Jobs and Careers with James Caan 2012 - (Page 164)

BUSINESS BANKING 024 024 The bank job WHEN PUTTING together a checklist of all the services your business will require to function, you should make sure that “banking” comes at or very near the top. Money is the lifeblood of your company (and of course is almost certainly the reason you’re setting up your business in the ﬁrst place) and ensuring that the blood ﬂows as smoothly as possible will almost certainly mean engaging with a bank or banks in a number of ways. Getting this engagement right from the very beginning will prove invaluable as your business grows – especially in case of ﬁnancial diﬃculty or the emergence of a requirement for new capital. Generally speaking, a bank will serve your business in one of two ways: handling incoming and outgoing money and storing your cash; and lending. These activities are very diﬀerent and should be approached independently; it might be that your day-to-day operational needs are best fulﬁlled by one bank, but you turn to another for ﬁnancing. You need to ensure that you choose the best bank for your business for each of your requirements – and that may mean working with two or even several diﬀerent institutions. There is often a temptation simply to use the bank with which you have your personal account, but this might not be the best option on the market so do shop around before committing yourself to any particular bank. Many people, when starting businesses, are surprised to know that business banking does not come free – so It’s all but indispensable for any start-up – but business banking can be signiﬁcantly more complex than the personal kind. Nevertheless, get things right from the off, with a good bank, and you could be laughing… accustomed have we become to free personal current accounts. However, banks are of course businesses and need to make money, and business banking charges are all but unavoidable in the long run (while it isn’t legally obligatory to operate a business account, and – depending on your business’ structure – you can use your personal account for most transactions, this makes matters much more complicated in terms of ﬁling accounts and what you save on banking charges you may well end up spending YOUR BUSINESS with James Caan

Table of Contents for the Digital Edition of Jobs and Careers with James Caan 2012

Career bites
What really counts
Weighing it all up
Around the world
Ask the experts
Growth sectors
Train your brain
Homework
Carve a career in care
Here come the girls
Mum’s the word
An apple a day
It’s for you-hoo!
A step forward
His & hers
Bank on it
Risky Business
In the money
3 Specialist medical jobs
The stuff of life
Power on
Engineering heroes
Outside the box
Keeping it clean
Your Business with James Caan
Go Go GadGets
On trend office
Take my advice
Getting Going
The bank job
Make the most of your assets
Back to business
The law and you
HR Matters
Make it work
Into the cloud
Design & shine
Reach out
Gorkana and Gurkhas
Protect and prosper
Making it count
Your business or your life?
Nice supplies
Beginning business
Ship it
Ethical business
Backing business
Standing together
Top 10 hiring tips

Jobs and Careers with James Caan 2012