Benchmark Your Business Banking for a Successful 2014
Successful business owners and operators are adept at responding to changes in their industry environments. Designing processes to efficiently and effectively adapt to those changes is simply part of their DNA.
However, unlike consumers, who are often overwhelmed with product offerings and legal notices affecting their accounts, commercial banking clients are largely left on their own when new banking regulations and technologies come into effect. They often must determine for themselves how best to manage assets to deliver the greatest efficiency and return.
Frankly, when you are dedicated to growing a successful business, it’s hard for anyone to keep up with their evolving environment as well as that of the banking industry without the help of a knowledgeable banking partner.
The following are a few steps to help business owners and operators identify opportunities and frame solutions to increase efficiency and the return on assets:
1. Review your current account structure.
Too often we have found businesses have been operating with the same collection and disbursement plan for many years, citing a familiar phrase: “we’ve always done it that way.” Typically, after a few years, your operations will have outgrown those structures. Through a simple review, we can help identify ways to streamline your accounts and make your business more efficient.
2. Review the products and services you’re currently using.
Businesses have different needs when it comes to managing working capital and, therefore, require tailored services to optimize efficiency and effectiveness. Every year we assess whether our clients are using the right mix of products and services, which change regularly given technological advancements, and evaluate the cost/benefit of these services in order to help the business operate efficiently and mitigate operational risk.
3. Assess new regulations and their impact on your business.
From the expiration of unlimited insurance coverage for non-interest bearing accounts (known as TAG-P) to the Affordable Care Act, many businesses lack full clarity on all of the ways these changes affect their operations. We help assess how these regulations impact cash flow and how your business can best navigate the sea of ever-changing risks and opportunities.
An annual relationship review is an easy way to make sure that you have completed these steps and will help you avoid hitting snags that can hurt productivity and profitability so that your business is poised for a successful year.
To set up a review for your business, contact your relationship manager or Steve Shear, Manager of Treasury Management, at 303.531.8100.