One of the most important features of large and small business is to have good business banking. Good business banking will allow the money within your company to flow, and will greatly save you time and money. If you are a small business owner and are unsure about where to begin with business banking, then here are some basic tips to get you started:
Finding a bank
Before you can begin business banking you need to find the right bank for your needs. Unless they have the best deal, it is usually inadvisable to use your current bank for your business needs. This is because it is a good idea to keep your business and personal affairs separate, and means that one bank isn’t in control of all your money. Secondly, new banking customers often get better deals because of the banks being so eager to attract new business. Whatever bank you use, it pays to shop around to find the best products for your needs.
Opening an account
Once you have chosen a bank you need to open an account for your business. This is probably the most important step, and there are a number of things you need to do before you can open an account. Firstly, prepare a business plan...