Tonight in "Tweetstorms about boring topics nobody talks about": banking for small businesses.
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Replying to @patio11
Get a business checking account as soon as your business has greater importance to you than a one-off bake sale.
3 replies 3 retweets 9 likes -
Replying to @patio11
Virtually any bank will work for this. It's 2015: you want one with a) a good website, b) a good mobile app, and c) as little BS as possible
2 replies 1 retweet 4 likes -
Replying to @patio11
Get a credit card, which does not have to be a "business" credit card and doesn't have to be by the same bank. All expenses go on that.
4 replies 1 retweet 6 likes -
Replying to @patio11
The primary reason you do this is to simplify recordkeeping for tax time.
1 reply 1 retweet 5 likes -
Replying to @patio11
Establish an informal minimum in your account. Do not draw below it. NSF (insufficient funds) fees are much, much more expensive than APRs.
1 reply 1 retweet 5 likes -
Replying to @patio11
Request a credit line increase every 6 months on your main business card. No small business has ever had too much credit.
1 reply 3 retweets 11 likes -
Replying to @patio11
Software businesses, even profitable ones, have occasional WILD VARIATIONS in cashflow. "Expenses on CC, revenue to pocket" helps survive.
3 replies 1 retweet 9 likes -
Replying to @patio11
I grew up terrified of debt. This view is not optimal for business: if you can profitably buy growth by buying X, buy X, pay interest.
3 replies 7 retweets 19 likes -
Replying to @patio11
Banks need to know what you do for a living but are clueless about our industry. Be able to succinctly describe biz model in one paragraph.
2 replies 1 retweet 6 likes
If you ever find yourself innovating with finances you're *probably* doing it wrong. Higher returns to brainsweat everywhere else in biz.
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Replying to @patio11
Turn on two-factor authentication for your bank account. Ask your bank to put a note on your file require a branch visit 4 any acct changes.
4 replies 15 retweets 28 likes -
Replying to @patio11
You think that's inconvenient. So will the guy trying to empty your account. This has "near missed" friends of mine; terrified them.
3 replies 3 retweets 9 likes - 12 more replies
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