How to Get the Best Small Business Bank Account for Your Company

There are several factors to consider before choosing a business bank account. Company size, location, and business plan are all important elements that affect the type of business account an owner should choose; these factors should be taken under serious advisement while making such an important business decision. There are several things that a business account should entail and the best business bank accounts encompass all of the following attributes.

Define and Explore Your Needs

Before choosing a financial institution, consider the reasons you need a business bank account in the first place. If you are interested in specialized services, research banks in your region that offers these services. Be prepared to perform online and in-person investigations; often times, online information only covers surface information and cannot answer pertinent questions you may have. Never assume something that isn’t clearly stated; don’t be afraid to ask for concrete answers to your business banking questions. Credible financial institutions won’t have any problems calming your nerves and satisfying your financial inquiries.

If you hadn’t considered this before, search for a bank with a financial adviser. Many financial institutions offer these services as an added perk; benefits can include aide and guidance in future investments and professional help to manage cash flow.

Compare Features to Find the Best Small Business Bank Account

Once you have firmly established what you are searching for in a bank, comparing and contrasting the financial institutions in your area is a relatively simple task. Don’t forget that once you’ve narrowed down your options, you can always call to request more specific information or to schedule a meeting to review information and address particular concerns you may still have.

Keep in mind the importance of availability and account services. A bank that offers great incentives but lacks a local branch doesn’t do much good if you prefer a face-to-face interaction. On the other hand, nationwide banks that offer online banking but lack your required account services will likewise do you no good. Determine the type of banking system you will prefer and find one that suits your small business account needs.

As you draw closer to choosing a financial institution, remember to focus on fees and service charges. In most banks, fees for business accounts are significantly higher than those for private accounts, even going so far as to charge businesses for online banking services but not charging individuals. Beware that universal truths pertaining to personal bank accounts do not hold true in the business account realm.

Bank Size Does Matter

At some point in the life of a small business, it is highly probable that the company will need to borrow money. Since the decline in the market, many banks are making it more and more difficult to get credit. Surprisingly, many small business owners have turned to community and small banks to get the loans they require. Small banks are more likely than world institutions to issue loans to indigenous businesses because it strengthens the local economy and supports the community. These minor institutions tend to meet a small business’s financial needs on a more personal field and provide a level of support that “outside” banks cannot.

Once you have evaluated each of these steps and determined what services and values best fit your financial needs, it is as simple as a visit or the click of a mouse to get the best small business bank account for your company.

7 Small Business Marketing Tips

Small businesses do not often have large budgets. Thanks to the Internet, small business marketing can be a huge success, even without big dollars behind it.

Small business marketing can benefit from new trends in general marketing. These trends point to methods that are inexpensive, innovative, and online.

One of the key online options for small business marketing is search engines. The cost of submitting your Web site to a search engine is minor, but there are some considerations to be made:

1. Your site must be optimized with keyword phrases. Search engine optimization is achieved by including keyword phrases that apply to your company. These phrases must be present enough times to draw the attention of the search engines to your site.

2. Since most small businesses focus on their local market, you should aim your advertising efforts at your local audience. Users have recently begun pushing for better local search capabilities and most search engine companies are responding. Statistics have shown that 74% of Internet users perform local searches. Your keywords should reflect your locale and you should look into local search engines and directories, like your local Yellow Pages, Google Local, Citysearch and others.
If you are a local merchant and your intention is to sell products on the web, one of many tactics is to build your online ads around local content to increase your click through rate.

3. Speaking of local searches, newspaper Web sites have become the top portal in their local areas, especially among the coveted 18-34 demographic. Traditional newspaper advertising is generally beyond most small business marketing budgets, but the online versions offer more affordable ads on the “back” pages – those that are not visited as often but are rich in content.

4. Another exciting small business marketing method is the weblog, or blog. A blog offers your business a good way to have an inexpensive, two-way conversation with your customers. Write a blog for your Web site to give your customers and prospects an additional reason to visit your site.

