In the past when I have tackled this topic, we were expecting significant interest rate increases. However, most recently we have seen interest rates decline. That still begs the question – as a business owner, what should you do? There are several things you can do as a business owner to take advantage of historically low rates.
- Refinance – If you have any long term debt that carries a high interest rate, you should consider refinancing this debt. Be sure to review your documentation for exit or penalty fees. Also, keep in mind, even if you have…
As the saying goes, time is money. In the business world that is especially true. You need to access capital to address immediate needs or take advantage of expanding when the time is right. When getting a loan from a bank, I am sure you assume it will be anything but a quick process. However, as the world we live in becomes more and more digitalized, there are new technologies that allow for improvements in speed and efficiency in many areas of our personal and professional lives, including securing a business loan.
At Univest, one such improvement is our implementation…
At Univest, we highly value our culture and truly believe it drives performance. We also realize that culture isn’t something that just happens – it has to be defined and cultivated. We firmly believe that an engaged workforce who follows a common set of fundamental behaviors creates success. The Univest Way consists of 18 fundamentals that describe the daily principles and practices that make our five core values come to life and truly serves as the foundation of our culture.
One of my favorite of the fundamentals is “Assume Positive Intent.” Which the Univest Way defines as:
“Believe in the goodness…
October is National Fire Safety Month. Although the prevention of residential fires is the focal point of the month, employers should also spend some time reviewing workplace fire safety and prevention as it pertains to employees, equipment and property. In 2017, there were 123 occupational fatalities involving fire. Here are some steps to help prevent or prepare for a fire-related emergency at your facility:
- Practice good housekeeping throughout your facility to eliminate potential fuel sources as well as trip hazards when evacuating the premises.
- Maintain the proper type and amount of fire extinguishers onsite and…
For many, the arrival of fall brings on mental and physical changes as the temperature drops and the hours of daylight get shorter. Seasonal Affective Disorder (SAD) is a type of depression caused by the change in seasons, typically affecting people from fall through the winter months. An estimated 10 million Americans are thought to suffer from this disorder. SAD manifests itself in many ways with symptoms that can differ from year to year, but are consistently associated with seasonal mood changes. Symptoms may include but not limited to:
- Difficult waking up in the morning
- Mood changes
On September 18, 2019, the Fed reduced prime interest rates for the second time in 2019. With falling interest rates, you may be considering a refinance of your commercial property. There are many reasons why this could benefit your business. Perhaps you want to look into a cash-out refinance to utilize the equity you’ve been building in your property to use for renovations or other investment activities. Maybe you want to switch from a variable to a fixed rate in order to lock in some financial security. Perhaps you have an upcoming balloon payment that you’d like to avoid….
What types of loans can businesses obtain from a bank? The answer, although not complicated, is surprising to many. For a business, banks have loans for every business purpose. Commercial loans include all types of loans that enable a business to prosper and grow. The major types of loans are:
- Working Capital Loans
- Equipment Loans
- Commercial Real Estate Loans
- SBA – government guaranteed Loans
- Mergers and Acquisitions
Working Capital Loans
These loans, or lines of credit, are used to finance the day to day operating costs of running a business….
Businesses deal with risk dozens of times throughout the day. Which employee should I hire? Should I submit this quote at $50,000 and be conservative or $35,000 to ensure we earn the business? Do I need to update my employee handbook to include distracted driving guidelines? These are just some examples of the decisions those running a business make every day, some with more thought than others.
So what happens when a business makes the wrong decision, fails to act properly or even has an accident? Many business owners buy insurance and assume they will be protected if something goes…
Fraud is one of the greatest challenges businesses face today. According to the 2019 AFP Payments Fraud and Control Survey, 82% of organizations reported incidents of payments fraud in 2018. This staggering statistic makes it clear that you need strict controls in place to prevent losses. Managing your daily cash flow and establishing strong, trusted relationships with your vendors and suppliers are also crucial to business success.
To remain competitive, it is critical for businesses to streamline and secure the payment process in an effort to prevent fraud, save time and control cash flow. Consider these technology-driven cash management…
According to current Census Bureau statistics, 99% of the 5.6 million employers in the United States have fewer than 500 employees. Small and mid-sized employers are the backbone of our country’s economy and, while in the past this may not have been the case, today we’re seeing that they have a significant impact on the healthcare space. If you’re one of the 99%, let’s talk.
Over the last several years, the major healthcare carriers have realized that small and mid-sized markets were being underserved in relation to options in healthcare. My colleague Kevin Davis will often quote Plato in saying,…