Arise Business Solutions & Equipment Finance
A.B.N. 81 634 607 465
Suite 1A Level 2, 802 Pacific Highway Gordon NSW 2072
Fax: 02 9844 5445
Mobile: 0421 318 274
Email: mlark@arisebizsolutions.com.au
Seek PERSPECTIVE - Drive PERFORMANCE - Maximise PROFITS
Why your business banking relationship is so important?
Why is it that every business advisor is yelling from the rooftops - “work on your business, not in your business”? and you
yell back, “I am, can’t you see what the business has achieved”! The key to this catch phrase is not performance but
perspective, seeing the business you run through a different set of eyes, seeing the processes in place and asking
yourself, are they effective or are the just what we have done since the start so the method in the madness must be right!
or is it?
The business relationship with the bank and banking products is very much like the former, well I have been with them
since the start so they must be okay or is it? Just like the process of reviewing your suppliers and prospecting for new
customers. Reviewing your business banking requirements needs to be completed at least once a year and best done
during your quietist period so you can think about it with minimal distractions, to help you make the most of the opportunity
ask yourself the following questions?
Are your current bank accounts the best solution for your business?
How much are you paying in monthly account and transaction fees, check out another bank to see what they offer and
compare.
Are your current bank accounts helping you meet your business objectives?
Could a different bank account offer you more flexibility for example having a online account, which could be used to hold
your GST payments until BAS is due.
Do your lending facilities maximise cash flow?
Are you using the credit card for purchases, which will take longer to pay back than 45 days, would it be a better option to
secure an overdraft?
Are their new banking products on the market I may not be aware of?
Financial institutions are continually launching and up dating their offerings to business customers, along with more
competitive rates and terms.
Does the Internet banking platform I use have all the features I need?
For example Westpac has a business banking and Corporate banking platform, it may be worth switching to allow your
business to use the added features for example initiating telegraphic transfers (overseas payments).
Are their other options to source finance for the business?
Do you have the correct products suited to the business needs?
Are the interest rates I am paying competitive?
Does my business present favourably to meet loan approval from banks?
The next step is to take action, if you answered “no” or “do not know” to any of the question above its time to take action.
Talk to your banker today or business advisor, they might just be a very helpful source of information!
Author:
Mike Lark, is a business banking advisor, offering complete financial solutions. He seeks perspective, drives performance
and maximises profits for small business owners.
Article Key words: Financial management, small business, business banking, cash flow, bank account, business
objectives, internet banking, interest rate, loan approval and effective business solutions.