As a founder of a startup, there is plenty to think about as you work to get your business off the ground. From ensuring business compliance to keeping your finances in order, it’s important to have a playbook in place to help you manage your financial resources in the most efficient and effective way possible. One of the most critical financial tools a founder can have is a Silicon Valley Bank (SVB) account. An SVB account provides secure and reliable banking services to customers all over the world, making it the perfect choice for a startup’s financial needs. To help you make the most out of your SVB account, here are 10 steps for founders to take:
1. Research SVB Digital Banking Options: Make sure you know all the services and products SVB offers, so you can choose the best fit for your business. Research their business and personal banking options, as well as payment and tax services.
2. Review Fees and Services: Seriously evaluate any fees associated with your SVB account and ensure you’re getting the best value for the services you need.
3. Connect With Your SVB Representative: Take time to know your representative and inquire about banking products and services they can provide to best match your needs.
4. Establish Your Business Line Of Credit: Financing options are an essential tool for every founder and SVB can offer a variety of credit options to help with your capital needs.
5. Set Up Bank Transfers: Make sure to set up daily, weekly or monthly transfers between your other bank accounts and your SVB account. This will help you keep track of your financial resources with ease.
6. Take Advantage Of SVB Mobile Banking: It can be difficult to stay on top of all the tasks associated with running a business. Fortunately, SVB offers mobile banking products that make it easy to manage your funds from any device.
7. Utilize Automated Services: Take advantage of automated services to help you keep track of any payments, collections, etc. Automation will help ensure your financial data is kept up to date and correct.
8. Sign Up For Cash Management Services: SVB offers cash management services that make it easier to manage capital and improve liquidity. Sign up for these services to help you keep your cash flow in check.
9. Utilize Payroll Services: With SVB, you can easily and securely manage employee payroll, as well as other employee benefits and expenses.
10. Keep Track Of Your Funds: Finally, keep close tabs on your bank accounts with SVB, ensuring your funds are managed properly and efficiently. This will help you get the most out of your SVB account and maximize your business’s potential.
Using a Silicon Valley Bank account can have many benefits for founders and their startups. From protecting your finances to improving cash flow, SVB offers the reliable, secure banking services that a founder needs to succeed. Keep these 10 steps in mind as you open your SVB account and you’ll be well on your way to managing your finances more efficiently and effectively.
