Impact of banking in business.

[TOZZIBLINKZ]

The the banking sector has positively and incredibly affect the existence of many businesses today , with the help of many commercial banks in existence many business owners and workers are more comfortable in carrying out monetary and financial activities and practices relating to business . With the help of the banking sector many businesses that were in liquidation stage are being rehabilitated as a result of business loans and grants provided by the banks to help business owner facilitate and finance their dying business .

Another impact that the banking sector has of businesses today is that it provides businesses the ability to perform monetary and financial transaction comfortably . This is true Because with the help of ATM cards and prepaid cards businesses are able to perform payment and withdrawal monetary transactions peacefully without having to worry about theft and robbery . Finally most industrialized business today who import raw materials from other foreign countries able to finance their importation with the help of Banks who automatically place the exporting country in their own country currencies . For example Nigeria imports machines and equipment from countries like the United States of America which uses the currency
" dollar " , and so with the help of the bank sector it automatically pays the exporting country which is USA in their own country currency.

 

[Jasz]

The Impact of Banking in Business

Business finance works in a very similar way to personal finance. The main goal of banking is to help businesses get the money they need, and the best way for them to do that is to partner with other companies that are doing well financially. Banks are willing to lend money to small businesses and startups if they see potential in them, but if they don't think anything will come from it, they may not want to loan them any money at all. This means if you're a small business owner or an entrepreneur looking for funding, you have to be prepared to show the bank why your business is worth their time and money. Here are some tips for finding a good partner:

Setup shop: If you're looking for a partner, first make sure you're ready for one. Before going out looking for someone who can give you the funding you need, make sure you've done all of your homework before approaching a bank or another financial institution. Make sure your business plan is solid and covers everything you need it to—you'll want it reviewed by your lawyer anyway just to make sure it's air-tight. If you're struggling with any aspect of your business plan, there are plenty of people out there who might be able to help you.

 

[Kingsley]

Banking as we all know is a financial institution purposely set up for the safe keeping of money and other valuables,. The place of banking as an auxiliary to trade can not be over emphasized. Before I dive into these fully, I do imagine within myself it they were no banks in the communities and countries as we are today. We can only imagine how bad the economy would be and how ineffective and inefficient life business would be all across the whole world. It would almost look like the days of trade by barter. Those days where we where doing a very blind trade with one another. And the level of inequalities was very high as the demands were not really measurable. Banking has come to play a major role as an aid to trade by making it very easy for funds to travel from one quarter to another without stress. Nd it has made business transaction much more safer than what it used to be when people use to dig up the ground to bury money underneath the ground for fear of thieft, but now people can save their money in banks and even earn interest on them at the end of an accounting period.