Every small business owner knows what it’s like to have to scramble quickly and unexpectedly for something.
In many cases, that quick, unexpected scramble is for cash. With a safe, interest-bearing, FDIC-insured savings account solely created for your business the last-minute scramble for unforeseen expenses can be a thing of the past.
Here are 4 signs That you need a business savings account:
- You continually find yourself in emergency cash flow situations.
As a result, you to dip into personal savings or other non-business related accounts. In these times, having a business savings account can give you a place to turn – and peace of mind – when unforeseen business expenses present themselves.
- You lack an effective business plan.
Because there’s no contingency fund that business savings could otherwise help build. Without a safety net, taking measured risks to grow or expand your business is a step that’s all the more difficult to take.
- You can’t build or boost your credit, or get a loan, because you can’t show sufficient assets.
A healthy balance in a business savings account shows banks and lenders you’re serious and able to pay back borrowed money.
- You’re sleepless during tax season.
Often one of the most nail-biting times for entrepreneurs, tax time can cause a wide range of financial unknowns. Tax nightmares can be swapped for sweet dreams with steady deposits over time. Give yourself the peace of knowing there’s money earmarked for the IRS in a safe and secure savings account.
The Bottom Line of business savings
If you’re often scrambling to make ends meet with your business – or even if you’re not – opening a savings account for your business is definitely worth considering. As a result, it will give your business more market liquidity and financial stability while keeping you out of the egg beater!
To partner with Live Oak Bank open a safe, high-yield, FDIC-insured savings account today, visit liveoakbank.com/business-banking. It takes just a few minutes. Or, to speak directly with a Customer Success Manager about your savings account, call 866.518.0286.