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Starting a business is exciting, maybe a little nerve-wracking and certainly a little overwhelming. There are so many things to take into consideration in your planning and execution. Some of those things are simple and some are incredibly complex. Banking should be nice and simple.
Once you’ve identified your business structure (LLC, Corporation, Partnership, etc.) and formed your business, it’s time to set up your business bank accounts.
Here are 3 items to consider when setting up your business’ bank accounts.
Not every business is created equal so why should your banking needs have to fit in a box? Identify your business needs and find a bank that can meet those needs. Don’t feel like you must fit within a bank’s predetermined box.
The most common business banking needs are:
Savings, checking and loan accounts are all pretty straight-forward. Any bank can provide these services but, when you’re setting up your business accounts you should also consider the other services banks offer and whether your business would (or could) use them to improve operations.
Evaluate a bank based on how their products and services match your needs and, perhaps more importantly, how their values align with yours. The cost of services provided by your bank is certainly important. However, the ultimate value of those services depends on several intangible factors such as 1) Banker accessibility and responsiveness 2) Banker willingness to take the time to understand your business and 3) Banker-provided recommendations that match products and services with the specifics needs and goals of your business.
If you’re a healthcare professional looking to build a new practice, for example, evaluate banks on their experience working with other healthcare practices.
Similarly, if you value local business because you, yourself, are a local business, consider banks based upon their involvement in the community and their contribution to the local economy.
Choosing a bank based on these soft-values instead of simply an interest rate means you’ll get to work with a team that believes in your vision and is aligned with who you are and where you want to go with your business.
Considering these items when setting up your business accounts will help ensure you partner with a financial institution that cannot only fulfill your banking needs, but will be a trusted advisor through the achievements and challenges faced by your business over time.
Hey friend, thanks for taking a moment to read our article.
We like you – and we’d like to learn more about your story and how we can help!
Click here to connect with a Deerwood banker.