The reviewcentre.com provide a good resource on all the main small business account services, which is based on the helpful reviews and comments from people who have, or are currently, using the various services. Also the British Bankers Association (BBA) provide a Business Account Finder at www.bba.moneyfacts.co.uk, which can help you to narrow down exactly what kind of account you need by asking you questions about your type of business (partnership, limited sola trader etc) and what kind of facilities your require (local branch, credit card, overdraft etc).

Here are a few of the best offers currently available for business banking from the main UK banks:

• Lloyds TSB Business Banking – this is a comprehensive business service which can provide you with advice on account, loans, insurance and pensions. Lloyds TSB offer a good range of products and services from start up accounts with 18 months free banking to designated client accounts where you can hold client funds in separate accounts, all with instant access and credit interest (ideal for businesses like solicitors, accountants, and estate agents.)
• Alliance and Leicester Business Accounts – a free and unlimited business account is offered with a competitive interest rate. This is ideal for small accounts, and those businesses that operate in remote areas where there are no high street bank facilities, as deposits can be made at local post offices.
• NatWest Business Banking – a free 2 year business account is offered to new business customers who have been trading for less than 12 months. There is also a good range of products and services available such as business loans and insurance, and you also get the bonus of being assigned your very own dedicated business manager, who can help guide your through setting up your finances.

If you know more some cool latest offers, post via comment so that readers can take advantage of it.

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There are a range of different financing options for those people starting up a small business and these include:

• Your own money – if you have sufficient savings you may want to consider using these to help start up your business. Remember that you should leave something aside to live off in case the business is slow to start making a profit.
• Family or friends – you should always think very carefully before borrowing money from close friends or family, as you could have no way to repay them if your business fails, or takes a long time to become successful. You should also get a proper legal contract drawn up, to ensure that all parties have some security, and to clearly define the amount of money the loan is for, and how it is to be repaid.
• Banks – before you approach a bank for a loan make sure you have a well thought out, credible business plan in place. This will help your advisor select the best product for you, such as an account with an overdraft facility or business loans to help with the financing for any vehicles or equipment you need.
• Investors – some larger businesses can attract investors, especially if you have taken the time to work out a thorough business plan and projected profits and earnings.Make sure you get some advice on how to set up investment agreements properly, to protect all the parties involved.
• Grants – some businesses can qualify for a government or local business association grant to help with the costs of the initial set up.This is a great boost for some small businesses as grants are often offered on subsidized or 0% interest loans which are excellent ways of getting cheap finance, and some grants may even by straight cash gifts, which do not have to be repaid.The main disadvantages of grants are that they can have very restricted criteria’s for applicants, and they may not be enough to finance the whole of the business set up.Also there can be heavy competition for grants, and the application process can sometimes be long and involving.

So there are lots of options available for you. It’s just you have to decide which option to choose from. Sit back with your friends and relatives OR your financial advisor to come to a conclusion.

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• Profession IT Support – very few people are experts at using and maintaining computers so it can save a lot of time and worry if you have an account with a professional IT support company, who can help you through tricky computer or networking problems, and send a technician out in the event of hardware failure.

• Organisational software – Most basic operating systems have contacts, task alerts and calendars, which can help you organise your day more efficiently. You can also buy shared software which can be accessed by mobile devices such as laptops, mobiles and palm tops, so that you and your employees can see what everyone else is doing, and make new appointments.

• Offsite Back up – if you use computers a lot in your business it is essential that you have all your important records saved in an offsite storage facility, so that in the event your computers are damaged, stolen or malfunction you can still access the information you need to keep working.

• Digital cameras – if you need to take photos as part of your work then make sure you provide your staff with digital cameras, as these can save a lot of time and money. You simply download your photos each day on to a computer and delete the ones you do not need, which avoids the time and cost of getting the film developed.

• PDF – if you want to send quotes, invoices or brochures by email use file compressing software such as PDF, which saves storage space and prevents your and your clients email capacity from being unnecessarily wasted.

• Networking – if you have several employees that all need to access the same computer files and documents then it makes sense to set up a networking system, such as NAS (Network Attached Storage), which is cost effective and easy maintain.

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