Tips to help you choose the right bank for your small business

FILED UNDER: BUSINESS PLAN, SMALL BUSINESS, BUSINESS ADVICE, BANKING

Because they are limited in funding and resources, a lot of small business are turning to banks for the financial support they need to seize opportunities for growth and keep the momentum going.


And you’re probably one of them! With dozens of banks out there promising a world of possibilities for your small business, choosing which one to go with is not easy. If you want to know which bank is best for your business, consider these three simple tips.


Identify the banking needs of your business.


Knowing your specific banking needs is important in identifying which bank is the perfect match for your business. Having an idea of what you’re looking for can make it easier for both you and your bank to be on the same page.


Here are a few questions that you can ask yourself so you’ll know what youl need from a bank:


  • Is a loan or a line of credit  more appropriate for your business?
  • Do you need online banking or are you okay with being physically present when you make transactions?
  • How many transactions do you think you’ll be making every month?

Compare large and small banks.


Large banks and small banks both have advantages that are unique to their size. Large banks offer more accessibility and convenience because they can be found in many locations within the country and overseas. Large banks also tend to have additional tools and services that make transactions more streamlined for customers.


Small banks on the other hand are more personal and intimate. They lack the accessibility and convenience that big banks provide, but they make up for it with a relationship-based approach when it comes to dealing with customers. They also have lower transaction fees and balance requirements, and are more open and flexible when it comes to offering loans.


Familiarise yourself with the fees.


Fees for services and features vary among banks. When choosing a bank for your small business, make sure to familiarise yourself with the fee structures of that bank. Find out how much it will cost per transaction such as when you make withdrawals and deposits. You should also take note of which services and features you will be using the most.


Keep all these in mind when choosing the right bank for your small business. For assistance in choosing the right bank along with all of your other financial business advisory needs, get in touch with the experts over at Easdowns! With knowledge and expertise backed by technology and years of innovation, our solutions are tailored to help you manage your finances better and achieve growth for your business.