A healthy business generates cash. But what to do with your earnings can be a more challenging question. For too many small business owners, cash not yet paid out for expenses just sits around in a checking account, or perhaps a passbook savings account.

That’s OK if you need quick access to that money. But with just a little bit of inquiry you could do much more with it, and earn a little more money in the process.

So where do you park your money?

The first thing to...