As a company owner, CFO or Controller, one of your most important tasks is to select the right business bank. It is easy to think that all banks are the same, but there are important differences in services, fees and culture. So it’s worth taking some of your valuable time to insure that the bank you select is the best fit for your business.
First, analyze the services you need from a bank. Here are some factors to consider:
- Cash-Flow Management – Are lines of credit for smoothing cash flow available at reasonable rates, and what are the penalties involved? Are you in a business with low transaction volumes but high dollar amounts (such as capital equipment sales), or high transaction volumes and low dollar amounts (such as gas stations and discount retail)? The former would require more cash-flow management than the latter. If you want more credit, check out MoneyTips’ list of