Banknotes

For many businesses, 2020 became a year of survival. But now that the frenzied pace of constant change has slowed a bit, it might be time to reflect on what we’ve learned and once again attempt to do more than just survive.

LIBOR, which stands for London Inter-Bank Offered Rate, is set based on the average rate at which major global banks lend money to one another on a daily basis. For the past couple of decades, it has been used as the market-driven index to set interest rates for business loans, not just in the United States, but around the globe. And it is on the verge of ending.

The U.S. Small Business Administration Paycheck Protection Program … are we done yet? Just kidding. From the get-go, there have been a lot of questions regarding the federal government's guidance, how the program is supposed to work, and whether the loans are really 100% forgiven.

For many years, we have been told by business analysts that paper checks would go the way of the typewriter, replaced by electronic payments and other more efficient ways to settle transactions. Clearly, this has yet to happen. In fact, checks are still the most popular payment method for transactions among U.S. businesses, according to a 2019 study by the Association or Financial Professionals.

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.