The banks have a lot to answer for when it comes the state of our economy, so make sure they’re doing their bit for your business. Learn the language of finace with Colour Accounting™.
Here are five questions to ask your bank manager to test whether your bank is working for you.
1. How can I reduce my monthly charges?
Investigate the cost of your business banking. Ask what can your bank do to lower this cost? They should tell you to automate payments wherever possible, as charges are generally lower. Also, recycle cash where you can, so you don’t pay in and then withdraw shortly after.
2. Do you offer a payroll service?
Automated payroll services free up time. All you do is set up an authority with your bank, send the details for each recipient, and let the bank do the rest.
3. What are the current lending criteria?
Find out if they offer a variety of borrowing options – fixed term business loans, business overdrafts, cash flow finance, credit cards and borrowing against assets, all offer a good choice for business owners.
4. Is your online banking facility secure?
Most of the big banks offer their own downloadable security software for internet customers. Ask them what theirs is called, how effective it is, and whether they’ve had any security breaches.
5. Do you provide general business advice when needed?
This is an important question, particularly for start-up businesses. You’ll need access to advice at some point during your journey, and this is one way they can make a big difference.
Learn more about Colour Accounting™ financial literacy training for non-finance people. Jargon-free, interactive and without a spreadsheet in sight, you’ll understand your own finances and keep the banks on their toes.
