Small business owners are increasingly concerned about obtaining long-term or short-term business loans, according to a survey by the National Federation of Independent Business. However, by showing enthusiasm and understanding for your business, you can get started in a good way with your banking relationship, thereby increasing your changes of securing a loan.
Seventy-five percent of small businesses have expressed that their financial institution doesn't effectively understand their needs. As a result of this dissatisfaction, the banking industry is moving to a relationship manager model to service the small business segment.
Business owners who are trying to grow their companies are focused on getting to the next level, and treasury management may not be a high priority. By outsourcing this function to a third party, owners can maintain their focus on the business while relying on trusted advisers to take on the responsibility for understanding and managing the transactions associated with the business’s cash flow cycle.
For business owners and entrepreneurs, wealth management and planning is not a project, it is a process.
While the new wave of banking regulation may portend of doom and gloom to some, there is still a light at the end of the tunnel for many businesses.
Many businesses are interested in doing business internationally, but may not know where to begin. Ianni Palandjoglou, senior vice president, International, at Cadence Bank, says that regional banks can guide you through the process and mitigate risk while opening the door to global markets.
Treasury services provided by banks can allow businesses large and small to grow without the cost of adding labor. And those services can lead to higher profitability long term and introduce efficiencies of scale, allowing companies to redirect some of their personnel to higher value, more profitable activities.
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