Getting a better business banking deal

Due to the competitive nature of the banking market, banks can be willing to offer incentives as part of their aim to obtain new clients.

While it's important to evaluate these incentives, they should never stand as a sole motivator to making a banking agreement. To find a banking solution that works for you it's a good idea to undertake comprehensive research in order to properly understand all components of a potential agreement.  

It's important to reflect on your banking history and the different options available. That way you are capable of identifying and selecting the best deals for your needs.

Four tips for gaining a better business banking deal include:

Research

Fully research your banking history either through your own investigation or through a qualified professional, such as a mortgage broker. This stage of the banking deal needs to be approached with confidence and precision so you are able to obtain a detailed self-understanding of what you personally need to gain through the bank deal.

Collate your options

After researching your own history and requirements, endeavor to explore all available options from different banking firms. Evaluate the options that are best suited to you and which companies correspond best with your needs. Have these offers confirmed in writing, so you are able to compare them against other banking offers.

Negotiate

Engage in strategic bargaining techniques, so you are able to locate the best available prices for your banking deal which incorporate the most beneficial outcomes. Approach these banks with explicit requirements and intentions.

Finally, discuss alternative quotes you have received from other institutions who have offered better rates or incentives and discover whether they are willing to negotiate better alternatives.

Assess and select

Once all possible options have been exhausted, and negotiation has taken place; evaluate your choices and select the option which suits your business needs best.

Does your banking deal come with an overdraft option? Is it the right fit for you? 

Connect with us to receive updates throughout the day:

Like us on Facebok Follow us on Twitter

Dun and Bradstreet AustraliaTop of page Dun & Bradstreet Australia Pty Ltd 2015 | D&B Small Business    *About Us    *Sitemap    *Advertise    *Privacy    *Terms & Conditions