With trends and markets moving faster than ever before, maintaining a cash buffer is just good common sense for businesses in the Philippines. Aside from helping you deal with daily cash flow issues, having a healthy reserve of ready-to-use cash helps you maintain independence in your decisions and tells potential investors that your business is a good bet, increasing your business options for expansion later in its journey.
Today, there are plenty of financial products out there that can be used to hold your business’s savings funds. However, not all of these are suited for the needs of growing, future-facing businesses. More importantly, some proaction might be needed to make the best out of any business savings account you have. To get the most use out of the business banking solutions you rely on, follow these savvy financial tips:
1. Use a Separate Business Savings Account
There’s nothing wrong with starting a business with the resources that you have, including your personal savings or checking accounts. However, you have to make sure that you open a separate online business banking account as soon as possible. Having a separate business savings account makes managing your business’s funds much simpler, and it will also help you avoid liability issues that can arise from exclusively using a personal account for business matters.
2. Shop Around for the Best Solutions for Business Banking Online
It’s not enough to simply open just any business savings account. You also want to pick an online business banking solution that actively grows your business. The Maya Business Deposit savings product is now the best option for Philippine businesses, thanks to its remarkable 2.5% per annum interest rate. Funds in a Maya Business Deposit account can grow 20-25x faster than with other banks, guaranteeing a healthier cash buffer than the competition.
3. Take Advantage of Lower Transfer Fees
Some business banking products may have decent interest rates but come bundled with high transfer fees. These should be avoided since these fees can often undo the theoretical benefits of higher interest rates.
Thankfully, you don’t have to compromise with Maya Business Deposit. Alongside its industry-leading interest rates, it also facilitates free InstaPay and PESONet transfers, allowing you to maintain growth and save cash each time you pay your partners and suppliers.
4. Reinvest in Your Business
Though your cash reserves may take a temporary hit, strategically reinvesting your savings can yield higher returns for your business in the long run. Consider high-impact areas such as buying more efficient equipment, expanding your operations to high-demand areas, or investing in better marketing that plays on your core strengths. With the Maya Business Deposit’s high interest rates and free InstaPay and PESONet transfers, you’ll enjoy a more secure cash buffer even as you spend on your business’s long-term needs.
5. Create a Custom Savings Plan
If you’re in a stable market environment, you can feel free to save less and reinvest more, since the relative risks of being short on cash are lower. However, if market conditions are volatile, you might want to increase the proportion of savings to increase your business’s safety needs. The ideal proportions of savings and reinvestment may also have to change depending on the seasonality of your business’s income. Don’t blindly follow any blanket advice on how much you should save; instead, feel free to readjust your plan to better suit your business’s unique needs and goals.
6. Look for Other Operational Areas to Increase Cash Flow
A better cash flow means more cash for daily operations, business investments, and of course, savings. The beauty of high-interest accounts like the Maya Business Deposit is that you get to enjoy the fruits of compound interest immediately. This means anything that improves your baseline cash flow directly leads to a jump in your fund’s performance.
To better manage your cash flow, use the Maya Business app and an accounting software to track your cash flow. From there, you can identify ways to reduce costs. Typical areas include supplier contracts as well as employee scheduling and payroll management. By optimizing the right areas, you may be able to free up some cash without negatively impacting your business’s reputation or the quality of its products or services. You can then use some of this cash to increase your Maya Business Deposit funds.
Maya Business Deposit Is Your Partner in Long-Term Business Success
Whether you own a restaurant or the Philippines’ next hot startup, Maya Business Deposit gives you the features you need to sustain its financial flexibility. Sign up for Maya Business and build a futureproof financial safety net with Maya Business Deposit.
Signing up for Maya Business automatically gives you a high-performance Maya Business Deposit account for your settlements and for growing your cash buffer. Thanks to its industry-leading 2.5% per annum interest rate, your funds will earn PHP 25,000 yearly on each PHP 1 million deposit. Even better, Maya Business Deposit provides free InstaPay and PESONet transfers, saving your business on fees when it pays partners and suppliers.
Becoming a Maya Business user also puts you in line for a Maya Flexi Loan offer valued up to PHP 2 million within just 3 months. Use your Maya Flexi Loan to further refine your business model and optimize its financial sustainability. Be sure to use Maya as your primary processor for all wallet and card payments to increase the size of your next loan offer.
Send in your Maya Business application today to enjoy top-notch business banking with Maya Business Deposit.
