Entrepreneurs: 5 tips for choosing the right banking partner

From the concept to the establishment of your business, many steps have already been taken, and you now find yourselves at a crucial juncture—financing your professional project or simply creating a bank account to reap the rewards of your hard work.

In other words, you are now faced with the decision of selecting your banking partner, the one you can rely on to address your financial concerns regarding your business. But... which one to choose? What factors should you consider in your choice? Why one bank over another? In this article, you'll find five tips to help you make the right decision.

Choose a service package tailored to my business

The Luxembourg financial landscape boasts local, European, and international banks, all offering sometimes similar, sometimes more diverse service packages.

As an entrepreneur, it's crucial to envision the type of financial management you want for your future entity and to list your needs: a bank account, digital account access, one or more payment cards, financing, etc.

Once you've defined this, inquire with 2 or 3 banks that inspire confidence or align with your expectations to compare their offerings and establish initial contacts.

Prioritize the bank whose service package suits your company's current needs and those throughout its lifecycle. Don't hesitate to project your needs several years ahead!

Compare fees and costs

Often, packages designed for entrepreneurs and small businesses reflect your initial requirements because they were created with you in mind. Examine the costs associated with various packages from the selected banks.

Spuerkeess' "Welcome" package for business creators, for example, offers ZEBRA Business free of charge for the first 12 months. Learn more.

Don't assume that all offers are the same. The cheapest offer may not meet your initial needs, and the most expensive one might be overly comprehensive for your business or may not guarantee the service quality you expect.

So, prioritize the most competitive fees while keeping your initial needs in mind.

Embrace personalized advice

During your business's creation and throughout its lifecycle, your bank will play a crucial role.

It's important to seek guidance from professionals with expertise in entrepreneurship, so they can advise you on the necessary steps, including legal, administrative, financial, etc.

Right from the start, for instance, at Spuerkeess, support is provided to bring your idea to life and make it profitable. Not only do you have a dedicated and fully available advisor, but the bank also has a partnership with Nyuko, which offers training and tools to turn your idea into a business that can grow.

Financial guidance will involve receiving tailored advice from your bank regarding your business, its development, financial management, financing, and more.

Prioritize a relational approach

Embarking on entrepreneurship requires significant upfront preparation, which is why seeking guidance is important. However, this guidance can only be effective if it's based on trust.

Indeed, it's crucial that you feel heard and understood by your bank throughout your project, and that you manage to build a long-term relationship.

The right banking partner is one who contributes to your development, addresses your concerns, and celebrates your success.

Choose an innovative partner

Regardless of your business's nature, you'll have administrative tasks to manage. Whether it's simply your own financial management or the maintenance of your customer database, for example, digital tools will simplify your life.

Therefore, having digital infrastructure for accessing your bank accounts is a must for saving time.

To simplify their clients' lives, Spuerkeess has introduced S-Net, online banking in both desktop and mobile app versions, known for its user-friendliness. Whether you're at your desk or on the go, you always have real-time access to your financial situation and can execute payments from anywhere, at any time, and much more.

"As your financial partner, Spuerkeess accompanies you at every stage of your business's development, providing tailor-made solutions for your daily operational financing needs, as well as your investment and development projects." - Spuerkeess