CHICAGO, IL -- (Marketwired) -- 05/23/13 -- As part of BMO Harris Bank's ongoing commitment to financial literacy and Making Money Make Sense, BMO Harris is providing weekly financial tips. This week's tip offers helpful steps for small business owners.
Whether you are an experienced small business owner or just starting out, it's sometimes easy to overlook the big picture when you are so focused on day-to-day tasks. Using Helpful Steps for Small Business can help you become more efficient and ultimately more successful.
Helpful Steps for Small Business can help business owners become better planners and help them achieve whatever they are looking to accomplish.
BMO Harris Bank offers the following Helpful Steps for Small Business:
Get cash into your business faster - This step helps identify where your cash is tied up and how you can move it through your business faster. For example, if your business won't receive money it's owed for a few weeks, it's money that's tied up. Opening a line of credit, and using the money that's owed as collateral, may be a solution to help support interim cash needs, such as payroll or additional supplies.
Get the capital you need - Depleting your personal cash reserves to build your small business isn't a smart financial move. Instead, you need to find outside financing from investors or a lender. Also, don't forget to get the right type of financing for your needs. For example, if you need to purchase a piece of equipment, consider getting a long-term loan to support it.
Find the best banking solutions for your business - The right solutions are based on your business' individual strengths, challenges and goals. Depending on your needs, these products may include a Small Business Administration (SBA) Loan, term lending or a line of credit.
Reduce the time you spend on your finances - Today's fast-paced world demands the latest technology. Online banking can help you stay on top of your cash flow as well as make and receive electronic payments.
Build a secure retirement - As a small business owner, you are sometimes so focused on your business that your personal finances fall to the wayside. But it's important to prioritize building a secure retirement, whether it's through a 401(k) plan, individual retirement account or another investment vehicle.
These steps provide a full circle when it comes to owning a small business and build upon each other covering everything from increasing cash flow to planning for retirement.
Put yourself in a comfortable place and get started with helpful steps.
The Learning Center is brought to you by BMO Harris Bank, WGN, CLTV, WGN AM 1070, Chicago Tribune, RedEye and Hoy.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and $542 billion in assets (as of Jan. 31, 2013).
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