It’s imperative for businesses of all sizes to implement strategies that help them maximize their financial resources. No matter if you’re leading a small startup or an established company, being smart with your finances can mean the difference between surviving tough times and thriving in them. Effective money management ensures that your business remains financially healthy, sustainable, and poised for growth. To help you get started, Maya offers a practical list of money-wise practices that can streamline your online business banking processes and optimize your financial standing.
Find a Bank That Offers High Interest Rates for Savings Accounts
Opting for a business banking account that offers high interest rates can help your business maximize its idle funds. The higher the interest rate, the more your business can earn on any surplus cash. Maya Business Deposit, for one, offers a 2.5% interest rate per annum, which is more than 20 times what traditional banks typically offer. Keeping your excess funds in this type of account will allow you to earn bigger interest rates. In turn, the extra earnings can provide a financial cushion during slow periods or support future investments without requiring you to tap into your working capital.
Utilize Business Accounts with Free Transfers for Bigger Savings
Many banks charge fees for money transfers, especially if you're dealing with frequent transactions. These transaction fees increase the overhead cost of doing business and cut into your earnings. In contrast, choosing a banking platform that offers free transfers for business accounts can significantly reduce your monthly banking costs.
This is another feature that you can enjoy while using Maya Business Deposit because it allows you to send funds to your partners and suppliers via PESONet and InstaPay for free. The perk is advantageous for businesses that make frequent payments to suppliers, employees, or partners. By opting to use your Maya Business Deposit Account to make payments, you can enjoy bigger savings with every transaction and improve your company’s overall profitability in the process.
Leverage Flexible Business Loans That Are Suited to Your Financial Needs
Not all business loans are created equal, and some may come with rigid terms that don’t match your cash flow. Opting for flexible loan options, such as Maya FlexiLoan, that can be adjusted to meet your needs and payment capacity will enable you to manage cash flow better as well as reduce the financial stress that typically accompanies lean months. In particular, Maya FlexiLoan can be divided into separate loans that you can use to fund your operations and expansion projects. The versatility afforded by this loan product offers your business the means to take advantage of growth opportunities without straining your finances during the repayment period.
Invest in Automated Accounting Software and Streamline Your Financial Processes
By investing in reliable accounting software, you can streamline financial tracking, automate tax calculations, and get real-time updates on cash flow. This reduces the risk of errors as well as ensures your company’s compliance with tax laws. At the same time, the data collected from evaluating your cash flow can help you make more informed financial decisions, all while cutting down on manual labor.
Diversify Revenue Streams to Strengthen Your Business’s Financial Stability
Relying on a single revenue stream can expose your business to risks if market conditions shift. It’s a smart move, then, to control these risks by diversifying your income sources. Offering new product lines, services, or partnerships, for example, can help buffer your business during economic downturns or periods of decreased demand. Diversification makes your business more resilient and allows for better financial planning and sustainability.
Partner with Suppliers That Offer Flexible Payment Terms
It’s also a practical move to negotiate with suppliers for flexible payment terms in order to improve your business’s cash flow management. Some suppliers may be open to offering extended payment deadlines, installment options, or discounts for early payments. These terms can give you breathing room in managing your finances and allow you to allocate funds to other pressing business needs. Entering such partnerships is also an effective way of maintaining good supplier relationships.
Establish an Emergency Fund for Business Contingencies
An emergency fund is critical for ensuring the survival of your business during unforeseen events. Setting aside a portion of your profits each month into a high-yield savings account like Maya Business Deposit or other liquid investments will allow you to cover unexpected expenses without taking on debt. This financial buffer provides peace of mind and ensures that your business remains operational in case of a sudden downturn or emergency.
Maya Business Offers You Opportunities to Make Money-Wise Decisions for Your Business
Maya Business offers a list of business banking online programs and products that are carefully and specifically designed to benefit local companies like yours. Sign up for Maya Business to be able to open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. As mentioned before, using this business account also enables you to send money to your partners and suppliers for free via InstaPay and PESONet.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, which you can divide into multiple loans as needed by your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Enjoy the benefits of Maya Business solutions today by creating your account.
