You are now leaving Univest.net. Univest Financial Corporation (together with its subsidiaries and affiliates, "Univest") is not responsible for, and expressly disclaims all liability related to, any third-party site. Univest has no control over the contents of third-party sites and accepts no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any third party websites, you do so entirely at your own risk and subject to the terms and conditions of such websites. Univest does not endorse any third party websites, the contents of such websites or the operators of such websites.
In today’s society where a lot of small business owners might be consumed with social media marketing, constructing a fancy website and networking on LinkedIn, sometimes the basics of business are overlooked. One of the things that some small businesses overlook is the need for a business plan. A professional, comprehensive business plan is absolutely necessary when considering starting a new business. Think of a business plan as your foundation. It will help you identify your goals, target market, growth objectives, staffing, financing and organizational structure.
As a small business banker, it is the first thing I ask my prospective…
By:
Michael Fox, Executive Vice President, Commercial Lending, Univest Bank and Trust Co. September 21, 2016
When I sit down with the senior management of a company, one of the things I like to understand is how they ended up with their current bank. The answer can frequently provide valuable insight into the decision making process at the business. While there are a variety of reasons, it has been my experience that a number of themes surface. These include:
I have been with this bank since I started my business. Frequently the name of the bank may have changed because of acquisition, but the origin of the relationship remains with that institution.
As a business owner you’re constantly being pulled in many directions. Determining who and what deserves the biggest slice of your “time pie” can be challenging. Obviously, there are certain times when your banker is very important – when you need financing to expand or a short-term loan for a last minute opportunity are a couple examples. However, most business owners generally consider their banker to be no more important than their customers or vendors.
If you only consider your banker a partner when you need an assist with financing, you may be missing out on help with your…
