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Top Tips from Your Banker - Business Trends and Success Tips for Huntsville Companies

Top Tips from Your Banker - Business Trends and Success Tips for Huntsville Companies

To get some timely tips regarding business management for middle-market companies, we spoke with Robert Curtis, Community Banking Marketing Executive for Cadence Bank.

 Q: What’s keeping Huntsville business owners up at night?

A: In my experience, most business owners have concerns about the quality and sustainability of their revenues and keeping their expenses in line. They also worry about access to working capital, as well as capital they need to expand their business, the quality of their products and services, and retaining well trained and highly skilled employees.

Contract management is critical for many Huntsville businesses. This includes both commercial and government contracts. If you don’t have appropriate contract management systems in place, your business could suffer.

In recent years, Huntsville business owners have expressed concerns about fraud and how to protect their finances and trade information. Incidences of fraud among mid-sized firms are on the rise, so owners should be taking steps to combat fraud. This includes talking to their bank about fraud prevention services like Positive Pay, ACH Positive Pay and Receivables Lockbox.

Q: What business trends are you seeing in Huntsville?

A: There is a tremendous amount of business activity going on in Huntsville now. This includes several new planned urban developments currently under construction with retail, restaurants, commercial office buildings, hotels and multi-family housing. Two of these are in Downtown Huntsville and several others are on the west side of town near Madison. Commercial real estate activity is strong.

The defense and aerospace industries in North Alabama are also booming now, especially given the emphasis of the new administration on defense spending. Another area of growth includes advanced manufacturing, with new plants for Polaris Industries, GE Aviation and Remington Outdoor. In addition, Huntsville is home to one of the nation’s largest bio-technology research parks and a new TVA Super Site dedicated to large-scale manufacturing.

Many local businesses are also looking to grow by adding new buildings, equipment and inventory. I am talking to many of my clients about increasing their lines of credit so they have the working capital to expand.

Q: What is your number one success tip for mid-sized Huntsville businesses?

A: It’s critical for these businesses to align with committed and knowledgeable partners in regards to their legal, accounting, tax and financial needs. If these partners know your business and industry well , then we can offer strong counsel in the areas of growth, contingency and succession planning.

Of course, one important ally should be your commercial banker. A good business bank will provide solid and relevant advice, even if it is to take a step back and maintain measured growth. Your commercial banker should be focused on maintaining a fiduciary responsibility with your business.

Q: How would you characterize the business environment in Huntsville?

A: Our business environment has been very strong for a number of years. In many ways, Huntsville is insulated from the rest of the state and nation economically due to the presence of Redstone Arsenal and the connection to the defense and aerospace industries.

We are the fastest growing city in Alabama and are projected to be the state’s most populous city in five to seven years. Strong economic growth and development as well as a business-friendly community have been a recipe for success in Huntsville for decades.

Q: What’s your business outlook for Huntsville for the rest of this year and into next year?

A: My outlook for Huntsville business is very positive. I believe many Huntsville businesses will be able to maintain sustained growth as long as they properly monitor and manage risk, maintain adequate capital and stay focused on their strategic plans. Lots of businesses are relocating to Huntsville, which is a good indication of the attractiveness of our city from a business and economic development standpoint.

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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