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Why Every Business Owner Should Write a Book (and How to Do It)



Deanna Ritchie

If you’re a business owner, you need to write your own book. It might be one of the most brilliant things you ever do for yourself or your business.

The question is, where do you begin? Let this article serve as a guide — showing you how to go from idea to execution to published author within just a couple of months.

The Benefits of Writing (and Publishing) Your Own Book

Authors have a special place in our society. Some might even call it a sacred place. As a collective group, we tend to elevate authors as titans of thought who have done what few others can do and write a book — a real-life printed book with ink, paper, and shiny cover.

From Plato to Hemingway to Rowling to Robbins, we authors are held in an almost mythical position by people. You might not always like what the author says, but you listen and lend credence. And with that being said, let’s explore several of the top benefits of writing and publishing your own book, specifically as a business owner.

Greater Visibility

When you have a book, you have another extension that allows you to procure visibility for yourself and your business. It gives you a reason to promote yourself and reach people.

Instant Credibility

Imagine two scenarios where you’re being introduced at an industry conference or some local event. In the first scenario, you’re introduced as, “Business owner, John Smith!” In the second scenario, you’re introduced as, “Author and business owner, John Smith!”

The second one packs a more powerful punch, right?

Whether you’re being introduced on a stage or someone simply visits your website or LinkedIn profile, being a published author gives you a degree of instant credibility. People are much more likely to listen to what you have to say.

Increased Rates

You can typically increase your rates if you run a service business when you’re a published author with a platform.

People instantly assume that you’re more knowledgeable than your competitor who doesn’t have a book. And if you’re in the world of consulting or professional coaching, this is even more true. As a result, you might be able to increase your rates by as much as 20 to 25 percent overnight.

Organized Framework

A book is also helpful in forcing you to turn all of your thoughts, ideas, techniques, and strategies into a singular organized framework.

This makes it easier to discuss your approach in a concise and cohesive manner when pitching new clients or speaking on a stage. Simply skim through the high points of each chapter, and you have a talk/pitch.

These are just a few of the low-hanging benefits. As a business owner, there are dozens of additional advantages to be enjoyed simply by writing a book and attaching your name to it for all the world (or at least your industry) to see.

The Step-by-Step Process of Writing a Book

If you just sit down and say, “I’m going to publish a book!” it can feel overwhelming. But if you break it down into a step-by-step process, you’ll discover that it’s actually not as difficult as it might seem.

There are currently 1.67 million self-published books in circulation in the United States. That’s an increase of 1,953 percent since 2008. And now you can be a part of that movement.

With the following process, you can reasonably write a book from scratch and publish it within just a few months (and without spending thousands of dollars). Let’s dive in!

1. Choose the right topic.

The first step is to choose a good topic. If you’re like some people, you might already have dozens of good ideas floating around in your head. Or this might be the first time you’ve ever thought about writing a book, and you’re trying to wrack your brain to come up with something. Either way, here are some characteristics you want in a book topic.


Review your resume and life experiences. What areas are you an expert in? (Bonus points if you’re also passionate in these areas.) Writing a book is a lot easier if you actually know about the topic. Then, the words will flow effortlessly from your brain to your fingers to the keyboard and onto the screen.

Business Correlation

In most cases, a book is merely a tool to help you grow your business. (It’s unlikely that you’ll get rich selling your book.) So make sure there’s a correlation between your book and the business. In other words, if you run a landscaping business, don’t write a book about leadership or accounting (even if you have expertise or passion in these areas). Instead, it needs to be something related to landscaping.


Unless you’re Socrates, Aristotle, or Plato — philosophical books don’t tend to sell well. The people who write these books are typically established authors and full-time writers. You don’t want to put out a theoretical book. Instead, your book should be practical and helpful. As a business owner, your book needs to tell someone how to do something and leave them with very specific skills, tools, or action steps they can take.

2. Break it down into concepts.

Once you have an overarching topic for your book, it’s time to break it down into a book.

The easiest way to do this is to pull out five to 10 significant concepts or steps. Each of these then gets turned into a chapter. Next, you can break each chapter down into three to five individual points (which become the outline/subheadings for each chapter).

Always, always, always start a book with a complete outline and a specific idea of where you’ll “land the plane.” This doesn’t mean you can’t pivot or shift once you start writing, but writing without an outline is a recipe for disaster.

