As a small business owner, you already have a lot on your plate. The day-to-day tasks of running and growing a business should receive the bulk of your attention – there’s no time to worry about administrative issues or unnecessary complexities.
When it comes to banking, things can get complicated if you don’t choose the right provider. Make banking less stressful by ensuring that your financial institution fits in with your style of business, not the other way around.
Work with a bank that supports existing business tools
If you’ve got a current method of recording transactions, monitoring your accounts, or making deposits, you shouldn’t have to make drastic changes to the way you already do things. A good bank is one that works well with your existing processes, whether those involve a tablet, mobile phone, computer, or any other kind of system.
Use a bank that specializes in working with small businesses
Whether you find a bank that primarily works with small retail businesses or contractors, it’s important that your financial institution has experience managing the kind of needs your company has. Not only will these banks be able to quickly address business issues you might experience, they can often use their foresight and experience to help you work around potential problems that haven’t come up yet. It's easiest to develop a personal banking relationship with banks that have this experience.
Open accounts with low fees (or negotiate them)
Today’s business banking world is competitive; companies have more options than ever before. As a result, financial institutions are slashing fees in an attempt to win customers. You should look for accounts with low or no fees on things like deposits, maintenance and ATM transactions. If your current bank has fees and you’ve been with them for a while, it may be possible to reduce or eliminate these costs by speaking with a banker.
Look for complementary banking tools
Your bank might offer a service or banking feature that perfectly addresses your needs, but if you don’t seek it out, you could miss it. Make sure to keep up with new technological developments from your bank, and look out for easy tools that go well with the way you do business. For example, some banks have built-in financial planning or tax platforms that can help you take care of tasks outside of banking. The more streamlined you can make your finances, the easier and less stressful it will be to manage them.
Focus on what matters for your contractor business
Banking is an important part of business for a company of any size, but as a small business, you can’t afford to get bogged down in minute details about managing your revenue. Look for a bank that works well with your procedures, doesn’t charge high fees, and understands the specific challenges faced by a small business. These institutions will help you deal with banking efficiently so that you can put your attention where it belongs: running and growing your business.
There is a lot of useful information online to help you research the right bank for your business; this article from Advisory HQ, however, provides some great specifics on the strengths of the top 12 banks for small businesses.
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