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Know Yourself

Chinese Philosopher Lao Tzu was probably not thinking about how to run a successful business when he penned this adage, but there is truth in these words, nonetheless.

Understanding the needs of your customers and how to deliver your goods and services in a way that meets those needs will make your business successful. Understanding the needs of your own business and what it takes to keep it running smoothly, especially when considering a business checking account, will help keep you in business for the long haul.

Here are some things for you to know about yourself and your business to help you become more enlightened when selecting the right checking account for your business.

What is your average monthly balance?

If your business is like many others, you may keep your monthly average balance relatively low. Having a checking account with no minimum balance requirements means you can operate as economically and efficiently as possible. At the very least, you want to be sure that your balance meets any minimum balance requirements that your checking account might require to avoid a minimum balance fee.

Perhaps your average balances are a little higher and you would like to earn something back on those funds. Understanding what your average balance is, along with the balance requirement for a checking account that pays dividends, helps you determine if that kind of account is right for you.

Look at your revenues month to month. Does your income stream remain pretty steady or does it fluctuate?

Perhaps there is seasonality to your cash flow so that your balances may be lower during one part of the year and higher during others.

An account with a no minimum balance feature means you won’t be hit with fees when balances are lower than average but still allows you to enjoy other valuable features.

How many transactions* do you perform each month?

Understanding the numbers of transactions* you process in and out of your checking account helps you understand how much traffic it needs to accommodate.

Perhaps your business only processes a few transactions each month. You’ll want to consider an account with enough free transactions to cover your activity with no monthly maintenance fee. If your business processes a lot of transactions, it could make sense to select an account that includes more free transactions each month but charges a fee to accommodate the additional activity.

*Transactions include each cash deposit, check deposit, check paid, and ACH payment.

When you hear the word “convenience,” what’s important to you?

Convenience can be defined as “… the state of being able to proceed with something with little effort or difficulty.”

Whether it’s the availability of conveniently located branches, speaking with a knowledgeable representative on the phone or via chat, or managing your accounts online, knowing what it takes for you to bank for your business with little effort or difficulty helps you understand what you should expect from your financial institution.

What about customer service?

You know how important it is to treat your customers well. Why shouldn’t you expect the same from where you bank? As your financial partner, your financial institution should be as committed to seeing your business grow as you are. Offering the right solutions based on your needs, being responsive to your questions and concerns, and being there when you need them lets you stay focused on keeping your business successful.

Learn more about small business checking options at ESL.

At ESL, there are two great checking options for small businesses.

With no monthly maintenance or minimum balance fees and 300 free transactions each month, the ESL Business Classic Checking Account is a smart, economical checking option for many businesses. For businesses with higher average monthly balances and/or more transactions, the ESL Business Premier Checking Account might be just the ticket. With this account, you receive 500 free transactions each month, and there is no monthly fee for accounts that maintain an average monthly balance of $5,000 or more, plus your funds earn dividends.

Both come with the convenience and superior customer service you know you can get from ESL.

Now that you know a little bit more about yourself, take a moment now to see our side-by-side comparison to see what ESL checking account best fits your business!