The document provides information on how to maximize professional business relationships. It summarizes various services including accounting, tax, legal, banking, financial advising, and marketing. For each service, it describes different types of professionals that provide the service and factors to consider when choosing one. The document emphasizes communicating needs, being prepared for meetings, and collaborating with professionals to work towards business goals.
Why Partner With American Finance Solutions & Small Business Financing / Loan...Scott Griest
Overview of why regional banks & small- to large-finance companies choose to partner with American Finance Solutions as their trusted source for referring their small business clientele
Start, Run & Grow Businesses with Excelor IndiaShashi Mohan
Excelor India, offers a blend of international and domestic experience in setting up of businesses and taking care of operational stuff. We work as your own accounting & compliance team. Its not outsourcing but in-sourcing Excelor India, for taking care of all non-core activities of your business.
This presentation is for business owners who are interested in building and maintaining value in their company with an emphasis on positioning the business for transition, and exit plannig.
Why Partner With American Finance Solutions & Small Business Financing / Loan...Scott Griest
Overview of why regional banks & small- to large-finance companies choose to partner with American Finance Solutions as their trusted source for referring their small business clientele
Start, Run & Grow Businesses with Excelor IndiaShashi Mohan
Excelor India, offers a blend of international and domestic experience in setting up of businesses and taking care of operational stuff. We work as your own accounting & compliance team. Its not outsourcing but in-sourcing Excelor India, for taking care of all non-core activities of your business.
This presentation is for business owners who are interested in building and maintaining value in their company with an emphasis on positioning the business for transition, and exit plannig.
NLIGN Business Brokers represents business sellers and business buyers primarily located in North Carolina. We also specialize in business valuation, appraisal, mergers and acquisitions.
Key Performance Indicators (KPIs) for law firms have traditionally been based upon available and billable hours. Recently, firms are starting to look at different metrics. These metrics come from the fields of sales, project management, and business development. Are these new KPIs just a trend? Not if you wish to be a profitable firm. However, it’s not just about measuring KPIs, it’s also about evaluation and action.
In this hour-long webinar, join Mary Juetten and Billie Tarascio as they discuss the metrics that help Billie's law firm succeed.
Topics covered include:
What are the new metrics for law firms?
What steps does a firm need to take to accurately track KPIs; and
How to act on data rather than be buried by it.
Are you ready to raise capital for your Salesforce business? Do you have a plan? Rob Belcher of Lighter Capital and Sirk Roh of Early Growth Financial Services walk through the fundraising essentials and pitfalls you need to know about.
This webinar focuses on:
- Fundraising and business planning strategy
- What's most important for different funding options - from venture capital through to revenue-based financing
- Preparing the necessary materials and documentation to successfully raise capital
This webinar is designed to give you the best chance of meeting your capital raising goals for your next stage of growth.
Gupta Bajaj & Associates is a team of distinguished Chartered Accountants, Corporate Financial Advisors and Tax Consultants based in India. Our firm represents a combination of specialized skills that is geared to offer sound financial solutions and advices. The firm is a congregation of professionally qualified and experienced persons who are committed to add value and optimize the benefits accruing to clients.
Financial Statement Analysis - Reading the Numbers Correctly, 2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
There is more to managing the financial health of your emerging start-up than raising money and selling out. The day-to-day financials matter, as they impact every other area of your business. Diagnosing your “full” costs, including those to acquire and serve customers, understanding different elements of cost. How your business model impacts your financial model and impacts value creation. It helps to institute the right procedures that will help keep things in check, and give you the visibility into key metrics so you can effectively monitor your progress.How do you read the numbers, the small data, not just the big data? How does value get created and what is valuation? Lack of knowledge may lead you to venture failure. The presentation at the IIMB/NSRCEL session for entrepreneurs and wanna be entrepreneurs is attached here touching on some of these aspects and more... Happy Reading
Proprietorship, Private Ltd. LLP or Partnership..?? Anjana Vivek
Multiple options are there starting a venture, for example: Sole Proprietorship, Partnership, Limited Liability Partnership (LLP ), One Person Company (OPC), Private Limited etc. What is the right one for you? Here are some tips to help you decide on what may suit you.
Uncover outsourced accounting opportunities during tax seasonCPA.com
During this webinar, we discuss how to work closely with your tax team to ask the right questions and identify new areas of opportunity for client accounting and advisory services. We also share ways for you to position and market these services.
Tax Resolution: How To Get Started Offering This Lucrative ServiceJassen Bowman
https://TaxMarketingHQ.com - IRS Collections representation, aka "tax resolution", is the process of representing taxpayers with outstanding liabilities to the IRS. Many of these taxpayers also owe money to their state tax authorities.
The majority of IRS tax debt, and the "bread and butter" of the industry, are small businesses that owe 941 payroll tax liabilities. While smaller, the 1040 tax debt market is still sizable. All told, over 13.3 million taxpayers (businesses and individuals) owe money to the government.
This slide deck will show you the scope of the tax resolution market, the fastest direct response marketing methods to get there, walk you through the sales closing process, and show you how to quote fees.
NLIGN Business Brokers represents business sellers and business buyers primarily located in North Carolina. We also specialize in business valuation, appraisal, mergers and acquisitions.
Key Performance Indicators (KPIs) for law firms have traditionally been based upon available and billable hours. Recently, firms are starting to look at different metrics. These metrics come from the fields of sales, project management, and business development. Are these new KPIs just a trend? Not if you wish to be a profitable firm. However, it’s not just about measuring KPIs, it’s also about evaluation and action.
In this hour-long webinar, join Mary Juetten and Billie Tarascio as they discuss the metrics that help Billie's law firm succeed.
Topics covered include:
What are the new metrics for law firms?
What steps does a firm need to take to accurately track KPIs; and
How to act on data rather than be buried by it.
Are you ready to raise capital for your Salesforce business? Do you have a plan? Rob Belcher of Lighter Capital and Sirk Roh of Early Growth Financial Services walk through the fundraising essentials and pitfalls you need to know about.
This webinar focuses on:
- Fundraising and business planning strategy
- What's most important for different funding options - from venture capital through to revenue-based financing
- Preparing the necessary materials and documentation to successfully raise capital
This webinar is designed to give you the best chance of meeting your capital raising goals for your next stage of growth.
Gupta Bajaj & Associates is a team of distinguished Chartered Accountants, Corporate Financial Advisors and Tax Consultants based in India. Our firm represents a combination of specialized skills that is geared to offer sound financial solutions and advices. The firm is a congregation of professionally qualified and experienced persons who are committed to add value and optimize the benefits accruing to clients.
