BMO SmartSteps for Business Will Help Entrepreneurs Boost Productivity

Online tool takes just a few minutes and offers immediate ways to help boost the bottom line

TORONTO , Jan. 22 /CNW/ - BMO Bank of Montreal announced today it is launching BMO SmartSteps for Business, an online tool that provides advice for small and medium-sized business owners to make their business banking more efficient and help boost productivity as Canada emerges from the recession. Using BMO SmartSteps for Business, in just minutes, business owners can assess their banking needs and get a customized plan that includes: managing cash, banking and daily operations, financing and investing, and financial needs that go beyond their business.

"Business owners have told us they want to focus on their business, not on the ins and outs of banking," said Gail Cocker , Senior Vice-President, Commercial Banking, BMO Bank of Montreal . "BMO SmartSteps for Business will help our customers make better, faster, clearer financial decisions to manage their business better."

    
    With the program, business customers can:

    -   Minimize banking fees to lower total monthly expenses. By selecting
        the right plan and maintaining a specified balance, businesses can
        save up to $135 each month.
    -   Opt for electronic payments instead of cash. Accepting debit and
        credit cards can get money into accounts sooner and help avoid a
        "cash crunch."
    -   Invest funds in high interest vehicles. With the right investments,
        businesses can raise their bottom line in as little as 30 days.
    -   Plan for a more secure retirement by setting up an exit strategy to
        start saving money outside businesses retained earnings. For example,
        setting up an RRSP with conservative investments can help balance any
        volatility in business returns and help secure future long-term.
    

"Last year, we introduced BMO SmartSteps to our personal banking customers. With over half a million Steps taken so far, the program identifies instant ways to save and manage day-to-day finances," added Ms. Cocker . "BMO SmartSteps for Business will allow Canada's busy entrepreneurs to spend more time doing what they do best and less time worrying about their banking."

"Canada's economic recovery is expected to gather strength in 2010," said Doug Porter , Deputy Senior Economist, BMO Bank of Montreal . "Although it might be a relatively moderate rebound compared with past economic recoveries, entrepreneurs in a post-recession environment should be looking for every opportunity to build productivity."

For more information on BMO SmartSteps for Business visit: www.bmo.com/smartsteps

For further information: For media inquiries or to arrange for an interview please contact: Martha McInnis, Toronto, [email protected], [phone]; Paul Gammal, Toronto, [email protected], [phone]; Sarah Bensadoun, Montréal, [email protected], [phone]