Your bank and bank manager will play a crucial role when you start up your business therefore is it important to find the right one. Quality of service is key and when you are looking for a new bank account, make sure you book an appointment and speak to the bank manager to ensure that the bank can meet all your banking requirements.

So, here at MoneyTowers.com, we have put together a short guide which will help you decide on which bank and bank manager to choose.

Industry Experience?
Every industry has different needs and requirements – does the prospective bank understand the industry you are in?

Length of Service
Continuity is the key to good service – you don’t want to keep having to update your details and forge new relationships every few months or so. So ideally you will want a bank manager who has been with the bank for a while so they have good knowledge of the internal processes, and who is also likely to remain at the bank in the future.

Contacts
It is usually best if you have a number for your bank manager rather than a call centre number which will put you through to someone who knows little about your company and therefore will have little understanding of your needs – there is no substitute for having a direct line to someone who understands your company and it’s requirements.

Decision Making
How long does it take to make decisions? For example, if your cash-flow is a bit tight, you might need a short-term overdraft. How quickly can this be arranged? If you have to fill out loads of paperwork and wait for weeks, the bank may not be the right one for you.

General Business Advice
Does you bank offer any extra advice? Many banks offer business advice – will you need this and if so, does your prospective bank have the advice avenues you are after?

Reputation
If possible, it is also important to look at the reputation of the bank – have they been given any third-party awards? Are there any local businesses who bank with them who can give you a customer’s view of the bank – sometimes someone who uses the banks services on a regular basis can give you the best idea of how helpful the bank is and how well it will suit your needs.

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