As we are getting to the end of another year and look back, it is a good idea to take a moment to do a business review with your banking professional. There is nothing more critical to the health of any business than taking the time for an annual review and analysis of all aspects of the business. If you cannot recall the last time you have had one that is the perfect time to think about it. This can be done anytime; it does not have to be at the end of the year and the Business Banking Unit is always ready to assist.
Some important areas to consider in this process include:
Accountant/Bookkeeper and Attorney – Do you have one? How long has it been since you have met with them for a review? What services do they provide and the expense? Are they easily accessible? Do they have the expertise for your business, currently and in the future?
Banking Relationship Manager – Do you have one? How long has it been since you last met with them? Do they provide the education and advice that you need, now and as your business changes?
Business Accounts – Does the business account product you are using fit your business? Are you using one account for payroll and operations and now need separate accounts? What are the current fees and can there be changes to avoid or lower them? Are transactions being processed in real time and what are the hold policies? Are there any new products or services that can be useful to the business?
Technology – Are you aware of everything available for the business? Are you taking advantage of products and services available that can increase efficiencies by saving time and money? Is the business utilizing Online Banking, ACH, RDC, BillPay? Is the business maximizing the services it is utilizing to receive all the benefits available from those services? Have all services been looked at for cost review? Have services been reviewed for how they work with the businesses accounting system? Is there available help to assist with each service and how is it?
Lending – What are the existing loans and debt? Are the current loans structured properly for how the business currently is? If an expansion is planned what is available to assist? What can be done in advance to assist the business with any future opportunities? Are there any new tools to consider with regard to lending?
Additional areas to review:
Payroll – If you do not currently utilize a payroll company, a review of what is available can be useful, especially if payroll has become more time consuming and complex. For businesses that use a payroll company a review and comparison with a different payroll company can let you know if you should consider switching or not.
Credit/Debit card processing – Review the service that is provided and the cost associated with it to see if the needs of the business are fully met or if a change is needed.
Insurance – Review policies for coverage and fees to see if they need to be adjusted. Have you looked into key person insurance or Succession planning?
Retirement – Is there a plan in place? Is it the right plan for the business and employees?
Health Care – How is the Affordable Health Care Act affecting your business? Have you reviewed options available including Health Savings Accounts?
Contact a member of the Business Banking Unit or your Relationship Manager today, to schedule your business review.
Michael O'Donnell - VP, Business Banking Officer