A commercial or business bank is one of the most helpful institutions to business startups. It offers a variety of cash flow and savings solutions, so a new and small enterprise can conveniently fulfill industry requirements and competitive goals.

If you are the owner of a startup business, you can secure the advantage of your organization by exploring and studying the entire service menu of your bank. Apart from the services designed to assist businesses in carrying out vital transactions, there are also provisions that you can use to facilitate certain processes.

With the services it offers, your business bank can be a reliable partner for the steady growth of your company. You just have to know how to make the most of your relationship with it. Need help in doing this? Here are five tips to get you started.

 

1. Get a business credit card

The best commercial banks offer a selection of credit cards for clients who own a business. It’s a wise move to get one because with it, you gain everything from the ability to pay for travel easily, withdraw cash anywhere around the world, and enjoy valuable perks.

It is important to mention as well that having a credit card for your business can help you stay on top of cash flow. Every transaction using a card is properly recorded, which is crucial for auditing and accounting.

With a high-performance credit card, your business can have flexibility and mobility.

 

2. Subscribe to your bank’s blog

Top financial institutions strive to assist their clients in every possible way and many of them have begun blogging. Through blogging, they are able to share content that they know will benefit readers.

For example, banks share information about everything from new laws or policies that can impact people’s finances to savvy buying tips for first-time buyers.

As a startup owner, such blog posts will not only guide you to make smart money decisions but also in going about stringent procedures correctly.

 

3. Use privileges and rewards as employee incentives

Certain bank accounts automatically come with privileges and rewards that you can pass on as incentives and rewards for your hardworking employees.

Incentives are a must for growing enterprises in boosting employee engagement, loyalty, morale and productivity. Even if your company is still small, you can already implement an incentive program with the help of the different privileges and rewards your bank provides.

 

4. Use your account privileges to score additional discounts

If your bank’s rewards program allows you to use points you have generated to score discounts at select stores, take advantage of it. Your business can save a significant percentage of its operational expenses from doing so.

You can purchase office equipment just using the points you have generated. In some programs, points can also be used to pay off different utility bills. Essentially, with the rewards program, you have free money on the table to spend on specific aspects of your operations.

 

5. Explore various financing solutions

Having additional funding programs for the business will allow you to grab profitable opportunities right at the time they matter the most. At the same time, with the financing solutions provided by business banks, you can secure your business relationships better.

For example, with accounts receivable financing, your business can be freed from the stress of paying your suppliers or loans on time because your money is still caught in the pay cycle of your customers. With this program, your business gives up the right to collect from your customer and instead, directs the payment to the bank or factoring company.

Commercial banks also provide import and export financing, letters of credit, collection services, and so much more. All of these are products you can use as your business expands its services and target market.

The key here, really, is to get to know your bank well and study the collection of solutions it provides to help you improve your working capital, streamline your processes and achieve competitive objectives.