When is the best time for an owner to open a business account?
In order to properly plan for the current business and its future, a business owner should start consulting a business banker when the idea is still becoming a reality. This way the bank can help the owner predict what future funds he or she may acquire and how to properly transfer those funds for more profit. As an owner, you need to know what is available. Accounts should be up and running before the doors to the business open. If the business is new, you should start with a basic business checking account and work with your banker during the first few months the business is open to review monthly activity and projections to determine what specific account will benefit your overall business. Switching accounts is easy, and you can often keep the same account number and just switch the product within the bank. CHRIS STAFFORD is a business banker with FirstMerit Bank. Reach him at (216) 663-9620 or Christopher.Stafford@firstmerit.com.
