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Top Tips from Your Banker - Being Receptive to New Ideas and Technologies Can Boost Efficiencies

Top Tips from Your Banker - Being Receptive to New Ideas and Technologies Can Boost Efficiencies

To get some timely tips regarding business management for Tuscaloosa-area companies, we spoke with Eric Heslop (NMLS# 776143), Community Banking Executive Group Manager for Cadence Bank.

Q: What are the biggest challenges facing small and mid-sized businesses in Tuscaloosa?

A: Making decisions in light of the political uncertainty and gridlock in Washington is one of the biggest challenges currently faced by businesses all over the country, not just here in Tuscaloosa. This uncertainty is a hindrance to moving forward for many small and mid-sized firms.

Another challenge we commonly encounter is businesses becoming too dependent on only a handful of customers. When at all possible, it’s wise for a business to diversify its customer base. This will better insulate the business should it ever lose one or two of its top customers.

Q: Describe the current business environment in Tuscaloosa and how area businesses are responding to it?

A: The business environment in Tuscaloosa has changed drastically over the past decade. Explosive growth at the University of Alabama, coupled with rebuilding following the tornado in 2011, have altered the landscape of the city. Someone visiting the city for the first time in 20 years probably wouldn’t recognize it today.

For businesses that either cater to the University or Mercedes-Benz, or for those involved in residential and commercial construction, business is booming. Tuscaloosa is also a regional healthcare hub, and most physician practices and groups in this space are doing very well. Most other businesses have recovered from the depths of the recession and are adjusting to a new normal.

Q: What is your number one success tip for small and mid-sized Tuscaloosa businesses?

A: Businesses today have to be receptive to new ideas and technologies. They must be open to change and resist doing things the same way only because “that’s the way they’ve always done them.” Taking advantage of today’s technology can increase efficiency and boost sales and profits.

There are a wide range of bank products and services that can streamline financial operations and save time. For example, using remote deposit can eliminate the need for employees to go to the bank to deposit checks. Also, fraud can destroy a small or mid-sized firm, but fraud prevention services like Positive Pay, ACH Positive Pay and Receivables Lockbox can help prevent fraud.

Q: How is Cadence Bank meeting the needs of commercial customers and differentiating itself from the banking competition?

A: Most banks talk about providing great customer service, but they don’t always deliver. We differentiate ourselves and win commercial relationships based solely on providing outstanding service. This is reflected in a saying we have here at Cadence Bank: “For same-day service, call by 8 p.m.”

Our commercial customers have their Cadence banker’s cell phone number and can call their banker at any time and get a fast response. The last thing we want to do is tell our commercial customers to call an 800 number.

At Cadence Bank we also follow the “sundown rule,” always responding to or following up with customers by the end of the day. Your banker might not have the answer to your question, but he or she will get the answer and get back to you promptly. We are 24/7 bankers who genuinely care about our customers and do whatever it takes to meet their needs.

More Top Tips from Your Banker

Read more helpful tips and advice for managing your business at Cadence Bank’s Fresh Insights Portal.

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.



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