Thursday, July 20, 2017

First Business? Financial Do's & Don'ts

Owning a business can be challenging financially, but it doesn't have to be. Your bank at the Lake of the Ozarks has the experience and know how to guide you in the right direction financially. First Bank of the Lake is happy to give you the financial DO's and DON'Ts when running your first business, along with business checking options.

Financial Do's

Save on costs when possible, have a budget!

Budget your money and don't be extravagant when buying supplies. Only buy what you need, not what you want. Stick to your budget and do your best not to go over.

Create automatic loan payments.

With this being your first business, you most likely had to take out a start up loan. Be sure to set your payments up to automatically draft from your account. This will help you to not miss a payment due to forgetting.

Have a separate account for your business.

Separate your personal finances from your business finances. Have a business checking account, specifically for your business spending. This will help to keep your finances organized.

Financial Don'ts

Don't lose track of your finances.

Don't get overwhelmed by your new business related bills. Keep track of your bills & develop a payment plan that will keep you on track.

Don't hide from debt.

Don't let your debt add up, stick to your payments. You don't want to be drowning in debt on your first business.

Don't spend just because you can.

When your business does well, it can be tempting to spend more on things you don't necessarily need. Don't be tempted! Be smart and stick to your budget.

Business Banking at the Lake of the Ozarks

When owning your first business, it can be tough to find a bank you can trust with your business finances. Look no further! We have sole proprietor, LLC or corporate accounts in BOTH checking and savings.

Business Checking

Our business checking account requires $500 to open. This includes:
  •  monthly statements 
  • free direct deposit
  • debit card

First Free Business Checking

Our first free business checking requires a minimum $100 as a beginning balance. With this great product you have:
  • NO minimum balance
  • 150 FREE transactions per month, electronic statements only
Please note with this account, over 150 transactions per month will result in a charge of $.50 per transaction.

No matter what your new business venture may be, your local bank at the Lake of the Ozarks is here for you. We offer business checking accounts that will make your life easier. Don't stress! Give us a call today at 573-348-2265 to hear more about our business banking options!

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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

-(573) 348-2265

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