Financial Statement Analysis - Reading the Numbers Correctly, 2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
There is more to managing the financial health of your emerging start-up than raising money and selling out. The day-to-day financials matter, as they impact every other area of your business. Diagnosing your “full” costs, including those to acquire and serve customers, understanding different elements of cost. How your business model impacts your financial model and impacts value creation. It helps to institute the right procedures that will help keep things in check, and give you the visibility into key metrics so you can effectively monitor your progress.How do you read the numbers, the small data, not just the big data? How does value get created and what is valuation? Lack of knowledge may lead you to venture failure. The presentation at the IIMB/NSRCEL session for entrepreneurs and wanna be entrepreneurs is attached here touching on some of these aspects and more... Happy Reading
Proprietorship, Private Ltd. LLP or Partnership..?? Anjana Vivek
Multiple options are there starting a venture, for example: Sole Proprietorship, Partnership, Limited Liability Partnership (LLP ), One Person Company (OPC), Private Limited etc. What is the right one for you? Here are some tips to help you decide on what may suit you.
Uncover outsourced accounting opportunities during tax seasonCPA.com
During this webinar, we discuss how to work closely with your tax team to ask the right questions and identify new areas of opportunity for client accounting and advisory services. We also share ways for you to position and market these services.
Tax Resolution: How To Get Started Offering This Lucrative ServiceJassen Bowman
https://TaxMarketingHQ.com - IRS Collections representation, aka "tax resolution", is the process of representing taxpayers with outstanding liabilities to the IRS. Many of these taxpayers also owe money to their state tax authorities.
The majority of IRS tax debt, and the "bread and butter" of the industry, are small businesses that owe 941 payroll tax liabilities. While smaller, the 1040 tax debt market is still sizable. All told, over 13.3 million taxpayers (businesses and individuals) owe money to the government.
This slide deck will show you the scope of the tax resolution market, the fastest direct response marketing methods to get there, walk you through the sales closing process, and show you how to quote fees.
With the busy tax season just around the corner, this presentation will give tax preparers a head start on making it the most profitable one ever.
The session will include the latest on:
Tax legislation
IRS regulations
New tax technologies
Staffing and practice management strategies
Seasoned Sales Professional in the Greater Philadelphia area. After a successful 14 year tenure at the area's leading telecommunications company I'm looking for a new adventure where I can help an organization achieve their goals and further my career, education, and involvement.
This is a working draft written by Jordan S. Zoot CPA of aBIZinaBOX Inc. It offers observations and commentary with respect environment for tax professoinalas in the United Stated
Have you wondered what your business or your client base are worth? This presentation is focused on:
• Exploring the factors that make a valuation necessary
• The ways an adviser may use a credible valuation
• The relevance of valuations in relation to current issues
“Certified Public Accountants (CPAs) are advisers on a wide range of financial matters. They advise individuals, businesses, financial institutions, nonprofit organizations and government agencies and help with tax preparation, personal financial planning, auditing services, and advice on developing effective accounting systems.”
We are a reputed Chartered Accountancy Firm established throughout Karnataka. We have 5 branches and involved in all services from Indian compliance's to International one's
Credit Repair Program: Partner Overview. In Searching For Credit Repair Companies To Promote, Take The Time To Understand How To Select A Credit Repair Firm That Can Help You Achieve Your Goals.
TRUECPA Group is formed by na interdisciplinary professional team of accountants, lawyers and specialists, trained in all the processes related to accounting, tax compliance, secretarial, payroll, business intermediation and tax consulting services.
Walter Abbott, Director of the SCORE DC Speaker Bureau, gives entrepreneurs tips on how to start their business at the Washington, DC Economic Partnership's Entrepreneur Road Map seminar (1/15/14).
Our principals are Chartered Accountants with commercial & private practice experience. We understand your needs and what and who it takes to satisfy them.
Do you know why members buy from you? What is it about your sales approach that resonates most with prospective members and what could be improved?
Businesses, individuals, government agencies...no matter what types of members you sell to, every organization needs to understand exactly what motivates members to buy.
Tao Stadler, Senior Membership Management Executive at WebLink International, shares how better understanding your members can help you redefine your approach and sell more memberships.
In this presentation you will learn:
- The questions to ask during the sales process, and what you really need to know about your members in order to sell more.
- How helping your members compete and win in their businesses can drive results for your association.
- How to determine member ROI and find the members who will provide greatest value to your organization.
Similar to Lunch & learn maximize your biz relationships (20)
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. How to MAXIMIZE your
PROFESSIONAL BUSINESS
RELATIONSHIPS
Presented by…
CPA’s: Chuck Fredrick, Sidny Zink, Coelene O’Kane & John Lopez
Firm Administrator: Kristi Cowham
4. Accounting & Tax Services
What services are available…
Organization and analysis of financial data
IRS Compliance & Problem Resolution
Help Understanding the Numbers
5. Accounting Services
Bookkeepers vs. Accountants
vs. Certified Public Accountants (CPA)
• Bookkeepers: Record financial transactions
(data entry)
• Accountants: Create & understand reports
from data entry (income statement & balance
sheet), month-end & year-end journal entries
• CPA: CFO/Expert knowledge, exams, ongoing
education, legally represent with IRS,
perform/attest to audits/reviews, certify
financial statements.
What is the difference?
6. Accounting Services
How to Choose the Right Professional
• Knows my business accounting rules
Construction:
Tracking rev/expenses by the job
Nonprofit:
Tracking rev/expenses by function
• Provides Payroll Services
• Provides 1099s on behalf of Business
• Produces Financial Statements
• Technology Savvy
• Familiar with various Accounting
Software Packages
• May be Local or Remote
• COMPATIBLE WORKING STYLE
7. Accounting Services
ACCOUNTING SERVICES are carried out based on an agreement for
procedures based on your Individual Needs
Audit, Review or Compilation
• Complete set of Financial
Statements
• For Banking, Bonding, Internal
Monthly Write Up
• Cash Receipts and Disbursements
• Bank Statements
• Payroll & Sales Tax Reports
Specialized Services
• Controllership
• Fraud Investigations
• Receivership & Conservatorship
9. Tax Services
Tax Prep. Company vs. Enrolled Agent
vs. Certified Public Accountant
What is the difference?
Now that you have a business, things get a
lot more complex & you will need help.
There are different kinds of people who can
help you & some big differences between a
Tax Preparation Company, Enrolled Agent
and CPA.
Understanding the differences will help you
determine the best fit for your needs.
10. Tax Services
Tax Preparation Company
Non-certified tax preparation company
• Not qualified to represent individual or business in
front of IRS.
• No additional accounting/tax planning services.
• Cannot handle financial audits or sign financial
documents.