3. Write 500 words a day.

One option is to hire a ghostwriter to write the book for you. And while plenty of people do this, it’s not always the best option for a small business owner. It can be expensive — costing several thousand dollars for a basic manuscript.

However, the biggest issue is that it’s difficult for a ghostwriter to get inside your brain and write in your voice (unless you’re paying for a top ghostwriter who is an expert at interviewing and pulling out ideas).

The second option, which is the recommended one, is to write the book yourself. And if you’re going to go this route, you need a plan. Our suggestion is to carve out at least one hour per day in your calendar and aim for writing at least 500 words.

At 500 words per day (which is totally manageable), you’ll be writing 15,000 words per month. That means you can develop a 30,000-word manuscript in just 60 days.

Considering that most printed book pages are around 300 words, this means you’ll have a 100-page book written within two months. (Or a 150-page book in 90 days.) It doesn’t sound so bad when you put it that way, eh?

4. Send it off to a copy editor.

Once the manuscript is written, you’ll want to hire a copy editor.

A copy editor is more than just a proofreader. This editor is someone who reads through your book and makes suggestions and edits based on clarity and flow. For example, they’ll tell you when to remove something, add something, or switch the ordering of chapters to create a better reading experience.

The process of working with a copy editor is vital — but it can also be painstaking and frustrating at times. So put your head down, kiss your pride goodbye — rewrite when asked — and listen to their advice. It might be a challenging three or four weeks of work, but it’ll all be worth it in the end.

Once the copy editor signs off, send the final manuscript to a proofreader who will double-check for spelling errors, grammar mistakes, etc.

5. Select a title.

Notice that we’re waiting until now to pick a title. Most inexperienced authors start with a title in mind and then write a book to fit the title. But the best way is to write your business owner book first and then choose a title that reflects what the book is about.

When choosing a title, think about sex appeal and curiosity. Choose a title that makes people think, “I have to read this.” You want to include the solution to the reader’s problem and make it unforgettable. You can also add a subtitle for clarity.

As you brainstorm titles, think in terms of your target reader. Who are they, what is their biggest desire, and what are the pain points that they experience/you can help them avoid?

6. Design the cover.

Now for the fun part — designing the cover. Again, you must wait until this point in the process to design the cover. In doing so, there will be more clarity and consistency.

While we can write an entire guide on designing book covers, here are several pointers to think through as you work with a designer.

  • Make the title of the book clear, simple, and in large font.
  • Use eye-catching colors and contrast to make the cover pop.
  • If using a subtitle with your book, make sure the font is smaller than the title (but legible).
  • Feature your name prominently on the cover for exposure. (Ideally, it should be located bottom-center.)

If you’re on a budget or have a reasonably good eye for design, you can use a self-service tool like Canva. On the other hand, if you’d rather not think about it — you can hire a book cover designer on a site like Fiverr or Upwork and spend $20 to $100 to get a fairly decent result.

7. Print and publish.

The final step in the process is to print and publish.

Find a good book printing company to help you print your book on-demand. Look for a company that’s been around a while and has positive reviews. They should also have good customer service (you can get on the phone with them and get a response when you send an email).

Once your book is printed, you can publish it. These days, publishing simply means putting the book for sale on different platforms (like your website, Amazon, a Shopify store, and anywhere else you want to sell the book).

Leveraging Your Status as a Published Author

Writing the book is hard work. But, if you follow the tips outlined above, it’s not as complicated as most people assume.

Touting your book and using it to generate visibility, credibility, and sales for your business is the rewarding part. Here are several ways you can leverage your newfound status as a published author:

LinkedIn Profile

Change your headline to include the word “author.” You can also update your LinkedIn banner to include a 3D rendering of your book, logos of the places where it can be purchased, and even a positive quote from a testimonial.


Use your book as a lead magnet. Include graphics of the book and dangle a digital copy in front of people in exchange for their email addresses.

Facebook Ads

Try a “free + shipping” Facebook advertising strategy where people simply pay a shipping/processing fee that covers the cost to print and ship the book. This gives you a net-zero cost minus some advertising. This is a savvy, low-cost way to gain exposure and build relationships with customers.

Email Signature

Save some real estate in your email signature and include a small thumbnail of your book, the title, and a hyperlink to a landing page where the book can be ordered.


