Module 5: Banking Services
Welcome
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 |
Modules
1. Financial Management
2. Recordkeeping
3. Cash Flow
4. Building Credit
5. Banking Services
- Pre-Test
- Banking Basics
- Choosing a Bank
- Bank Products
- Other Services
- Avoiding Scams & Fraud
- Key Takeaways
- Resources
6. Financing Options
7. Tax Planning
8. Risk Management