• Registered tax return preparer competency test,
covers 1040 series forms & ethics. 120 questions,
approximately 1 hr to
complete.
11. Tax Services
Enrolled Agent (EA)
Federally licensed tax practitioner specializing in
taxation only.
• No additional accounting or tax
planning services.
• Pass a comprehensive exam on tax
code, or work w/IRS for 5 yrs
interpreting & applying tax code &
regulations.
• Background check.
12. CPA: Certified Public Accountant
A public accountant certified by a state examining board as having met the state’s
legal requirements.
• Perform every type of accounting,
licensed to submit reports, tax planning
services.
• Requires Bachelor of Accounting Degree
• Required work experience
• (1,800 hours, 1-3 years)
• Uniform CPA Exam & State licensure
Tax Services
• 4-part test: auditing, financial accounting,
reporting, regulation, & biz environment.
• Further broken down into sub sections such
as IT, business law, individual tax & finance
• Ongoing continuing education (80hrs/2yrs)
13. Tax Services
How to Choose the Right Professional
• What niche markets do they specialize in?
Retail, Restaurant, Nonprofit, Construction, etc.
Do they understand multi-state tax requirements?
• How do they bill for services & what is the
applicable rate?
Hourly vs. flat rate
• Experience of tax professional
Individual vs. Tax Team
Variety of niche market knowledge
14. Tax Services
Preparing For the Meeting
What Information is Needed
• Collaborative mindset & open to advice.
• Accurate cash record (reconciled regularly).
• Investment & loan detail for the year.
• Purchases made with a credit card (same as cash).
• Profit and loss statement for the year – the more
organized the better.
• Any capital expenditures made during the year.
16. Legal Assistance
Needs Identification
• What are your needs?
• What are you looking for from this person?
- Advice?
- Guidance?
- Legal Documents?
• Can you communicate well with this person?
- Openly?
- Freely?
• Do you like this person?
• Are they conveniently located?
17. Legal Assistance
Types of Attorneys
• Contracts
• Law that governs oral &
written agreements
associated w/exchange of
goods & services
• Real Estate
• Law that covers rights to
possess, use & enjoy land &
the permanent manmade
additions to it
• Tax and licenses
• Registering your business for
federal & state tax IDs &
consequences of basic
transactions in which you
engage
• Intellectual property
• Property rights protected
under federal/state
Law, including copyrightable
works, ideas,
Discoveries, and inventions
18. Legal Assistance
Questions to Ask When Interviewing
Attorneys
Are you experienced?
Are you well-connected?
Do you have other clients in my industry?
Are you a good teacher?
Are you a finder, a minder, or a grinder?
Will you be flexible in your billing?
Are you willing to collaborate with other
members of my professional network?
19. Legal Assistance
Preparing for the Meeting
• Be organized with your information
• Explain your business to them
• Communicate what you are doing
before you do it
• Read your documents
• Assess the biggest risks
• New Business?
Collaborative
approach
involving
attorney &
accountant
21. Banking Services
How To Get The Most Out Of Your
Banking Relationship
• Finding the Right Banker
• Establish and Grow the Relationship
22. Finding the Right Banker
• Referrals
– Which bank do they use? What has been their experience?
Would they recommend their banker?
• Small Business Focus
– Ask questions about the scope and type of work done on
behalf of your bank for small businesses.
• Industry & Geography
Banking Services
23. Banking Services
Finding the Right Banker
• Introduce Yourself & Your Business
– Allow time for him or her to get to know you and
your business
• Use Your Bank For Regular Counsel
– Ask him or her to review your business plan
• Taking Advantage of Products & Services
– At least once a year, you should sit down with
your banker to review the products you’re using
24. Banking Services
Finding the Right Banker
• Banking is About More Than Credit
– Your banker should be able to offer other cash
management tools, online and mobile banking services,
credit card processing, payroll management and other
service
• Ongoing Evaluation
– Evaluate these at least a few times a year
with formal meetings…either with
in-person or phone conversations.
25. Banking Services
Establish and Grow the Relationship
• Communication
– Be open in these communication opportunities to share concerns and
expectations. This is also a platform to disclose all financial
information, both good and bad, in a timely and consistent manner.
• Building Trust
– Focus on building your banker into one of your strongest advocates
• Financial Preparation
– Know your numbers and be prepared to support your sales forecast
based on tangible information
• Strategic Initiatives
– Reserve time at least once a year to have your
banker join your company’s leadership team to
brainstorm ways in which the company can grow
26. Banking Services
Establish and Grow the Relationship
• Downside contingency planning
– Be prepared to show your banker the downside risk in your
business, such as the loss of any key customers or a shift in
product/service demand
• Succession planning
– Build a succession plan that can be shared with your banker.
The last thing your banker wants is a company solely dependent
on one person running it
• Banking services
– A win-win situation occurs when the bank is allowed to make
money on your relationship and you feel that you are being
treated fairly. Be ready to negotiate on bank services, as they
are not free and you can drive a better deal with your banker by
consolidating banking services into one bank.
27. Banking Services
How to Get the
• Get to Know Your Banker
• Use them as a Sounding Board
• Communicate!
Most
Out of Your
Relationship
with Your Banker
29. Financial Advisors
Types of Advisors Defined
Registered Investment Advisor (RIA)
Registered w/ SEC (Securities and Exchange Commission) or state’s securities agency.
Advise on investing in securities such as stocks, bonds, mutual funds, or exchange traded
funds.
Chartered Financial Consultant (ChFC)
Complete CFP Core curriculum related to finance/investing, but not CFP exam, 3 yrs
industry experience & passed exams on fundamentals of financial planning, including
income tax, insurance, investment & estate planning.
Certified Financial Planner (CFP)
Comprehensive 10 hr board exam and several years experience.
Advise on budgeting, goal setting, risk levels, types of investments, insurance, retirement
plans, etc.
30. Get The Most Out Of Your Financial
Advisor by:
Knowing
Important Tools
Financial Advisors
Vetting Your
Advisor
Making It a
Collaboration
31. Financial Advisors
Vetting Your Financial Advisor
4 Questions To Ask Your Potential Financial Advisor
1. What types of services do you provide?
2. What is your education, certifications and
experience?
3. What do your clients say about you?
4. How are you compensated?
32. Financial Advisors
Make It a Collaboration
Tips For a Successful Relationship With Your Financial Advisor
• Trust
• Listen and ask questions
• Return your advisor’s phone calls
• Go to your review appointments
• Don’t wait until a crisis
33. Financial Advisors
Important Tools
• Technology
– What kind does advisor utilize?
• Communication
– Email vs. phone
– What is your preference?
• Reports
– What types will I receive?
