Banknotes

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.

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.

If you’re like most people, you likely had a bit of a chaotic end to the year, balancing ongoing business demands with increased personal obligations around the holidays. For as joyful a time as it most often is, it can be equally stressful. With the din of the holidays beginning to quiet and life resuming a semblance of normalcy, let’s take a look at what the New Year can mean for you and your business.

As any business owner can attest, there are myriad financial considerations that must be taken into account in deciding how to run the business. They can choose (to some extent) how much to pay themselves in terms of a salary, a bonus, and, if there is money left over, a distribution or dividend from the enterprise’s profits. A qualified tax advisor is very helpful in making those year-to-year decisions.

The complex nature of contractor accounting practices can present special challenges when looking for financing, whether that be regarding equipment loans or credit facilities to cover short term cash flow needs such as lines of credit.

As a business banker, I’ve been fortunate to have the opportunity to work with a variety of companies across a number of industries, and because of that, I tend to look at the annual business cycle in generalities. January and February are the months in which most companies finish their annual reviews from the year prior, and use that information to plan for the year ahead. September and October tend to be when businesses perform that final benchmark check of their annual goals and budget, and begin looking at what needs to get done before year-end.