As a business owner, you should be in the habit of making appearances on local news stations, podcasts, events, conferences, etc. You should also be a regular guest blogger on various platforms. And in each of these scenarios, you’ll be asked for a “speaker one-sheet” or introduction. These are great places to incorporate a blurb about your book.

Zoom Background

Do you do a lot of Zoom meetings or video interviews? Be intentional about your office background. Set up a few copies of your book on your desk or print and frame a supersized copy of your book cover.

Get creative with promoting your book. This is where all of your hard work pays off. Don’t worry so much about making sales or becoming a best-selling author, though both are great bonuses.

The goal for 99 percent of business owners is just to put a quality book out there and use it as a lightning rod for exposure and credibility. The better, the more eyeballs that see your book and correlate it to your name/business.

Putting It All Together

As a business owner, you aren’t going to write a book in a weekend, but what’s stopping you from writing and publishing a book in the next three or four months? Thanks to an abundance of DIY tools and the democratization of the publishing industry, it’s easier and more practical than ever before.

Remember, it all starts with a good idea. Then, once you have an idea, execute and leverage the tools and resources you have available to you, outsourcing to a ghostwriter if needed. And once the book is published, focus all of your energy and might on promoting the book for the business owner world (i.e., your industry) to see.

It sounds cliche, but the goal is to put one step in front of the other. So don’t try to skip steps or look too far ahead. Instead, begin small, stay disciplined, and let the results compound.

Image Credit: LinkedIn Sales Navigator; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.


Eco-Friendly Fleet Maintenance Trends and Strategies



Deanna Ritchie

As the world becomes increasingly aware of the impact of climate change, many businesses are seeking ways to mitigate their carbon footprint and embrace more sustainable practices. In the transportation industry, fleet maintenance is a key area where businesses can make significant strides in reducing their environmental impact.

The Big Issues With Today’s Fleet Maintenance

There are several environmental issues associated with today’s fleet maintenance practices. Here are some of the biggest:

Greenhouse Gas Emissions

Fleet vehicles are a significant source of greenhouse gas emissions, contributing to climate change. The emissions from fuel combustion and the use of heavy-duty vehicles can have negative impacts on air quality, water quality, and human health.

Hazardous Waste Disposal

Many fleet maintenance activities generate hazardous waste, such as used oil, solvents, and other chemicals. If not disposed of properly, these can contaminate soil and water, posing a risk to human health and the environment.

Resource Consumption

Fleet maintenance requires significant resources, including energy, water, and raw materials. The extraction and processing of these resources can have negative impacts on the environment, including habitat destruction, deforestation, and water pollution.

Noise Pollution

Fleet maintenance activities can be noisy, especially in urban areas. This can have negative impacts on wildlife and human health, contributing to stress and hearing damage.

Land Use and Habitat Destruction

The construction and maintenance of fleet facilities, such as maintenance yards and parking lots, can require significant amounts of land. This can lead to habitat destruction and loss of biodiversity.

Overall, fleet maintenance has significant environmental impacts, and addressing these issues will require a comprehensive approach that includes the adoption of sustainable practices, the use of alternative fuels and technologies, and the implementation of environmentally responsible waste management practices.

7 Eco-Friendly Fleet Maintenance Tips

Aligning a company’s fleet maintenance approach with larger green initiatives and eco-friendly mission statements has never been more practical. Here are several helpful tips and strategies to get you started:

1. Switch to Alternative Fuels

One of the most effective ways to make fleet maintenance more eco-friendly is to switch to alternative fuels. Traditional gasoline and diesel-powered vehicles produce a significant amount of greenhouse gas emissions. Alternative fuels, like electricity, biofuels, and even hydrogen, produce fewer emissions and can help reduce a company’s carbon footprint.

Electric vehicles (EVs) are becoming increasingly popular as a sustainable transportation option. EVs produce zero emissions and are typically much cheaper to maintain than traditional vehicles. Hydrogen fuel cell vehicles are also an option, producing only water as a byproduct. Biofuels, which are made from renewable sources like corn and soybeans, can also be used in some vehicles.

2. Use Sustainable Products and Materials

In addition to alternative fuels, businesses can also make fleet maintenance more eco-friendly by using sustainable products and materials. Here are some examples:

Biodegradable cleaning products: Traditional cleaning products can contain chemicals that can be harmful to the environment. Biodegradable cleaning products are a more sustainable alternative as they are made from natural, non-toxic ingredients that break down quickly and safely.

