Small Business Banking

As a small business owner, you will want to focus on banking features that are available, useful and help you realize success with your company. Each financial institution offers unique small business banking programs and packages. There are free business checking accounts, business savings accounts, loans and credit card services as well as online features from credit unions and banks to consider while conducting business. You will want to become familiar with their products so you can choose which will work for you and your business.When looking at the selection of credit unions and banks, you will see many types of small business banking services that can meet your needs. Some credit unions and banks offer free business checking accounts, while others require a minimum balance. You may need after hour depositing and many small business banking programs include this. Most banks and credit unions offer a debit card or check card with the opening of a free business checking account. This can prove to be a convenient and efficient way to make purchases for your business. You may have an option of an unlimited amount of transactions when you start a free business checking account with your credit union or bank. Check with your financial institution, as there may be limits on usage and account balances.You will have plenty of options when you open a business savings account. Overdraft protection can certainly be useful when you use your business savings account to cover any overages by your business checking account. Your business funds can earn money with an interest bearing savings account. Each financial institution will set their terms for the amount and the length of the deposit for this type of business savings account. CD’s and money market savings accounts are offered as another source of generating money with your business savings account.Most small businesses need capital for start up, growth and expansion, and even help through lean times. Credit Unions and banks offer loans and even business credit cards to cover these needs. Many small companies take advantage of business credit cards for convenience and flexibility with their working capital. An example of this would be when using your card to cover the gap in payment for goods and services that your business has invoiced. Small business loans can be an essential element for expansion in the event that you do not have the capital to cover the cost of growing your company. While you can’t predict the future, knowing that your business can take on a loan to assist you through difficult times can put your mind at ease.Small business banking has grown with the digital age and most banks and credit unions now extend online services to their business customers in addition to free checking and savings accounts. Such services can include taking of care of your accounts payable online, monitoring free business checking and business savings account activity, receiving account alerts at your email or mobile device, bill payment and transferring funds between accounts with the push of a button. Statements through the mail can literally be a thing of the past with online banking. Online small business banking services even allow for the use of accounting software such as Quicken┬« or Microsoft Money┬« so that your financial picture can be managed with great ease.

Small Business Plan Online and Resources

Small business plan online generally refers to resources a business can use to write an effective, persuasive business plan. When looking for funding, potential lenders and investors use a business’s plan to determine the risk of a business based on its ability to profit. The more thought out a plan is, the greater a business’s chances are of obtaining financing for start-up and operating expenses.Several companies offer business plan online software that helps businesses with every step of the writing process. They provide step-by-step guides and samples of well-written business plans. Owners may also be able to find a professional writer to compile the business’s information into a successful plan.Other companies, including lending institutions and the Small Business Administration, offer similar services that do not require the purchase or installation of software. These small business plan online websites give business owners access to a wealth of information regarding detailed explanations of each section of a business plan. Websites with help forums allow owners to get their problems resolved quickly and easily by fellow business owners or professional financial consultants. One service offered by the Small Business Administration is a free business planning workshop that not only gives advice on writing business plans, but also advice on how to follow through on those plans.There are many small business plan online options available to business owners who want to increase their chances of attracting potential investors and lenders. Using a combination of one or more of these services can lead to increased profitability.A small business resource is information provided by financial companies to help business owners with common business problems. Most lenders, including commercial banks, credit unions, the Small Business Administration (SBA), and non-traditional loan providers, allow entrepreneurs to access information regarding loans and financing. However, there are other companies that offer more extensive resources, such as stock reports, current news, and management advice. Most resources allow free access, while others may require fees.A lender’s small business resource is usually limited to the finances of a business. Most lenders now provide websites for easier access to their resources. Businesses can find information on the different loan programs provided, such as requirements, loan amounts, interest rates, and repayment options. Entrepreneurs may also be able to apply for a loan online via a secure electronic application. Some financial companies offer debt counseling and financial management workshops to businesses having financial difficulties.Another small business resource is general-purpose business websites designed to aid small businesses. In addition to providing information on funding options, these sites also offer up-to-date stock reports and business news. Businesses in need of advice can find a multitude of articles on how to manage finances and business operations. Some resources also offer forums to let entrepreneurs to connect to one another and share opinions and experiences.