Small Business Guides

Four Ways the Right Bank Can Boost Your Business

There are a lot of things you probably already know about banking services. They provide checking accounts, debit cards, and you probably even know that you can purchase a safety deposit box. However, what the bank has to offer, especially business owners, doesn’t stop there.

If you own your own business, there are a few services you may not be taking advantage of fully. Here are four ways a good bank can boost your business.

Payment Services

Making payments can suck up a lot of your time. From paying employees to loan payments and sending money to third party vendors overseas, managing these payments is like a full-time job!

Instead of taking precious time out of your day to make important payments, and running the risk of forgetting to make them on time, automate your payments with your bank. You can even automate the amount of money that gets diverted to other accounts each month.

Align Your Banking and Tax Goals

You probably take your tax situation seriously. You probably also try and keep as much money out of your bank accounts as you can to minimize your tax burden. Although this can be a good strategy, it’s likely to crash and burn if you don’t involve your bank in your tax plans.

Bankers will look at your tax return to determine whether or not they will extend your business a line of credit. That can leave you without the funds you need, even if you can technically pay back the loan.

A good bank will work with you and your tax accountant so that everything works together seamlessly. That way you get the cash you need without paying outrageous taxes.

Find Ways to Save Money

As a business owner, you’re always looking for ways to save money. But, it can take precious time out of your day. You probably won’t find all the ways you can save money on your own either.

A bank can help. You can save by:

  • Maintaining a minimum account balance
  • Linking your bank accounts
  • Knowing your transaction and deposit limits

A good bank can take you beyond the basics and find more ways for you to save. They can help you bundle different banking features and help you sign up for cards and lines of credit that provide your business with benefits.

Business Connections

No matter what your business, it is extremely important to make and maintain business connections. Your banker is one of the best connections you have because they work with other business professionals in the area!

The next time you're looking for a marketing agency or a new accountant, ask your banker. They may even be able to help you with sales prospects by providing you with a warm introduction.

If you own your own business, you need your bank to do more than just keep track of your checking account. When you find the right bank, they will be able to provide you with services, like the ones on this list, that will help you achieve success.