– How frequently?
34. Financial Advisors
Preparing for the Meeting
Establish Where You Are Now
Current Spending
Habits & Budget
List of Assets with
Approximate Values
List of Liabilities
35. Financial Advisors
Preparing for the Meeting
Establish What You Want to Accomplish
Short Term Goals
Cash Reserve, Car, House
Long Term Goals
Life Insurance, Retirement,
College Savings
37. Marketing Consultant
How to Choose the Right
Professional
• What is their Experience & Expertise?
– How recent and practical is it?
• What are their background & qualifications?
• How much do services cost?
– How are they remunerated & why?
– Do they receive any commissions, fees or kickbacks
from any other party?
• On what principles does their business operate?
• What clients have they worked for?
39. Marketing Consultant
Know Your Truths
• What is your Message?
• What is your Story?
• What is your Style?
• What are your Business Values?
• What is your Tag Line?
• What Products/Services do you offer?
• What Results are you aiming for?
40. Marketing Consultant
Know & Understand Your Audience
• What target market are you currently serving?
– Age, Sex, Income, Where do they Live, What are their Needs,
Wants, Problem to solve, Values and Interests?
– When do they want your product?
• Who do you wish to be expanding services to?
• What terms and phrases are commonly used by
your prospective clients?
41. Marketing Consultant
Know Your Resources
Internal
Resources
Current
Marketing Special Offers
Past
Marketing
External
Resources
Needed
Deadlines
42. Marketing Consultant
Know Your Budget
• What amount of do you allocate to marketing?
30% of your cost is expected for the creation of your
message, brochures, design, etc.
70% of your cost is expected for the distribution of it.
• If you have $500 to distribute a newsletter
• Anticipate your need of $150 for the
content design and $350 for the printing
& mailing of the newsletter
43. Professional Relationships
MAXIMIZE Your Professional
Relationships
• Find Someone You Like
• Communicate & Collaborate - Regularly
• Consult & Seek Advice
• Discuss Short Term & Long Term Goals
• Utilize their Resources & Network
• Ask For and Provide Referrals
44. Collaboration & Teamwork
COLLABORATION:
Two or more people working
together toward shared goals
TEAMWORK:
Coming together is a
beginning,
Keeping together is
progress,
Working together
is a success.
45. Collaboration
SHARE
WORK
TOGETHER
COMMITTMENT
POOL
SHARED VISION RESOURCES
COMMUNICATE
ASK
LISTEN
RESOLVE
COMPLEX
ISSUES
COLLABORATION
Decide what services are needed to select right person for the job. Not every consultant will be able to provide everything.
Say? Desire to have taxes done compliant
Communication: Contract Attorney is much more helpful if they assist you with the contract, rather than trying to deal with a legal problem where you used a form that you got online or from your buddy.
Any good relationship starts with finding the right partner. This is especially true when business executives seek a beneficial relationship with a bank.
-Banking relationships are unique in that bankers have a role to represent the bank as well as be an advocate for the client. You will want to select a banker who can successfully execute in both of these roles.
-Your banker should ask questions to adequately understand your business objectives and to offer a customized suite of products and services to meet your business goals and objectives.
-Business executives want someone who is not only experienced and knowledgeable about their business and industry but also has the analytical expertise to understand financials and knows how best to structure loan terms.
Many business owners don’t think to communicate with their bank on a regular basis, which means missing out on a valuable, free resource. Think of your banker for ideas, solutions for efficiency and a regular evaluation of your business and financial strategy. To take advantage of you banker’s true role as a consultant, you must start by forming and maintaining a strong relationship. At the heart of this relationship should be trust and communication.
Finding the Right Banker.
You may already know and work with a banker you like and trust. That’s great – just review the other tips below to ensure you are getting the most out of that relationship. If you don’t have that relationship already, take the time to find the bank and banker who will work best for you. Below are some tips to guide you through the process:
• Referrals. A great way to start your selection process is to ask fellow small business owners about their banking relationship. Which bank do they use? What has been their experience? Would they recommend their banker? Friends and colleagues are a great place to start.
• Small Business Focus. Ask questions about the scope and type of work done on behalf of your bank for small businesses. What type of clients do they have? What types of products and services do they offer to small businesses? What financial and banking challenges do they see small businesses facing and how do they help small businesses address these issues?
• Industry & Geography.Look for a banker who understands your industry and the geographic region of your business. It’s important that your banker has a firm handle on the business and financial environment related to your industry and geography.
• Introduce Yourself & Your Business. The first step in using your banker as an adviser is allowing time for him or her to get to know you and your business. Even if you’re a long-time customer, invite your banker to your office or place of operation for a meeting. While it’s important for the bank to learn about your operations, over time, it’s necessary for you to return the favor. A good relationship banker will introduce you to managers and key decision-makers in the bank but if the introductions aren’t offered, take the initiative and ask for a meeting. The more people you know at the bank, the more likely your company will become a household name.
You’ll get to know who makes the decisions and how they are made.
• Use Your Bank For Regular Counsel. Like your lawyer or accountant, use your banker as a true consultant. Once you’ve established a relationship and your banker understands your business, ask him or her to review your business plan. It is one of the best ways to utilize your bank’s resources.
• Taking Advantage of Products & Services. At least once a year, you should sit down with your banker to review the products you’re using. Perhaps you’re paying fees for a product you rarely use or technology has advanced and greater efficiency is available. A relationship review with your banker can help you tackle ways to save money and time.
• Banking is About More Than Credit. Don’t lose sight of the fact that banks offer more than credit and loan options. Banks can help you with services to manage your funds and information to help you grow your business. Beyond a checking account, your banker should be able to offer other cash management tools, online and mobile banking services, credit card processing, payroll management and other services. Also, many banks now offer online tools and resources for your business beyond banking. These include tips and expert advice on everything from marketing and human resources to social media, fraud prevention and eCommerce.
• Ongoing Evaluation. Be sure you and your banker are both clear on your financial goals. Evaluate these at least a few times a year with formal meetings – either with in-person or phone conversations. Email is convenient, but a personal connection helps build a strong long-term connection. Most importantly, these check-ins provide a great opportunity to assess your needs and how these needs may have changed, then make any necessary adjustments.
The right banking relationship can not only make your life easier, it can also help you effectively manage and grow your business. It’s essential to find the right banker for your company. Then take the initiative to leverage and foster the relationship to get the most out of it.
Any good relationship starts with finding the right partner. This is especially true when business executives seek a beneficial relationship with a bank.
-Banking relationships are unique in that bankers have a role to represent the bank as well as be an advocate for the client. You will want to select a banker who can successfully execute in both of these roles.
