Banknotes

One of the most difficult decisions a small business owner will face is determining when they’re ready to grow and expand their company. How do you know if it’s the right time?

While there may never be a “perfect time” to take the leap, there are some questions you can ask yourself to help you prepare. Consider the following to help your small business avoid the pains sometimes associated with growing.

The snow is beginning to melt, the days are getting longer ... spring is definitely in the air! Every year at this time, millions of Americans set about organizing their houses and tackling projects that they've put off over the winter. But what about your financial house; is that in order? Now is the perfect time to review and, if necessary, clean up your personal finances, to ensure that your spring is filled more with sunshine than rain clouds. 

In light of recent volatility attributable to the spread of the coronavirus – technically, COVID-19 – it's appropriate to provide some insight into what is happening in the equity markets, and how State Bank of Cross Plains' wealth managers are responding. The drama that has played out over the past couple of weeks has resulted in a correction (a 10% drop from a recent peak) in the stock market in an extremely short period of time. In fact, right before the outbreak, markets had hit an all-time high. The perceived severity of the downturn (due to its rapidity) has stoked fears of a 2008 market sell-off and, perhaps, a recession.

Every year, businesses review their vendor relationships and insurance policies, to determine whether they can save a few hundred dollars.

What many businesses don’t recognize is that the right fit with their bank could save them tens of thousands of dollars. Yet, most people rarely review their banking relationship, because it seems too hard to make a switch.

“If you don’t know exactly where you’re going, how will you know when you get there?” That’s a very good question, posed by author and behavioral science academic, Steve Maraboli.

It resonates with financial planners who work to develop sound plans that help ensure long-term financial security for clients and their families. Financial decisions nearly always involve trade-offs – proverbial forks in the road, if you will. Absent a well-crafted plan, one is behaving as if it doesn’t matter which road is taken. Nothing could be further from the truth!

Key employees are synonymous with results, professionalism, and character, making your company unique to your clients/customers. To you, and your business, they provide the stability and predictability you need to sustain profitability. You, your customers, and your other employees rely on this.

If you have key people (knowledgeable, leaders, skilled and reliable resources) whose contributions are so crucial that, without them, your business risks failure, key-person insurance should be considered to protect your business by giving you the financial wherewithal to regroup in the event of their loss.

You’ve done everything you were supposed to do. You’ve saved, invested, and you have a total of $1,000,000 in your employer retirement plan. You even got the memo about Roth contributions, and $200,000 of your million is in Roth contributions. You’ve decided that now is the time to ride off into the sunset and enter the wonderful world of retirement. What’s next?

The following article – "Fraud 101: What Business Owners Should Know About Fraud," written by Irene Malatesta for the Fundbox Blog – is a high-level overview of fraud-related information that every business owner should know. We are sharing it here in its entirety.

Other than different interest rates, most people think that one mortgage is the same as any other. In truth, there are dozens of different mortgage loan options, each with their own special provisions to help people in different phases of life or people in specific situations.

When life changes, your home loan needs may change, too. From first-time home buyer to eventually downsizing as an empty-nester, there’s a perfect mortgage for every phase of life.

With Baby Boomers approaching retirement over the next decade or so, America is about to experience the largest transfer of wealth in history. As you prepare for your next phase of life, have you also adequately prepared for the next phase of your business?

When it comes to succession planning, it’s not a question of “if” as much as “when” and “how” you will set your business up to carry on after you move on.