Banknotes

By: Sam Huntington, Vice President – Treasury Management Director

Although the number of checks presented for payment is decreasing every year, the losses from check fraud, unfortunately, are rising nationwide. In some cases, checks are stolen from unsecured mailboxes and the payee line is altered, to allow the check to be negotiated by another party. In others, the routing number and account number information is used to order new check stock. 

By: Scott Ducke,Senior Vice President – Chief Lending Officer

One of the most exciting things about small business owners is their attitude toward their work. Entrepreneurs are always thinking about ways to work smarter, wanting to serve their customers better, and taking the initiative to put those thoughts into action. In addition, you don’t hear small business owners say, “That’s not my job.” If it needs doing, then they simply get it done.

By: Bridget Krueger, Assistant Vice President and Business Banker

Last month, I revisited a Business News Daily article published toward the end of 2018 that forecasted trends across the business landscape for the coming year, and offered my perspective based on the experiences I had in the first half of the year. Following is the remainder of the predictions, accompanied by my thoughts on how they’ve played out thus far.

By: Stanley Koopmans, Senior Vice President – Commercial Banker

When it comes to your company’s operating line of credit (LOC), Goldilocks had the right idea.

Rather than trying to get approved for the largest possible LOC your business may qualify for, it’s much better to evaluate your expectations for the year, and attempt to match your credit line as closely as possible to your anticipated needs. This approach also helps cover the scenario where your current LOC won’t be adequate to support projected growth.

Not too big. Not too small. It’s time to make sure your current LOC is a perfect fit.

By: Dan Savage, Senior Vice President and Senior Trust Officer

Regardless of the nature of your business, powerful, unseen laws influence the quality of your client relationships. More to the point, they determine success or failure. When abiding by these laws, your company enjoys the following benefits: 

• Your networks rapidly grow
• Prospects become enthusiastic customers
• Clients view you as trusted partners, rather than expenses to be managed
• Others become eager to help you succeed

Marc McMerty, Assistant Vice President - Commercial Relationship Manager

Early in my career as a commercial banker, I was surprised to learn that some businesses think of their banking relationship as a necessary evil. They need the bank for financial reporting and sometimes a loan or line of credit, but mainly they want their bank to leave them alone. "They'll let us know when they need us."

I was surprised, I think, because I know what goes on behind the scenes at our bank and the conversations that take place in sincere support of our customers. Our greatest asset as a bank is our customers. We only succeed if you succeed.

Buy-sell agreements or buyout agreements are often referred to as prenuptial planning for business partners.  What happens to the business if a partner dies, becomes incapacitated or wishes to leave are all things that can be addressed with solid upfront planning.  It is extremely valuable having an attorney draft an agreement that deals with situations that could disrupt the business’ continuity.  A solid buy-sell agreement provides a value of the business and partner’s interest as well as terms dictating how the business continues while providing proper consideration to the departing partner or his/her estate.

Benjamin Swanson, Business Banker

Working as a Business Banker for the State Bank of Cross Plains, I have been fortunate enough to have the opportunity to work with a wide variety of businesses. Because most of the businesses I work with are spread across different industries, I have developed a tendency to look at the annual business cycle in generalities. For example, January and February is the time when I see most businesses finishing their annual reviews from the year prior, and using that information to plan for the year ahead. September and October tend to be the time of the year when companies are doing that last benchmark check with the annual goals and budget, and looking at what needs to get done before year end. 

Jordon Geiger, Vice President and Trust Officer

According to the Insurance Information Institute, 91 natural catastrophes occurred in the United States in 2017, totaling $23.8 billion in insured losses. Natural catastrophes always seem to be an item of interest on the national news taking place in a land far away from us. 

Unfortunately, like State Bank of Cross Plains, many of our partners, clients and friends came to the realization that our homes and place of business are not excluded from natural catastrophes. 

By Dan Savage, Senior Vice President and Senior Trust Officer

Savvy business owners understand that legendary service results in exceptional customer retention rates…and…greater profitability. Savvy business owners also understand that:

• Human interaction is the basic element of any customer experience.
• These interactions create an experience that customers remember…and feel.
• These experiences are the foundation for long-term relationships and…the glue that binds them.
• Deep relationships are far more important than the product, services, and price.
• Customers don’t love companies…they love you and your relationship managers!
• You serve people…not companies.