-Your banker should ask questions to adequately understand your business objectives and to offer a customized suite of products and services to meet your business goals and objectives.
-Business executives want someone who is not only experienced and knowledgeable about their business and industry but also has the analytical expertise to understand financials and knows how best to structure loan terms.
Many business owners don’t think to communicate with their bank on a regular basis, which means missing out on a valuable, free resource. Think of your banker for ideas, solutions for efficiency and a regular evaluation of your business and financial strategy. To take advantage of you banker’s true role as a consultant, you must start by forming and maintaining a strong relationship. At the heart of this relationship should be trust and communication.
Finding the Right Banker.
You may already know and work with a banker you like and trust. That’s great – just review the other tips below to ensure you are getting the most out of that relationship. If you don’t have that relationship already, take the time to find the bank and banker who will work best for you. Below are some tips to guide you through the process:
• Referrals. A great way to start your selection process is to ask fellow small business owners about their banking relationship. Which bank do they use? What has been their experience? Would they recommend their banker? Friends and colleagues are a great place to start.
• Small Business Focus. Ask questions about the scope and type of work done on behalf of your bank for small businesses. What type of clients do they have? What types of products and services do they offer to small businesses? What financial and banking challenges do they see small businesses facing and how do they help small businesses address these issues?
• Industry & Geography.Look for a banker who understands your industry and the geographic region of your business. It’s important that your banker has a firm handle on the business and financial environment related to your industry and geography.
• Introduce Yourself & Your Business. The first step in using your banker as an adviser is allowing time for him or her to get to know you and your business. Even if you’re a long-time customer, invite your banker to your office or place of operation for a meeting.
While it’s important for the bank to learn about your operations, over time, it’s necessary for you to return the favor. A good relationship banker will introduce you to managers and key decision-makers in the bank but if the introductions aren’t offered, take the initiative and ask for a meeting. The more people you know at the bank, the more likely your company will become a household name.
You’ll get to know who makes the decisions and how they are made.
• Use Your Bank For Regular Counsel. Like your lawyer or accountant, use your banker as a true consultant. Once you’ve established a relationship and your banker understands your business, ask him or her to review your business plan. It is one of the best ways to utilize your bank’s resources.
• Taking Advantage of Products & Services. At least once a year, you should sit down with your banker to review the products you’re using. Perhaps you’re paying fees for a product you rarely use or technology has advanced and greater efficiency is available. A relationship review with your banker can help you tackle ways to save money and time.
• Banking is About More Than Credit. Don’t lose sight of the fact that banks offer more than credit and loan options. Banks can help you with services to manage your funds and information to help you grow your business. Beyond a checking account, your banker should be able to offer other cash management tools, online and mobile banking services, credit card processing, payroll management and other services. Also, many banks now offer online tools and resources for your business beyond banking. These include tips and expert advice on everything from marketing and human resources to social media, fraud prevention and eCommerce.
• Ongoing Evaluation. Be sure you and your banker are both clear on your financial goals. Evaluate these at least a few times a year with formal meetings – either with in-person or phone conversations. Email is convenient, but a personal connection helps build a strong long-term connection. Most importantly, these check-ins provide a great opportunity to assess your needs and how these needs may have changed, then make any necessary adjustments.
The right banking relationship can not only make your life easier, it can also help you effectively manage and grow your business. It’s essential to find the right banker for your company. Then take the initiative to leverage and foster the relationship to get the most out of it.
Any good relationship starts with finding the right partner. This is especially true when business executives seek a beneficial relationship with a bank.
-Banking relationships are unique in that bankers have a role to represent the bank as well as be an advocate for the client. You will want to select a banker who can successfully execute in both of these roles.
-Your banker should ask questions to adequately understand your business objectives and to offer a customized suite of products and services to meet your business goals and objectives.
-Business executives want someone who is not only experienced and knowledgeable about their business and industry but also has the analytical expertise to understand financials and knows how best to structure loan terms.
Many business owners don’t think to communicate with their bank on a regular basis, which means missing out on a valuable, free resource. Think of your banker for ideas, solutions for efficiency and a regular evaluation of your business and financial strategy. To take advantage of you banker’s true role as a consultant, you must start by forming and maintaining a strong relationship. At the heart of this relationship should be trust and communication.
Finding the Right Banker.
You may already know and work with a banker you like and trust. That’s great – just review the other tips below to ensure you are getting the most out of that relationship. If you don’t have that relationship already, take the time to find the bank and banker who will work best for you. Below are some tips to guide you through the process:
• Referrals. A great way to start your selection process is to ask fellow small business owners about their banking relationship. Which bank do they use? What has been their experience? Would they recommend their banker? Friends and colleagues are a great place to start.
• Small Business Focus. Ask questions about the scope and type of work done on behalf of your bank for small businesses. What type of clients do they have? What types of products and services do they offer to small businesses? What financial and banking challenges do they see small businesses facing and how do they help small businesses address these issues?
• Industry & Geography.Look for a banker who understands your industry and the geographic region of your business. It’s important that your banker has a firm handle on the business and financial environment related to your industry and geography.
• Introduce Yourself & Your Business. The first step in using your banker as an adviser is allowing time for him or her to get to know you and your business. Even if you’re a long-time customer, invite your banker to your office or place of operation for a meeting.
While it’s important for the bank to learn about your operations, over time, it’s necessary for you to return the favor. A good relationship banker will introduce you to managers and key decision-makers in the bank but if the introductions aren’t offered, take the initiative and ask for a meeting. The more people you know at the bank, the more likely your company will become a household name.
You’ll get to know who makes the decisions and how they are made.
• Use Your Bank For Regular Counsel. Like your lawyer or accountant, use your banker as a true consultant. Once you’ve established a relationship and your banker understands your business, ask him or her to review your business plan. It is one of the best ways to utilize your bank’s resources.
• Taking Advantage of Products & Services. At least once a year, you should sit down with your banker to review the products you’re using. Perhaps you’re paying fees for a product you rarely use or technology has advanced and greater efficiency is available. A relationship review with your banker can help you tackle ways to save money and time.
• Banking is About More Than Credit. Don’t lose sight of the fact that banks offer more than credit and loan options. Banks can help you with services to manage your funds and information to help you grow your business. Beyond a checking account, your banker should be able to offer other cash management tools, online and mobile banking services, credit card processing, payroll management and other services. Also, many banks now offer online tools and resources for your business beyond banking. These include tips and expert advice on everything from marketing and human resources to social media, fraud prevention and eCommerce.
