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.
Topics: Business Banking, Commercial Banking, Community Banking
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.
Topics: Business Banking, Commercial Banking, Succession Planning
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.
Topics: Business Banking, Commercial Banking
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.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations, Business Plan, Budget
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.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations, Business Plan
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.
Topics: Business Banking, Commercial Banking, Small Business
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.
Topics: Business Banking, Commercial Banking, Community Banking, Small Business, Business Operations, Business Plan
We’ve all heard the saying, “It takes money to make money.” Small business owners, solo practitioners, and budding entrepreneurs may feel the pinch of this statement more than most when trying to grow their companies to the next level.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations
In every conversation I have with a client, I ask, “What do you need help with?” Sometimes, perhaps not surprisingly, the answers have nothing to do business wealth management. In fact, one of the most common responses involves attracting and retaining quality employees, especially skilled or specialized workers.
Topics: Commercial Banking, Wealth Management, Community Banking, Small Business, Business Operations
For business owners, keeping company finances separate from personal ones is a smart decision. However, for small business owners in particular, that can be easier said than done. If you find yourself using your personal credit card to cover business purchases, you’re certainly not alone – in reality, more than 65% of all SMB owners use credit cards on a regular basis, and less than 50% of those cards are in the company’s name. Here are some of the key advantages that enterprise cards hold over their personal counterparts.
Topics: Business Banking, Commercial Banking, Treasury Management, Credit Card, Small Business, Business Operations, Merchant Services