I'm not a banker,
why does it matter?

Understanding banking is crucial when starting a business, as it can help you in the following ways:

1. Secure funding: To start and grow a business, you will likely need funding. Banks can provide loans, lines of credit, and other financing options. By understanding how banking works, you can make informed decisions about which type of financing is right for your business.

2. Manage cash flow: Cash flow is essential for any business, and understanding banking can help you manage it effectively. You’ll learn how to reconcile bank statements, make deposits, manage expenses, and plan for future expenses.

3. Build credit: Building a good credit score is crucial for securing financing and other opportunities for your business. Understanding banking will help you maintain a good credit score by making timely payments and managing your finances effectively.

4. Access financial services: Banks offer a range of financial services that can benefit your business, such as merchant services, payroll processing, and cash management. By understanding these services, you can leverage them to streamline your business operations and save time and money.

5. Minimize risk: Banking also involves managing risks such as fraud, identity theft, and financial scams. By understanding how banks operate and the security measures they have in place, you can minimize your risk and protect your business from financial loss.

Overall, understanding banking is essential for starting a business, as it can help you secure funding, manage cash flow, build credit, access financial services, and minimize risk.