Are you ready for Q1?
When you own a small business, you want to get the year off to a great start in the first quarter. But what does that mean? No matter how prepared you are, running your business will bring surprises and force you to adjust on the fly. Your financial needs shift over time, and banking for business requires you to look at all aspects of your financial options to determine the right solution for you.
Look at Your Fees
One, sometimes hidden, source of cost for your company comes with the fees your financial institution charges. For a small business, every dollar matters. Some banks charge fees for checks, for account access, for transactions beyond a certain number, or many other aspects of the banking process. Look at the fee structure an institution offers on banking for business to make sure you are getting the right deal for you.
Flexibility Matters
One of the great pitfalls of running a small business is that you don't know what will happen. Slow pays, surprise growth, equipment failures, or hundreds of other expectation-shattering events can leave you with a new financial picture. The right solution for your company should give you the flexibility to adjust on the move: access to credit, accounts with tools that grow with you, and a willingness to work with you when change happens.
The Right Size
If you are banking for business, size is not everything. Particularly when you manage a small business, you want a bank with a good reputation and one with which you can establish a relationship. Just as Q1 serves as a starting point for your fiscal year, your initial financial choices and needs should start on solid ground and evolve over time. You should look to your bank as a trusted partner to your small business, and find the line between being big enough to offer the choices you need and not so big as to treat you like an anonymous account number.
Know Thyself
Not everyone looks at banking the same way. Are you looking for online access with minimal personal interaction, or a bank where the manager and employees will know you on a personal level? Banking for business will never be one-size-fits-all, so you should know what you will want and need from the institution you will select. While your needs will change over time, the way you approach your banking relationship will remain relatively stable. Understand how you approach your needs, and look for a bank that fits your profile.
Getting Started
Your first quarter serves as a time of hope and excitement, as an opportunity to launch into a great new year for your business. Your banking choice should meet the needs you know you have and be able to adjust to the needs that will emerge over time. Take time to look for the banking for business option that suits you best.
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