The days of the local branch manager who knew every business in his area and had the power to make funding decisions may be over, but there are still good reasons to create and maintain a good relationship with your business bank.<\/span><\/p>\n At a basic level a bank is somewhere to receive payments, keep the cash needed to cover outgoings, and seek credit. But just as your accountant can be more than just someone who does your books, the potential value of your bank extends beyond access to basic account services.<\/span><\/p>\n Start off on the right foot and you will be able to tap into valuable advice and might even be able to avail of products and services that would otherwise be inaccessible.<\/span><\/p>\n There are various factors to take into account when choosing a business bank, but fees are a good starting point. While there will be little difference in the cost of basic services you need to make sure that you are not overpaying for a service that is crucial to your business.<\/span><\/p>\n It is not always easy to compare the charges levied by different banks. There are a number of websites that offer comparison services, but you might find that some don\u2019t cover every bank so if you go down this route make sure you check more than one.<\/span><\/p>\n Don\u2019t be afraid to query charges and see if there is any wriggle room on the rates being quoted.<\/span><\/p>\n Despite the emergence of options such as crowdfunding and peer-to-peer lending, most funding for Irish businesses still comes from banks. Before you ask, however, it would make sense to familiarise yourself with the options available \u2013 do you know the difference between invoice finance and invoice factoring, for example?<\/span><\/p>\nSpot the difference<\/h3>\n
Know your options<\/h3>\n