• Ongoing Evaluation. Be sure you and your banker are both clear on your financial goals. Evaluate these at least a few times a year with formal meetings – either with in-person or phone conversations. Email is convenient, but a personal connection helps build a strong long-term connection. Most importantly, these check-ins provide a great opportunity to assess your needs and how these needs may have changed, then make any necessary adjustments.
The right banking relationship can not only make your life easier, it can also help you effectively manage and grow your business. It’s essential to find the right banker for your company. Then take the initiative to leverage and foster the relationship to get the most out of it.
Any good relationship starts with finding the right partner. This is especially true when business executives seek a beneficial relationship with a bank. Banking relationships are unique in that bankers have a role to represent the bank as well as be an advocate for the client.
You will want to select a banker who can successfully execute in both of these roles. Your banker should ask questions to adequately understand your business objectives and to offer a customized suite of products and services to meet your business goals and objectives. Business executives want someone who is not only experienced and knowledgeable about their business and industry but also has the analytical expertise to understand financials and knows how best to structure loan terms.
To help establish and grow that relationship, executives need to know what and what not to ask financial advisors in order to maximize the business relationship. The following key steps will help guide that process:
To help establish and grow that relationship, executives need to know what and what not to ask financial advisors in order to maximize the business relationship. The following key steps will help guide that process:
1. CommunicationSet up a regular meeting plan with your banker, one that meets the objectives of both your banker and your company. Be clear on the objectives of these meetings and what information should be shared at the meetings as well as between meetings. Be open in these communication opportunities to share concerns and expectations. This is also a platform to disclose all financial information, both good and bad, in a timely and consistent manner. Additionally, ask for your banker’s assessment of your borrowing capacity. Be sure you understand why the limit has been set where it is and what steps you should put in place to increase your borrowing capacity. Ask for industry comparisons from your banker, allowing you to better understand how your company stacks up with others in the industry when comparing financial ratios.
2. Building TrustFocus on building your banker into one of your strongest advocates. This will prove beneficial to you in that they will need to sell your business to their internal credit team, and you will want them to be confident in you and your team. Building trust happens as a result of effective communication. Be as open as possible with your banker and be sure your banker knows the key colleagues on your team and how they bring value to what your company is achieving. Building trust and integrity can also mean sharing bad news when it happens. Being transparent about all news, both good and bad, in a timely manner allows for open and candid discussions that will inevitably help build trust in the long term.
3. Financial PreparationKnow your numbers and be prepared to support your sales forecast based on tangible information. Work closely with your financial advisors to sketch out likely scenarios as well as a forecast with a declining scenario. Perform detailed six-, 12-, and 24-month forecasts with an emphasis on cash flow. It’s this cash flow that is used to repay debt. Educate your bankers on the industry and how your company is expected to perform within the marketplace and against its competitors. Know your market share and explore ways that, with the bankers’ input, you can expand your reach. Ask for and expect to receive ideas, concepts, and strategies from your banker on how to improve on financial results. Remember, your banker is your financial partner and should be available to provide advice, counsel, and solutions.
4. Strategic InitiativesReserve time at least once a year to have your banker join your company’s leadership team to brainstorm ways in which the company can grow. An idea-generation session will help build trust with your banker and showcase the depth of your leadership. There is the potential risk of exposing gaps or weaknesses in your team, but, if done correctly, this process can go far to build trust and improve communication.
5. Downside Contingency PlanningBe prepared to show your banker the downside risk in your business, such as the loss of any key customers or a shift in product/service demand. Have a plan or course of action that you might likely take in order to survive that crisis. Be honest and up front with your thinking and planning and use this discussion to once again ask for input from your banker on any other ideas. This type of discussion demonstrates your forward thinking and, once again, helps to build trust. It will also allow you to assess the experience and capability of your banker.
6. Succession PlanBuild a succession plan that can be shared with your banker. Be sure your banker has had an opportunity to meet the team and to get to know your colleagues. If you have current gaps on your team, you will need to recruit and/or develop talent and establish timelines for that development. Also include any financial impact on your company that will come from the building of this succession plan. The last thing your banker wants is a company solely dependent on one person running it. Depth and diversity of responsibility on the leadership team are just as important as the depth of capital on your balance sheet.
7. Banking ServicesNot all banks are the same. Do your homework and check references. Ask for clients who can validate prospective bankers’ claims that they are competitive, experienced, and relationship driven. Allow your bank to have a profitable relationship with your company. A win-win situation occurs when the bank is allowed to make money on your relationship and you feel that you are being treated fairly. Expect and insist that your banker regularly provides and suggests new ideas, concepts, and banking products that will allow your company to save money, make money, or compete more efficiently in the market. Be ready to negotiate on bank services, as they are not free and you can drive a better deal with your banker by consolidating banking services into one bank.
Building a solid banking relationship takes time and hard work on the part of the banker and client. However, maximizing that relationship is mutually beneficial. Demonstrate to your banker that you support the bank and expect to receive the same support in return. Remember: a mutually beneficial banking relationship hinges on honesty, integrity, and open, candid discussions.
Any good relationship starts with finding the right partner. This is especially true when business executives seek a beneficial relationship with a bank. Banking relationships are unique in that bankers have a role to represent the bank as well as be an advocate for the client.
You will want to select a banker who can successfully execute in both of these roles. Your banker should ask questions to adequately understand your business objectives and to offer a customized suite of products and services to meet your business goals and objectives. Business executives want someone who is not only experienced and knowledgeable about their business and industry but also has the analytical expertise to understand financials and knows how best to structure loan terms.
To help establish and grow that relationship, executives need to know what and what not to ask financial advisors in order to maximize the business relationship. The following key steps will help guide that process:
To help establish and grow that relationship, executives need to know what and what not to ask financial advisors in order to maximize the business relationship. The following key steps will help guide that process:
1. CommunicationSet up a regular meeting plan with your banker, one that meets the objectives of both your banker and your company. Be clear on the objectives of these meetings and what information should be shared at the meetings as well as between meetings. Be open in these communication opportunities to share concerns and expectations. This is also a platform to disclose all financial information, both good and bad, in a timely and consistent manner. Additionally, ask for your banker’s assessment of your borrowing capacity. Be sure you understand why the limit has been set where it is and what steps you should put in place to increase your borrowing capacity. Ask for industry comparisons from your banker, allowing you to better understand how your company stacks up with others in the industry when comparing financial ratios.
2. Building TrustFocus on building your banker into one of your strongest advocates. This will prove beneficial to you in that they will need to sell your business to their internal credit team, and you will want them to be confident in you and your team. Building trust happens as a result of effective communication. Be as open as possible with your banker and be sure your banker knows the key colleagues on your team and how they bring value to what your company is achieving. Building trust and integrity can also mean sharing bad news when it happens. Being transparent about all news, both good and bad, in a timely manner allows for open and candid discussions that will inevitably help build trust in the long term.
