New Year is Ideal for Re-Evaluating Business Banking Needs

With the new year already underway — and a brand new tax framework in which we’re all operating — it makes financial sense to review your business banking needs. Now is the time for business owners to ensure they have the right set of customized financial products to make the most of their business potential. 

It’s also a perfect time to evaluate whether your banker is well-versed in your industry and capable of helping you make smart business decisions.  An expert business banker can offer a competitive advantage.  

“Based on our strong economy and many pro-business changes to tax policy, 2018 is shaping up to be an exciting year,” said Bob Francl, Executive Vice President, Regional President at First Independent Bank. “It would be beneficial for business owners to maximize their understanding of how these changes could affect their business banking needs.”

The following questions can help business owners assess their current banking relationship:

Does your bank know your industry?
Banking with a professional who knows your industry well can help you as a business owner identify and prepare for changes in the business landscape. A banker should provide insights on critical economic issues, routinely share information about best practices, provide feedback on realistic projections and budgets based on industry standards, and also offer useful advice on how much new capital may be needed to support any expansion plans.  

Do you have the right set of financial products for your business?
One of the most misunderstood aspects of a small business is how valuable a customized set of financial products can be. Technology and financial products are changing at such a rapid pace that business owners really need to meet with their banker regularly to make sure they are aware of and well-positioned to be taking advantage of the latest financial tools. Most of all, your knowledgeable banker should be responsive and easy to reach. 

Is your bank invested in growing the economy?
A bank that seeks to generate positive economic change for the broader community through affordable housing initiatives, community development loans, grants and more can be a match for your own business values and goals.

Does your bank support the community?
Improving the community where customers and employees live and work goes hand in hand with supporting economic growth. Look for a bank that supports worthwhile nonprofits through financial and in-kind donations, as well as volunteer time. 

For more information about First Independent Bank’s full business banking services and areas of expertise, visit www.firstindependentnv.com