5. Podcasts are among the newest small business marketing techniques. A podcast is a multimedia file (think radio broadcast) distributed by paid or unpaid subscription over the Internet. Podcasts offer you a direct way to tell your prospects how your product or service can benefit them.

6. Many small businesses can use online seminars or demos, also known as webinars, to demonstrate and promote their latest products. Online demos are an ideal tool for small business marketing because they are relatively easy to produce and allow you to reach a wide audience without ever leaving the office.

7. A strong online presence is a critical component of any small business marketing campaign. Why? Because the Internet offers advertising options that are relatively inexpensive. Because 87% of consumers research purchases online before they buy. Because 63% research online and then visit a bricks and mortar store to complete a purchase. And because demographic trends show that the most desired customers are most accessible through online means.

How to Find a Good Business Broker

Anyone interested in buying or selling a business should always consult with a good business broker because they posses the know-how and resources to get the best price and help you avoid the devastating pitfalls of the buying or selling process. How do you find a good business broker? Well, you go out and look. Where? The internet of course, but asking someone who has sold or bought a business is also a good source and probably the better of the two. Unfortunately not everyone knows someone who has worked with a good business broker and must rely on the expansive web to begin a search.

You should begin your search before you commit to buying or selling a business. I once had a gentleman call me wanting advice on buying a coin laundry and we went through the process of buying the business, a few things to look out for and the general principles behind how a business is priced. After a little exchange of questions and answers between the two of us it started sounding as though this buyer had not done the proper due diligence and that he was possibly overpaying. Problem was… he was already under contract to purchase! At that point even the best business broker can’t help unless you are able to find a way out of the contract, which won’t be easy if the seller is getting a premium on the transaction.

A simple keyword search for business brokers will bring about a plethora of willing brokers but the trick is finding one that is good and easy to relate with. You shouldn’t be afraid to ask questions of the broker, i.e., “What’s your experience?”, “Do you have any credentials?”, etc. It’s always nice to work with someone that clicks with you.

Things process of selling a business and what a business broker can do for you are:

Step 1 is to contact small and medium sized Business Brokers for information about how they charge, what they charge and how you generally feel about them. Select a Small and medium sized Business Broker.

Step 2 is to work with your broker in establishing the most appropriate asking price and put broker and client understandings on paper in the form of a listing agreement. The listing price is the price you agree to sell the business if the broker brings a qualified buyer willing to purchase at that listing price.

Step 3 is to supply your broker with all relevant information about the small and medium sized business so that they can complete an offering memorandum. The broker will discreetly and confidentially make the market aware of your small and medium sized business’s availability including some general information about the site.

The 4th step is for your broker to screen and qualify potential buyers.

Step 5 is for you, with the help of your broker, to negotiate a price and terms agreeable to you and a buyer.

Step 6 is the removal of contingencies explained in the contract to purchase the small and medium sized business.

The final step is to close the transaction.

Your broker will continue to work with you after the sale with any remaining terms and/or conditions of the sale until the seller is completely separated from the business.

  • Educate you regarding the process and issues faced when selling a small and medium sized business.
  • Keeping the transaction confidential.
  • Conduct a pricing analysis to determine the best asking price for your small and medium sized business.
  • Develop an effective marketing strategy to sell your small and medium sized business.
  • Put the offering package of the small and medium sized business in front of the most buyers.
  • Pre-qualify potential buyers prior to divulging sensitive information.
  • Manage transactional details and paperwork.
  • Help establish terms of sale.
  • Assist the buyer in an effort to give the transaction the most potential for a successful closing, i.e. financing.

The most important thing you can do when you are thinking of buying or selling a business is to at least speak with a broker or two. The good one is the one that gets you pointed in the right direction. Most brokers, especially the one that will care for your business, will be happy to spend a half hour to an hour talking to you on the basic points.

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