3. Financial PreparationKnow your numbers and be prepared to support your sales forecast based on tangible information. Work closely with your financial advisors to sketch out likely scenarios as well as a forecast with a declining scenario. Perform detailed six-, 12-, and 24-month forecasts with an emphasis on cash flow. It’s this cash flow that is used to repay debt. Educate your bankers on the industry and how your company is expected to perform within the marketplace and against its competitors. Know your market share and explore ways that, with the bankers’ input, you can expand your reach. Ask for and expect to receive ideas, concepts, and strategies from your banker on how to improve on financial results. Remember, your banker is your financial partner and should be available to provide advice, counsel, and solutions.
4. Strategic InitiativesReserve time at least once a year to have your banker join your company’s leadership team to brainstorm ways in which the company can grow. An idea-generation session will help build trust with your banker and showcase the depth of your leadership. There is the potential risk of exposing gaps or weaknesses in your team, but, if done correctly, this process can go far to build trust and improve communication.
5. Downside Contingency PlanningBe prepared to show your banker the downside risk in your business, such as the loss of any key customers or a shift in product/service demand. Have a plan or course of action that you might likely take in order to survive that crisis. Be honest and up front with your thinking and planning and use this discussion to once again ask for input from your banker on any other ideas. This type of discussion demonstrates your forward thinking and, once again, helps to build trust. It will also allow you to assess the experience and capability of your banker.
6. Succession PlanBuild a succession plan that can be shared with your banker. Be sure your banker has had an opportunity to meet the team and to get to know your colleagues. If you have current gaps on your team, you will need to recruit and/or develop talent and establish timelines for that development. Also include any financial impact on your company that will come from the building of this succession plan. The last thing your banker wants is a company solely dependent on one person running it. Depth and diversity of responsibility on the leadership team are just as important as the depth of capital on your balance sheet.
7. Banking ServicesNot all banks are the same. Do your homework and check references. Ask for clients who can validate prospective bankers’ claims that they are competitive, experienced, and relationship driven. Allow your bank to have a profitable relationship with your company. A win-win situation occurs when the bank is allowed to make money on your relationship and you feel that you are being treated fairly. Expect and insist that your banker regularly provides and suggests new ideas, concepts, and banking products that will allow your company to save money, make money, or compete more efficiently in the market. Be ready to negotiate on bank services, as they are not free and you can drive a better deal with your banker by consolidating banking services into one bank.
Building a solid banking relationship takes time and hard work on the part of the banker and client. However, maximizing that relationship is mutually beneficial. Demonstrate to your banker that you support the bank and expect to receive the same support in return. Remember: a mutually beneficial banking relationship hinges on honesty, integrity, and open, candid discussions.
A good bank can prove to be an invaluable ally to a small business, not only by helping its owner borrow capital, but also working with him or her to plan for the future and assure potential customers of the business’s stability and credibility.
But just like so many other things in business, when it comes to getting the most out of your relationship with your banker, you get what you put in.
Here are three tips for getting the most out of the relationship with your business banker.
Tip #1: Get to know your banker.
As a business owner, you know the value of relationships. In today’s business environment – with all its ups and downs – it pays to have trusted advisors you can count on.
Take the time to get to know them, their interests and their family. On the flip side, ensure they understand the ins and outs of your business, and that they get to know you on a personal level. After all – it’s a two way street.
Your customers invest in you and you pay them back by ensuring their needs are addressed. You should enjoy the same benefit from your banking relationship.
Tip #2: Use them as a sounding board.
Business bankers work with all sorts of businesses – whether it’s start-ups, well-established businesses, companies that are going through a rough patch or those that are growing at an exponential rate. Chances are your banker has worked with another company that has experienced similar things to what you are currently going through.
Take advantage of this experience by using them as a sounding board. Ask for perspectives on current issues you’re dealing with or on insights about operational challenges or a new idea you might have. You might be surprised at the things you learn!
Tip #3: Communicate!
If you only visit your banker when you need something, chances are your relationship isn’t very strong.
Whether it’s good times or bad, your relationship with your banker will benefit tremendously from open communication. The more your banker knows about your business, the better prepared he or she will be to help you when challenges arise. At MidWestOne we work very hard to get to know our customers and learn about the challenges and successes they’re having.
Put as much effort into nurturing your relationship with your banker as you would put into landing a big customer or hiring a new member of your management team. You will land a trusted ally who can help you and your business succeed.
Even for a conscientious investor, the task of planning for retirement can be daunting. Most people find it difficult to wrap their minds around their financial future. Intellectually, we understand the importance of long-term financial planning, but too often, our present day concerns take priority. This can be just as true for people already employing a financial advisor as for those who don't. “Did I forget to consider something? How do I structure my retirement to reflect changing circumstances and goals over time?” are some of the questions an investor may have. That's why it's especially important for investors and their advisers to forge a collaborative relationship, and even more so for couples, because the number of factors to consider doubles.
Vetting Your Advisor
First, it's important to vet your financial advisor, even if they have been recommended by family or friends. Find out about their fee structure and how their paid, as well as their certification and licensing. Find out what their education is. Check Financial Industry Regulatory Authority's (Finra) BrokerCheck for their profile and whether the have any enforcement actions. (For more tips, see 5 Questions To Ask Your Potential Financial Advisor.)
Make It a Collaboration
Most importantly, look for a financial advisor who employs a collaborative approach. Such an advisor will assess your spending habits, goals and risk tolerance, and create a financial plan tailored to your specific needs, while keeping you involved in the planning process every step of the way. Ask how and how often they prefer to communicate. Do they schedule regular meetings? Do they insist that both halves of a couple are fully involved in planning? A collaborative financial advisor will ask you questions and really listen to the answers. They will pay close attention to your specific circumstances and be willing to discuss your investment philosophy.
Be sure to level with your advisor. Be realistic about your spending habits, for instance. Do you need to budget for vacation travel or luxury items? What are your bottom-line goals, and what are your wishes? A collaborative financial advisor will help you prioritize your goals and come up with solutions you may not have considered before. Also make sure to disclose all assets to your advisor. A complete set of data is crucial in financial planning. (For more, see How To Select A Financial Advisor and 5 Facts Financial Advisors Wish You Knew.)
Important Tools
Find out what kind of technology an advisor utilizes; that can illustrate how technically adept they are and how well they communicate. Two popular ones are Instream Solutions and MoneyGuidePro, which help synthesize the information investors provide, creating graphics that help visualize a plan. As the financial advisor and the investor make adjustments, the investor is able to picture how these adjustments affect his or her portfolio. What happens over time if you adjust your monthly spending, for instance? If you're a business owner, should you consider selling your business, and when? Does it make sense to push back retirement? The investor can see the answers to these questions and track the changes immediately on their screen.
