Small business owners in Michigan face enough challenges and the last thing you want to worry about is banking mistakes. As a business owner, your focus is on increasing sales, creating new services and products and building a brand. If you are new to the business world, it is important that you put your focus where it should be and avoid the distractions that can come from some common business banking mistakes.
According to Business News Daily, you should not open your account online, no matter how convenient it is. If you go into the bank, not only will you have a connection with the person who is handling your account, but you can also avoid any issues or miscommunications that arise when you open the account.
It is also important that you choose the right bank for your business. Just because you have enjoyed the personal banking experience you have had does not mean you should automatically move your business accounts over. Research banks and focus on those that will grow and evolve with your business over time. Some credit unions do not offer business checking accounts and there are banks that will waive fees and set up special conditions for business accounts.
Finally, it is important to keep the minimum monthly balance in your business bank account. If the account stays above the minimum for each day of the month, you may receive a fee waiver. If possible while you are growing your business, keep the amount in your bank account a bit more than the minimum required.
Setting up a business is not a simple task, but one that often pays off long-term. If you have additional questions about banking or any other aspects of setting up a business, an attorney may help.
This is for educational purposes and should not be interpreted as legal advice.