Select Page:  Posts Per Page

How Businesses Can Utilize Asset-Based Lending in a Slowing Economy

Although the economy has rebounded strongly from the effects of the pandemic, it has begun to overheat over the past year. This overheating of the economy has resulted in the highest levels of inflation we have seen in 40 years. In order to bring inflation back to its target levels of 2% annually, the Federal Reserve has raised interest rates over the past several months and it is expected that the Fed will continue to raise rates until inflation can be brought under control.

Increasing interest rates have historically caused the…


Recession? A Disconnect Between Data and Behavior  

With historically high employment, high wages and high consumer spending, it is hard to believe that the current economic circumstances are technically defined as recessionary. The big question is not whether the U.S. is currently in a recession – the big question is what’s coming next? Are the economy’s problems going to get worse in the coming months? Will the situation level out or possibly even improve?

Many key indicators such as high inflation, market volatility, rising interest rates and a tightening housing market point to an economy on the brink of recession. But…


Increase Business Efficiency and Mitigate Fraud

Business owners and their banker often spend time talking about how to obtain the best loan, interest rates and terms, but it is also important to discuss the fundamentals of running an efficient operation from a deposit perspective. Cash management services are a key component to improving the cash flow process and they can also be a valuable tool in fraud prevention. Here are a few cash management services to consider that can help increase efficiency and mitigate fraud.

E-services – Online banking services have valuable tools to streamline the payable and receivable process such as Automated Clearing House (ACH) transactions….


Want to Win More Sales? Lead with a Payment Option

Purchasing needed equipment for your business can be tough. While improved equipment can cut costs, increase sales and help create a healthier bottom line, strict budgetary constraints make it difficult for business owners, both small and large, to buy or upgrade equipment that will allow their companies to operate more efficiently.

A great way to avoid budgetary objections is to lead with a monthly payment option. It’s simple, if you make your equipment easier to purchase, more people will buy it. Even though it is necessary for their business, owners are often nervous about spending tens of thousands of dollars…


Sell More By Offering Municipal Leases

Many sales people do not understand the municipal market, so they just shy away from it and target the traditional commercial business-to-business prospects they are comfortable with. However, that leaves significant opportunity on the table. Sales professionals who are willing to get out of their comfort zone and invest their time to learn the municipal market can find success.

Want to get started targeting the municipal market? Here are some tactics I have found successful.

Establish a relationship with local purchasing managers.

Educate them on your company and the products you offer. Once a purchasing manager feels comfortable with a company, they…


What Is A Business Credit Score?

Thirty years ago if you were to ask someone what their credit score was, they’d probably look dumbfounded or they might think you were asking them some sort of trick question. Today, many people not only know their approximate credit score, but they probably have a pretty good idea how it is calculated. Most are aware that if you apply for personal credit such as a home mortgage, auto loan, or credit card, the lender will obtain a copy of your credit report. They will then use your credit score as a factor in determining whether you qualify for…


Who Needs Directors and Officers Liability Insurance?

I often hear, “We don’t have a board of directors, why do we need Directors and Officers Liability Insurance?”

It is a common misconception that officers of a privately owned company or a nonprofit organization are not at the same level of risk as public corporations. However, while the organization may not have a formal Board of Directors, those serving in a high-level management position such as president, vice president, secretary, chief financial officer or chief executive officer, are considered officers and are still at risk of a personal claim as a result of that position.

Directors and Officers Liability Insurance…


I Want to Live Forever

My daughter recently participated in her middle school’s musical production of “Fame Junior.”  For those of you familiar with the theme song, you’ll quickly remember the line, “I want to live forever.”  As an experienced corporate banker, when I hear that line I think of the importance of succession planning for your business.  Unless the fountain of youth is discovered, every business owner needs to plan ahead for the inevitable ownership transition.

 

We work very closely with our privately held business clients to help their businesses grow and succeed.  We also have extensive experience with succession planning.  Based on our…


Is Your Small Business Ready for a Loan? An Essential Checklist

As a small business owner, it is important to understand where you stand before applying for a business loan.  Make sure that you can answer the questions below so you can put your best foot forward when applying for a loan.   

 

Small business owners are evaluated on both their personal credit score and their business credit profile.  Many banks use your personal credit score as the first metric they review, so before applying for a loan, ensure your personal credit score is in good shape.  If it is not, take the time and steps necessary to improve your credit so…


Sell Value Not Price

Imagine an environment where you can sell based on the merit and importance of your products instead of how much your products cost. If a customer sees value in your product and thinks it will help their business there should be no reason for them not to make the purchase. The one factor that often prevents this from becoming a reality is price.

Selling on price can become nothing more than a game of who is lowest. Giving your customers a substantial discount doesn’t add to the value you bring them. This strategy may bring you a few new customers, but…

Select Page: