Setting yourself up for business success with savings

Hey, business owners—what are you saving for? 

We know. Saving money…as a business…in this economy? Hear us out.

When you’re trying to make ends meet and keep your business running, saving money can fall by the wayside.
But making a plan to save money can unlock new opportunities for you and your business. Here’s how.

Start. Just start.
If you haven’t thought about saving money yet, that’s okay. Start small and think about what you want to save for.

Are you hoping to buy a new piece of equipment for your store? Do you have employees that you need to pay? Can you afford to take a draw from the business?

Just like your personal savings, any amount that you can put away towards these goals helps.

As a business owner, you have enough to think about already—so set a goal and automate your contributions. And if you’re feeling unsure about what you need to save for, or how to make it happen, talk to a business advisor. It’ll help. We promise.  

Make a plan. (We can help.)
Before you decide what type of savings accounts to use, it’s important to think about what money you’re going to be putting aside.

Here’s where your cash flow comes in. Every business has busier and slower times of the year. Perhaps you can put aside some extra cash when you’re busy, so that you have the money to keep the business running when it slows down.

When you do have excess cash, consider what you’re going to do with it, and when.

Ask yourself:
  • What do I need to spend this money on?
  • When might I need this money?
  • What are my shorter- or longer-term goals?

You and your business advisor can set up your savings accounts accordingly so that the money will come available to you when you need it.

Ditch the piggy bank.
Keep better track of your money by opening more than one bank account. Your main chequing account is where you can keep money that comes in and out regularly. At connectFirst, this might be a Business Unlimited Account, where you’ll enjoy unlimited deposits, debit transactions, and Interac E-Transfers.

On the savings side, you’ll want to consider a couple different accounts to help you save for different goals.

Within these accounts, you can save for whatever your heart—or, well, business—desires. Whether it’s saving for an emergency, growing your businesses, paying bonuses, buying new equipment, or simply paying yourself, keeping this money in a savings account keeps it safe and secure.

Choose the right financial partner.
Where you put your money is important. Why not put your money to work for you? If you’re still stashing that emergency fund in cash under your pillow, it might be time to think about putting that money somewhere safe(r) where it can grow.

Making the choice of how and where to save can be intimidating. Search “business banking offers” online and you’ll find dozens of potential accounts, interest rates, promotions and more.

When it comes to making banking decisions, remember that financial success is about more than just the numbers. Sure, a promotional rate for your first six months might sound great—but how will that account serve you one, two or five years down the road?

That’s why it’s so important to find a financial institution that sees you as more than a number. When you work with an advisor who takes the time to truly understand your business’ story and goals, you can rest easy knowing they have your best interests at heart. (Psst… we’d love to chat).

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Now is the time to save.  ​​​
If you have the extra cash, now is a great time to be putting money aside. Why? Because interest rates are high. That means that interest rates on savings accounts are also high—so your money can make you more money. Talk to us today about how we can help put your money to work for your business.

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