Recycled materials: Using recycled materials, such as oil and tires, can help reduce waste and conserve natural resources. Recycled oil can be re-refined and used again, while recycled tires can be turned into rubberized asphalt, which can be used to pave roads.

Eco-friendly lubricants and fluids: Using eco-friendly lubricants and fluids, such as biodegradable hydraulic fluids and biodegradable grease, can help reduce pollution and protect the environment.

Sustainable packaging: When purchasing products and materials for your fleet maintenance, look for sustainable packaging options, such as products that are shipped in recyclable or biodegradable packaging.

By using sustainable products and materials in fleet maintenance, you can help reduce your environmental footprint and promote sustainability.

3. Conduct Regular Preventive Maintenance

Fleet maintenance software can be a powerful tool for managing preventive maintenance as part of a green fleet management strategy. Here are some steps to help you use fleet maintenance software to perform preventative maintenance:

Set up a preventative maintenance schedule: The first step is to set up a maintenance schedule in your fleet maintenance software. This schedule should include regular maintenance tasks such as oil changes, tire rotations, and other routine maintenance tasks that will help keep your vehicles running efficiently and reduce emissions.

Track vehicle usage: Your fleet maintenance software should be able to track vehicle usage, including mileage, hours of operation, and other relevant data. This information can help you schedule maintenance tasks based on actual use rather than just time intervals, which can help reduce unnecessary maintenance and waste.

Use eco-friendly parts and materials: When performing preventive maintenance, make sure to use eco-friendly parts and materials whenever possible. This can include using recycled oil, eco-friendly tires, and other environmentally friendly products.

Monitor fuel consumption: Your fleet maintenance software should also be able to track fuel consumption for each vehicle in your fleet. By monitoring fuel consumption, you can identify inefficiencies and make adjustments to improve fuel economy, which can help reduce emissions.

Analyze data and adjust your strategy: Finally, use the data collected by your fleet maintenance software to analyze your fleet’s performance and adjust your strategy as needed. For example, if certain vehicles are consistently underperforming or require more frequent maintenance, consider replacing them with more fuel-efficient models.

The good news is that implementing fleet management software into your company’s strategy isn’t nearly as challenging or intensive as you might think. Thanks to artificial intelligence and machine learning, the upfront setup is much faster and more efficient than you may realize. This allows you to get up and running quickly.

4. Implement More Efficient Routing

Efficient routing is another strategy for making fleet maintenance more sustainable. By optimizing routes, businesses can reduce the amount of fuel their vehicles consume and the emissions they produce. This not only helps the environment but can also save the company money on fuel costs.

GPS and fleet management software can help companies optimize their routes and reduce fuel consumption. These tools can provide real-time data on traffic patterns, road closures, and weather conditions, allowing businesses to make informed decisions about their routes.

5. Promote Better Driver Education

Another important aspect of eco-friendly fleet maintenance is promoting driver education. Drivers who are trained in eco-friendly driving techniques can help reduce fuel consumption and emissions. This includes techniques such as reducing idling time, avoiding sudden accelerations and braking, and maintaining a steady speed.

In addition to driver education, businesses can also encourage their drivers to adopt sustainable habits, such as carpooling and using public transportation when possible. This not only reduces the company’s carbon footprint but can also save employees money on commuting costs.

6. Use Telematics Technology

Telematics technology refers to the use of wireless communication systems and GPS technology to transmit data from vehicles to a remote location. This technology allows businesses to track and monitor the performance of their fleet vehicles, including fuel consumption, emissions, speed, and location.

By collecting this data, telematics technology can help businesses optimize their fleet operations to make them more energy-efficient and green. Here are some of the ways that telematics technology can be used to improve fleet sustainability:

Route Optimization: Telematics systems can provide real-time traffic updates, road closures, and weather conditions to help businesses optimize their vehicle routes. By choosing the most efficient route, fleet managers can reduce fuel consumption and emissions while ensuring on-time deliveries.

Fuel Efficiency Monitoring: Telematics technology can track fuel consumption in real-time, giving fleet managers insights into how their vehicles are performing. By identifying patterns of inefficient driving or idling, businesses can take steps to reduce fuel consumption and emissions.

