Blog

Small business owners often report that cash flow and reoccurring business costs are their top two financial challenges. Guidant Financial reports that in a 2019 Small Business Trends report, 33 percent of small business owners cited a lack of cash flow as their greatest business challenge. When it comes to banking, there are plenty of obstacles for small businesses. As a rule, most banking issues are harder to overcome for small businesses than larger ones. Here are some of the most common issues...

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ACH (or Automated Clearing House) transfers are a secure way to electronically transfer money between accounts in different banks. Last year, more than 24 billion ACH transactions were processed in the United States. In fact, you likely made an ACH transfer without even realizing it. For example, if you pay bills online or your paychecks are directly deposited into your bank account, those are examples of an ACH transfer.  For business owners, ACH transfers aren’t just beneficial, they...

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We take pride in the services that we offer our customers, especially our small business customers. Did you know that we can help businesses complete many of their basic and important functions online? Our online services are much more extensive than just checking on account balances and transferring funds! Hi-Tech Banking, Hi-Touch Service Our online banking suite offers solutions to help your business access finances, manage your accounts, and conduct your business from anywhere at any time!...

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Every small business needs a team of experts to get their business off the ground and keep it running smoothly. Having professionals in your corner will give you the confidence and resources to succeed. These are the business all-stars that are necessary–if not fundamental–no matter your business. A Lawyer First and foremost, you will need a trusted lawyer in your corner. Starting and running a business (especially if it is your first time) presents legal hurdles you likely haven’t...

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An organization’s culture can be defined as a collection of expectations and norms that determine how a group behaves. A healthy, well-adjusted culture can be difficult to foster even without a global pandemic going on. When you add in the current realities of the workplace (and the world) today, it makes a healthy culture even more important. If you boil it down, businesses are just trying to maintain productivity and profitability. To do this, you need to retain both great customers and great...

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Measuring and maintaining your company’s financial health is always important, but perhaps it has been even more important this year. Financial health is the way a company measures its financial aspects. For many businesses, accurately understanding and measuring their financial health isn’t easy. Large functions of our economy still depend on small businesses to stay financially healthy, and since the COVID-19 outbreak, it has been difficult. Perhaps the most important thing a business...

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New entrepreneurs are often confused by the jargon that comes along with opening and operating a small business. Two of these terms are cash flow and profitability. On the outside, it seems like these two terms are interchangeable, but they refer to two very different aspects of running a company. So what is the difference between cash flow and profitability? Let’s Break it Down: What is Cash Flow? Put simply, cash flow is the money that a company regularly pays and receives. It is made...

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Starting your own business is a huge personal feat. It’s not until months or maybe years later when you realize how wrapped up your business and personal finances have become. Not only is it important to have separate business and personal bank accounts, but it’s also important to have a line of credit devoted specifically to business expenses.  Most individuals assume they should open a business credit card, when in reality, a business line of credit is a better option for them. Establishing...

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When it comes to operating a small business, understanding your bottom line is essential in spurring growth and success in your business. Determining what steps to take financially in the new year is a huge undertaking for a business owner. Monitoring every dollar and cent and ensuring that you meet your new business goals can cause some stress. To relieve some of your anxiety, we’ve formulated an easy how-to guide for all our savvy business owners. Calculate income versus expenses At...

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Getting approved for a small business loan can be a hurdle for many small businesses. Many banks are reluctant to gamble on small businesses and have pretty tight lending standards. However, it’s often necessary and crucial to obtain outside funding to start or grow a business. This puts small businesses in a tricky spot. While you can’t avoid the fact that acquiring a small business loan is going to be less than fun, there are things you can do to make it easier. Going into any situation...

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