Module 5: Banking Services
For many small businesses, banks are something of a mystery. Many companies shy away from using banks, either because of some level of mistrust or a lack of understanding of how banks can assist you in building your business.
In this module, we will look at:
- The benefits of building effective long-term relationships with bankers (branch managers and lenders) and business advisors.
- Things to consider when selecting a financial institution.
- Features, advantages and risks associated with the financial services and products that you may be considering for your business.
- Ways to recognize and avoid small business fraud, scams and cybersecurity risks.
What do you know about banks and their services?
Before we go too far, let’s take a moment to self-assess your understanding of banks, financial products and lending practices.
Read each statement below and select the number that corresponds with your level of confidence, level 1 (least) to 4 (most). There are no right or wrong answers.
|1. I can identify financial products and services that are commonly available to a small business.||1||2||3||4|
|2. I can explain how these products and services work to another business person.||1||2||3||4|
|3. I can identify the advantages and disadvantages of various financial products and services.||1||2||3||4|
|4. I can explain how small business owners decide which financial products are best for their business.||1||2||3||4|
|5. I can describe how to build effective long-term relationships with bankers, lenders and business advisers.||1||2||3||4|
|6. I can explain the benefits of separating business and personal bank transactions.||1||2||3||4|
|7. I know how to identify potential fraud, scans and cybersecurity risks.||1||2||3||4|