Maintenance Alerts: Telematics technology can also alert businesses when a vehicle is due for maintenance or repairs. By staying on top of maintenance, businesses can ensure that their vehicles are running at peak efficiency.

Driver Behavior Monitoring: Telematics technology can monitor driver behavior, including acceleration, braking, and speed. By identifying patterns of inefficient driving, businesses can provide coaching and training to drivers to help them improve their driving habits.

7. Reduce Vehicle Weight

Reducing the weight of fleet vehicles can also make maintenance more eco-friendly. The heavier a vehicle is, the more fuel it requires to move, which means it will produce more emissions. By reducing the weight of their vehicles, companies can reduce the amount of fuel they consume and the emissions they produce.

This can be achieved by removing unnecessary equipment and cargo from the vehicles, as well as using lightweight materials for vehicle maintenance. For example, aluminum wheels and carbon fiber parts can be used to reduce the weight of the vehicle.

Turn Your Fleet Green

Implementing eco-friendly fleet maintenance practices not only benefits the environment. It can also help businesses save money in the long run. By reducing fuel consumption and emissions, companies can lower their operating costs and improve their reputation as a sustainable business.

Use the tips highlighted above to reorient the way your business approaches fleet maintenance in 2023 and beyond.

Image Credit: by Lê Minh; Pexels; Thanks!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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5 Essential Benefits of Choosing an Efficient ERP System



Kiara Miller

The corporate world is changing at a fast pace, and advanced technologies such as ERP system is at the epicenter of the ongoing digital revolution. Businesses are more dependent on technological tools and enterprise software than ever before. In fact, these tools and software are enabling businesses to drive greater success by enhancing business processes. Are you ensuring that you have the right software and tools to help your business advance swiftly?

There is a plethora of software and solutions to choose from, and each of them comes with its own merits. But what is making a real difference is the integration of Enterprise Resource Planning (ERP) systems that can streamline processes across various verticals in an enterprise.

The use of ERP systems defines a new trend altogether in the modern workplace.

Gone are the days when only multinational companies subscribed to ERP solutions for managing processes at the entire enterprise level. Nowadays even small businesses are bridging ERP systems onboard to facilitate business advancement. To validate, as per statistics, the global market size for ERP software is expected to reach USD 96.7 billion by 2024. Finances Online further explains that more than 52 percent of organizations are highly satisfied with the decision of integrating ERP systems.

Probing further, vertical ERP, small business ERP, generalist ERP, and Open Source ERP is among the most common types of ERP software that businesses are integrating. Moreover, it is also notable that most organizations are showing a keen interest in Cloud-Based SasS ERP systems, given the edge they have over traditional ERP.

All in all, the integration of ERP systems has become one of the most sought-after change management activities in the corporate world. The question is, what are the advantages of ERP software that businesses are subscribing to ERP solutions? Let us find out in this blog.

Key benefits of ERP Systems for businesses

1. Massive optimization of productivity

The ultimate objective of every enterprise is to drive the highest productivity across every vertical. However, when your employees work on recurring and repetitive tasks, not only their individual productivity takes a hit, but the efficiency of the entire organization takes a setback. This explains why businesses increasingly spend on automation tools to streamline repetitive tasks like invoicing. Even marketing automation is one of the thriving corporate trends.

All in all, the greater the automation in an enterprise the higher will be the productivity. Having said that, this is where we must look at one of the greatest benefits of integrating ERP systems. To substantiate, ERP systems come with incredible and reliable automation capabilities that can help your organization achieve its business objectives at a greater pace.

Moreover, with AI integrations as per the latest developments, the automation capabilities of ERP systems are much higher than ever before. To substantiate, as per Netsuite, employers are now happily investing in advanced ERP solutions that come with intelligent AI or machine learning capabilities.

Needless to say, artificial intelligence is the way forward for enterprises, and the blend of ERP and AI is worth embracing. This combination will certainly give your business an unparalleled competitive advantage.

2. Real-time analytics

Having timely access to analytics that can help you constantly enhance processes is nothing short of having a competitive advantage. In fact, everything in the modern enterprise world revolves around analytics. From analytics on customer engagement to analytics on inventory management gaps, you need analytics at almost every step.

