Launching a business takes courage. Ensuring its success requires something more – namely, capital. One of the most significant challenges that business owners across the wide spectrum of commerce encounter is determining the best way to obtain the funds needed to sustain growth.
Every craftsman knows there are multitudes of ways to construct a beautiful piece of furniture – and as many considerations to make in so doing. The same holds true for commercial financing: there are plenty of different means of achieving the same outcome; the challenge often lies in determining the best one for each individual client.
The most important thing for you to know right now is that your bank is still open for business, and people can help you. In addition to online and mobile banking tools, real people are available to help by phone and email. Plus, drive-ups are still open in most locations.
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.
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.
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.
Your business can derive the most benefit from a bank that does more than just process your transactions. Your financial institution should provide you solutions that allow you to focus on your company’s mission and operations. Here are some tips for making sure you are getting what you need from your bank.
Congress’s well-intentioned plan to bolster retirements for working Americans – the Setting Every Community Up for Retirement Enhancement (SECURE) Act – will come with its own set of wrinkles and challenges for defined-contribution plan sponsors (e.g., 403[b], 401[k], etc, which I’ll collectively refer to as “401[k] plans,” for the purposes of this article).
I have to be brief and selective, but here are a few topics to consider carefully if you are tasked with administering the plan for your co-workers or employees.