Business is hard, and money is precious, so we should do everything we
can to minimise the expenses and maximise our returns. One of the areas people
totally overlook when thinking about their business finance is the income and
expenses from the bank.
Top tips to make sure you maximise your money:
1. Talk to the bank and find out how much you pay for your accounts and
what you get for it. Many people set up an account and then don’t review it for
years. It may be that you are using an account you don’t need and you could
reduce the monthly account fee or move to something more relevant for your
business.
2. Look at the other services you get with your account, a lot of
accounts now come with roadside cover or travel insurance and other
perks. People forget this and purchase separate travel insurance,
roadside cover and so on. If you are happy with the level of cover the bank
gives you then cancel your other policies. You don’t need two of these things,
so save the money.
3. If you are one of the lucky people with savings, research the market
to see who has the best savings interest rates, if you have left your money in
an account for a few years it is likely the rate you are getting is not the
best one available. So move your money to get as much return as you can.
4. To maximise the interest you earn, try to make sure any spare or
unused funds (if you have any) are transferred into the account with the
highest interest rate. Just make sure you check you still have access to the
money when you need it and it’s not ‘locked in’.
5. The flip side of researching a savings interest rate is to look into
the interest rates you pay on loans and overdrafts. These days many of us
operate with some form of debt and like with savings we tend to just go with
whatever the bank tells us. It’s much easier to change accounts now so find out
how much interest you pay and see if you can get a better rate.
6. Check what the bank is doing and don’t be afraid to question them.
Banks make mistakes and can over charge or enter erroneous transactions which
they may not realise. So check your statements, query anything you are not
expecting, and argue your case if you get fines or charges you don’t think you
should have to pay for.
Just a quick check online can provide you with the information you need
to action most of these points… and you are online now…. so why not do it now?
For further information please contact Erin: erin.walls@wardwilliams.co.uk
No comments:
Post a Comment