The bank you use for your small business banking can have a big impact on your success. While you may think of a bank as an institution, it has the potential to be a partner in growing your small business. If you’ve been unsatisfied with your current bank for your business account, it may be time to reevaluate using the four criteria below.
1. Your banking experience isn’t designed for your business
Your business’ banking needs are different than your personal banking needs. Just because your bank works for you personally doesn’t mean it’ll be the best fit for your business. Your bank may offer you fewer services as a small business than they do to big-budget clients who have premium accounts. Still, you need tools like online account management, cash management, credit card processing, payroll and more just as big businesses do. Your bank may be offering you a standard small business account that doesn’t actually meet your needs. If you think you’re lacking much-needed functionality, talk to your account representative about their services – or find another bank.
2. All of your money is going to fees
Running your small business is enough without being nickeled and dimed by your bank. Service fees or maintenance fees are the bank’s way of punishing your business for not having enough in your account at a given time – as if you wanted your account to have less money! Other costs of doing business such as wire fees, bill-pay fees and ATM fees are not worth the hassle of staying at your current bank. You should have a bank that rewards you for being a small business owner and doesn’t charge you for standard banking transactions.
3. You still have to go to a branch office for services
Virtually everything is online these days, so if a bank is still requiring you to schlep across town during business hours it’s no good. Opening an account, talking to a banker and making certain deposits can all be done virtually. While you’ll likely still need to go to the main branch for cash deposits, your bank should make it easy for you to do so without standing in a long line. As your partner in business banking, they should want to help you use their services more often.
4. Your bank doesn’t care about you or your business
As a small business owner trusting your money with a bank, you should expect a certain level of care and commitment from your account manager. Your account manager is a member of your team who should want to help you because it’s best for you, and not worry about the bank’s profits. If you’re experiencing a lack of communication with your bank, or don’t even know who your account manager is, it’s time to find a new member of your financial team.
Making bank for your small business means picking the right bank, which you can do with the help of a financial advisor. If you’re looking for financial advice for your small business, MCG Solutions is here to help. Contact us today to get started.