you have. That's free advice, and these are people with years of experience."
   
   Union Bank also has a section of its website devoted to Women/Diverse Business Banking that includes information on financing, certification as a Women Business Enterprise or Minority Business Enterprise and articles about everything from tax preparation to necessary steps for obtaining a bank loan. Available online as well is the bank's Small Business Survival Guide.
    
2. Get connected to organizations, networks and affinity groups. "Many times as women, we tend to think we can do it all. Well, we can't. We need help." Networking groups are one avenue. Says Aguilar, "It's particularly important to stay connected to other women owners and to seek them out for advice."
   
   
3. Get a credit line. Aguilar knows that many women prefer not to go into debt. She points out, however, that entrepreneurs might need a loan at a time when they can't qualify for one. "So making sure you have a line of credit in place is critical," she says.
   
   Typically, you need to be in business for a couple of years before you can qualify for a line of credit. "So ask your banker, 'What do I need to do to prepare for that loan or line of credit?' We can coach you through the process," Aguilar says, "so if you don't qualify today, you will be able to qualify a year from now.
   
   "A lot of people think, 'If I go to the bank for a loan, I'm going to be turned down.'" In fact, Aguilar says, "The bank's role today is to coach someone to prepare." People need to look at their banker as a "trusted advisor," Aguilar says.
   
   "The market is so challenging today; so it's critically important that we seek advice from the right folks and right places. What better place than a financial institution?"
    
4. Collect a group of advisors. In addition to your banker, that group should include your financial advisor, your lawyer and your CPA. "This is the group of people that are going to help you to grow," Aguilar says. "It's important, even early on."
    
5. Hire the right people--and fire the wrong ones. If you hire people who don't work out, let them go quickly, Aguilar advises. "Don't wait two years before you pull the trigger."
    
6. Delegate. "Women really need to ensure that they're delegating, so that they're not the only ones doing everything as they get started," Aguilar says. You need to assure that you have the right management team, and delegating to that team is critically important.
   
   
7. Make sure you have the right institution working for you. Interview several banks, Aguilar advises, and make sure you connect with the right banker. Here are some critical things your banker can assist with:
   
   
   • Understand what your capital needs are going to be.
   • Do a profit and loss statement and forecast your growth needs over the following two or three years.
   • Understand the types of loans that are out there, and the difference between a loan and a line of credit.
   • Understand what cash management needs you're going to have going forward.
   • Understand what's involved if you're going to provide retirement and pension benefits to your employees as you grow.
    
8. Make sure you have the appropriate business account. "There are very different checking accounts," Aguilar says. "One of the mistakes that I have seen is that a business comes in to open up a business account and, somehow, there's not enough interaction between the banker and the customer to understand what the most appropriate product is."
   
   
9. Reassess your needs as you grow. It's critically important to let your banker know when your needs have changed, Aguilar says. Ask for another financial analysis to see whether you have the right products and services based on your company's growth.

Aguilar says it's vital to connect with your banker at least once a year to ensure that you're doing all the right things and that the bank is helping you avoid or at least reduce your service charges. "Make sure you have the right amount in your line of credit, and to plan and forecast the next five years for your growth and expansion."