This is where ERP comes up with another great feature that you should definitely not ignore. An efficient ERP system can generate real-time quantitative analytics that can lead to better planning, execution, and monitoring. Besides, the best part is that with an ERP, you can create data analytics capabilities in your businesses without even having to hire a dedicated team for data analytics.

Moreover, real-time analytics will also ensure that there is a smoother workflow management and will also aid in effective collaboration between teams. Especially if your project teams work remotely, it is essential that there is real-time sharing of data analytics for project success. ERP does not only automate data generation but also data reporting in a presentable and lucid form. However, in the ultimate sense, the positive impact of ERP is subject to the efficiency of your change management process.

3. Greater cost-efficiency in operations

Irrespective of whether you are a budding startup or an established business, operational costs will always be a top concern for you. The correlation is quite simple, the lower the operational costs the higher will be the profitability. Now, the question is, can ERP help you in bringing down operational costs? Well, the answer is a big yes and it is time you acknowledge that.

To validate, as per Datix, ERP solutions can help organizations reduce operational costs by 23 percent. This clearly indicates that you can save a major chunk of operational costs by investing in the best-in-class ERP solution. The sooner you bring ERP onboard, the greater the savings.

4. Magnification of data security

It is a well-known fact that the contemporary corporate world has a massive dependence on big data. Every business process in the modern corporate world has data engineering and analytics at the forefront of things. Data security has become a top concern, especially when cyber-attacks and data breaches are more advanced than ever before.

One of the most compelling reasons why your business needs ERP is the set of advanced data security features. When an ERP is integrated into business processes, you can set controls for accessibility to confidential data. To explain, you can control who can access sensitive information and who cannot.

Otherwise, in the absence of an ERP system, you will have to spend fortunes on cyber security and data security solutions. ERP gives you multidimensional benefits of optimized business processes along with credible data security measures.

5. Enhanced flexibility

Does your organization have a traditional on-site working style or a hybrid working style? Are you planning to move your employees to permanent work from home? ERP gives you great flexibility irrespective of your organization’s working style. Simply put, ERP can be easily integrated even in remote working cultures or hybrid cultures and will also help you to avoid employee burnout (seodiggerz dotcom “help employees avoid burnout). You can implement an ERP system with great ease and put it to work from the word go.

Besides, ERP systems also offer great flexibility in terms of future scalability. If your business is expanding and you want to add more users in the future, ERP systems offer the room to do so. Room to expand has to be the most important feature you should be looking for when you choose an ERP system. Not every ERP system may come with an effective scope of future scalability. Still, you will find a lot of ERP systems that do offer scalability features and you must choose from them.


ERP systems are changing the way businesses approach their operations and key objectives. Besides, ERP is much more than a planning resource and offers immense value in terms of optimizing business processes.

Integrating ERP for your business can be a real game changer.  The sooner you subscribe to it, the more advantageous it will prove to be for your business. Make sure you choose an ERP software that is best suited for your enterprise.

Featured Image Credit: Photo by Erik Mclean; Pexels; Thank you!

Kiara Miller

“Doing what you love is the cornerstone of having abundance in your life.” Wayne Dyer’s thoughts are well suited to Kiara Miller.
Miller has been working as a content marketing professional at “The Speakingnerd.” Her passion for writing is also visible in the innovative joys of material she provides to her readers.

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Choosing A Bank For Your Startup: Here’s Some Things To Consider




As a newly established startup, there are some key elements that your business requires to ensure your short and long-term success. A well-detailed business plan, a launch plan, early funding, and the right talent and equity from founders are all among the basic ingredients that can help get a startup off the ground.

Aside from the basics, finding the right bank, and pairing it with the right bank account is a consideration many startup entrepreneurs and small business owners often overlook during the initial induction phase of their company.

Following the collapse of California-based bank, Silicon Valley Bank (SVB), in early March 2023, startups and organizations that were caught in the middle of the catastrophe showed many other entrepreneurs and new business owners the importance of partnering with the right financial institution.

Although the fall of SVB has sent shockwaves across the economy and banking sector, for many small startups it’s crucial to find the right bank that offers them a range of tailor-made products and services. Banks that equip businesses with the right tools and resources, other than financial support and backing, can help small startups leverage financial capital to build towards a long-term goal.

While the broader economy is still battling with stubbornly high inflation and soaring interest rates, startup owners will need to consider some key aspects when choosing a bank for their business going forward.

