Whether your clients are experienced small business owners or just starting out, it’s sometimes easy to overlook the big picture when they’re so focused on day-to-day tasks. BMO Harris Bank offers the following tips for small business.
Get cash into the business faster
This step helps identify where cash is tied up and how it can be moved through the business faster. For example, if the business won’t receive money it’s owed for a few weeks, it’s money that’s tied up. Opening a line of credit, and using the money that’s owed as collateral, may be a solution to help support interim cash needs, such as payroll or additional supplies.
Get needed capital
Depleting personal cash reserves to build a small business isn’t a smart financial move. Instead, clients need to find outside financing from investors or a lender. They also need to get the right type of financing. For example, if they need to purchase a piece of equipment, they should consider getting a long-term loan.
Find the best banking solutions
The right solutions are based on the business’ individual strengths, challenges and goals. Depending on your client’s needs, these products may include a small business administration (SBA) loan, term lending or a line of credit.
Reduce time spent on finances
Today’s fast-paced world demands the latest technology. Online banking can help clients stay on top of cash flow as well as make and receive electronic payments.