When it comes to banking, small businesses in Canada look for every advantage. When trying to compete with bigger companies that have far more resources, small businesses must use every avenue that banks offer. Where are the best rates? How can loans be obtained when an entrepreneur first starts out? These are questions that every small business owner asks themselves at one time or another. The answers are all around, if one knows where to look for them.
One way that small businesses can find the best banks and banking tools is to look for which banks have received awards in recent months. Trade Finance magazine recently highlighted BMO Financial Group and its banking arm, BMO Capital Markets, as the best trade bank in Canada by the magazine after the publication polled exporters, importers and other agencies.
"Congratulations to BMO for being recognized as a leading provider of trade finance, especially in uncertain economic times," said Oliver O'Connell, the editor of Trade Finance magazine. "What voters are saying is that BMO has in-depth knowledge of global markets and is dedicated to providing the right advice and solutions to companies looking to expand their international trade networks."
For small businesses specializing in international manufacturing, BMO gives a constant flow of advice, helping the companies through each step of the process. The bank also gives tools to businesses that help them see how risky a certain deal may or may not be.
Another tool that small businesses can use comes in the form a a new online centre offered by one of the nation's most well-known banks.
The Business Development Bank of Canada recently announced the launch of its BDC Advice Centre in order to give small businesses a central, one-stop place to find answers to questions they may have. The site will feature an Ask a Professional section, in which small business owners will be able to submit questions to experts in the field.
The site will also give small business owners six tools to help them navigate the dos and don'ts of starting a business. The first tool is the entrepreneurial self-assessment test, which evaluates if a person has what it takes to run a business. Another tool is a business plan template, which helps businesses take a longer-range view and increase their chances of getting a loan.
Businesses will also be able to take advantage of the institution's business continuity section, which will allow businesses to find out how to prepare for unexpected emergency situations. Entrepreneurs will be able to learn how to make it through a sale or transition within the company in the bank's transition guide.
The site also features a benchmarking tool, which will allow users to compare their companies to others within their industries. Finally, the ratio calculator will indicate any problems that may be holding a company back from achieving the highest amount of profits.
No matter what banking tools a company uses, seeking out ones specially designed for small businesses can help the company achieve success. There are all sorts of ways that the eager entrepreneur can get assistance from those who have been in their position in order to get a leg up.