Industry Authority

When it comes to finding the right bank for your business, size matters, and in this case, the authority a bank has within the financial system.

Many large banks often provide capital resources for specific businesses depending on their industries. In some instances, more established banks will often have a range of products and services that cater to a wide variety of businesses, regardless of whether they are early biotech startups or small-scale eCommerce businesses.

Although smaller community banks may be centered around the direct market, focussing on providing businesses in the area with the right capital and resources, it’s often riskier to place long-term bets on these institutions, especially if you’re considering expanding in the coming months or years.

Look for banks that have a longstanding track record of operations, and have provided customers with the right services to get their business going.

Location. Location. Location

Another thing to consider is the location of the bank. If you reside in a rural part of the country and have limited access to bank branches and ATMs, you might want to consider partnering with a bank that’s widely available in your area.

Although a lot of today’s banking is done online, for small startups and businesses it’s a safer option to choose a bank that they can directly find in their area in case of any disputes or discrepancies.

Different Products And Services

As already mentioned, not all banks will offer the same type of services to their clients. Some providers will have a range of businesses-related products, with less focus on individual banking solutions.

Then some banks may offer attractive business loans at low-interest rates, but product selection may be somewhat limited. The easiest way to approach this is to list a few services you may require for your business and to match this with a bank that can provide you with the right solutions at affordable pricing.

Fees And Costs

Another thing that comes to mind when choosing a bank is how much you will end up paying in fees and additional bank account charges. There are no standardized or base-level fees for opening bank accounts, and prices will differ across the board.

In some cases, banks will have pricing structures that are designed to cater to small businesses and new startups. Typically these services and products have more affordable fees, less additional costs, and come with a limited selection of banking services.

Digital Features

With so much of the banking and financial ecosystem relying on digital infrastructure, it’s important to think about how these digital features will enhance your business, its performance, and forward-going growth.

For startups, it’s always better to side with a bank that provides them with native digital tools such as a banking platform for online transactions, and other digital integrations. These services not only make it a lot easier for startups and small businesses to communicate with institutions, but it also gives them direct and on-demand access to the tools they require in their day-to-day operations.

Interest Rates

Navigating ongoing interest rate hikes has been a challenge for many new startups and businesses, especially for those that have taken out loans during the early months of the pandemic when interest rates were near zero percent.

Now that the so-called free-cash era is over, it’s difficult to find a financial institution that can provide businesses and individuals with interest rates that can help them grow their savings.

Online banks often provide more attractive interest rates, but these should be approached with caution, especially for new and young businesses. Shop around, and see which bank can offer you the best possible interest-rate deal. Not only will this help you find the most applicable bank, but it’s also a way to weigh out different options.

Customer Support

Customer service is another aspect worth considering. Some banks don’t have brick-and-mortar stores and purely rely on digital communication such as instant messaging, chatbots, and artificial intelligence (AI).

If you’re comfortable with using these tools to resolve any problems or issues before being put in contact with a human agent, consider your options carefully.

You’ll want to make sure that you have access to the best customer service agents to help you resolve any disputes or answer any queries. On top of this, some banks may provide around-the-clock service, while others may limit these operations to designated business hours.

Check Your Credit

A low credit score may often mean you have access to a limited range of products and services. On the other hand, the opposite is true for those individuals that have a higher credit score.

Larger banks will often want to partner with business owners and their companies that have a stronger line of credit. Other smaller community-orientated banks may be more lenient towards locals that have lower credit scores.

Your credit score will impact which loans you can apply for and what interest rate is offered to you. It’s often advised for startup entrepreneurs and small business owners to check the credit requirements of their banks and to see whether or not they qualify for the necessary services they require.

Final Thoughts

Finding the right bank for your startup at a time when household names are falling apart can leave any business owner and startup entrepreneur feeling uneasy. Having a few options is always better, and making sure that you partner with the right people that will help your business grow while fostering a longstanding relationship is crucial for any young startup.

Consider the needs of the business, and how the services and products these banks offer can match them. It’s best to shop around at first, to widen your options and to see what is available.

The more information you have, and know what you want for your startup, the easier it will be to find a bank that checks all the boxes and delivers financial services specifically tailored for your new business.

Published First on ValueWalk. Read Here.

Featured Image Credit: Photo by Tima Miroshnichenko; Pexels; Thank you!

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