The Bottom Line
Like most things in life, the effort and thought you put into any endeavor will determine what you get out of it. Maximizing the benefit of utilizing a financial advisors means taking a collaborative approach highlighted by being honest about assets and liabilities and communicating expectations. Only then can your advisor help you formulate a realistic plan that reflects your priorities and long-term goals.
Before starting your search for a financial advisor, you should make a preliminary list of the specific services that you think you need. This could include things like personal budgeting, retirement planning and stock investing. Once you have your list, find an advisor who is fully qualified to provide the guidance and counsel you are seeking.IN PICTURES: What Is Your Risk Tolerance?Types of AdvisorsFinancial professionals can be classified within more than 50 different specialties, but there are a few that are most familiar. A chartered financial analyst (CFA) has specific expertise in securities financial analysis, investing, portfolio management and banking. A certified financial planner (CFP) must have at least three years experience and pass a series of comprehensive tests.A chartered retirement planning counselor (CRPC) has completed intensive training in retirement planning through the College of Financial Planning. A certified public accountant (CPA) normally specializes in tax preparation and planning. A personal financial specialist (PFS) is a CPA who has undergone additional education and testing to demonstrate financial planning expertise. Here are five questions you should ask before committing to a financial advisor. (Learn more about all the different designations in The Alphabet Soup Of Financial Certifications.)1. What Services do you Provide?Based on your personal needs, you want an advisor who can style services to meet those needs, such as:
Creating a savings and financial plan
Tax advice and preparation
Managing a stock and equity portfolio
Personal budgeting and getting out of debt
Developing investment strategies
Retirement and estate planning
Insurance reviews and advice
If a financial plan is created, find out what actions are taken to maintain, update and implement the plan. Ask to review sample reports and other correspondence that you can expect to receive. Find out how frequently you should meet to review the results.2. Education, Certifications and Experience?Find out where they went to college and if they have advanced degrees or certifications for areas of specialization. Make sure the type of experience is relevant to the type of help you are seeking, and that they have several years in the industry. Find out where they've worked and why they left one job for another. Ask if they've navigated clients through a recession or down market. You want to find someone who can succeed in any market. Make sure your advisor is licensed and otherwise qualified to provide the services you require.
3. What do your Clients Say About You?In addition to getting this feedback from the advisor, ask if you can talk directly to some of the clients. Compare the objectives and goals of these clients to your own. If all the clients are young professionals and you are getting ready to retire, your goals and objectives may not mesh with that advisor's primary focus.Ask for references beyond the clients, and talk to them personally. Ask tough questions and do some real digging. If possible, obtain third-party names of people that weren't initially provided to you and talk to them.Find out how often the advisor communicates with clients, and through what methods. How long does it take for your advisor to respond? How often are the clients' goals and objectives reviewed in detail? Have they ever questioned the honesty or ethics of their advisor? Are mistakes and errors in judgment admitted and discussed openly? What are the advisor's best and worst qualities?4. What is Your Track Record?Don't take the advisor's word for it. Ask for documents that prove past performance, both short- and long- term. Find out how often the books are independently audited, and who does the audit. If appropriate, talk directly to the auditors.Check public records to determine if the advisor has had any discipline proceedings or ethics violations. Examples of the most serious would be fraud, excessive "churning" of securities, misrepresentation, formal customer disputes and any legal action that resulted in compensatory damages.5. How are You Paid?You want your financial advisor to support your best interests, and you want to ensure there are no conflicts of interest when it comes to compensating him. The fee structure will usually fall into one of these categories:
Hourly rate
Flat fee per month
Percentage of the assets managed (usually no more than 2%)
Commission on securities and financial products sold
Combination of the above methods
Ask for the rates, fee structure and commission schedule. Be wary of a compensation plan that is motivated by numbers of trades or purchasing a number of different products. You want independent advice that is not unduly persuaded by a personal profit motive.If you don't like the fee structure that's presented, take the initiative to suggest changes. If that doesn't work, search for another advisor and get the compensation agreement in writing.The Bottom LineStart your search with referrals from people you trust: family members, close acquaintances, accountant, attorney, clergy or business associates. There is no substitute for personal experience and a solid list of references. Conduct an in-depth, personal interview, and get a sense of the person to whom you will be entrusting your money. Make sure you understand their investing philosophy and how they go about making decisions with your money. Most of all, be diligent, patient and very selective.
Five Tips For Having a Successful Relationship With Your Financial Advisor
Even though financial advisors prioritize client service, a lot of people aren’t happy with the service they receive from their advisor. While in some cases this can just be because you hired the wrong person due to family legacy or unwillingness to change, you deserve better and there are plenty of advisors out there that want your business. Sapling Advisory’s matching service can help you find one who will work well with you and be able to serve you better. But before you get a new advisor, you should consider the following question, which will help you have a fulfilling professional relationship with your advisor:
Have I been a good client?
The truth of the industry is that advisors spend more time on their good clients. And in most cases, whether someone is a good client or not has nothing to do with their dollar asset value- it’s about trust, listening, and being respectful of their time. If you focus on these points, you will have a fulfilling and prosperous relationship with your new financial advisory.
1. Trust
The most important part of your relationship with your financial advisor is trust. You need to have confidence that they care about you and have your best interests at heart when they make you a recommendation. Sapling Advisory only recommends advisors that have a fiduciary responsibility to their clients- meaning that they are legally required to act in their clients best interests. Trust your instincts. Don’t be mesmerized by sales pitches or a beautiful office- keep in mind when you’re hiring an advisor that you’re doing your research up front so that when you get a recommendation later on, you feel that you can trust it. In order to get the most out of this relationship, you have to be comfortable with telling this person your complete financial details, otherwise, they won’t know what to recommend you and you will end up disappointed with their services.
The flip side of this action item is that if you can’t muster up some trust for your advisor – you need a different one. That you do trust.
2. Listen and ask questions
There will come a time when even though you trust your financial advisor, they will make a recommendation that you don’t agree with. That’s okay, and advisors know this. Try to understand where they are coming from and how they think the recommendation will benefit you. Advisors love clients who ask questions and want to understand their situation, and will be able to explain things to you. Keep in mind that if you’re not going to at least listen to what your advisor has to say, you might as well not be paying them. Additionally, this is a courtesy that you should grant them simply for spending the amount of time doing research and figuring out their best solution to your financial situation and dreams.
3. Return their phone calls
Most advisors have many clients, and usually only call outside of reviews for time-sensitive opportunities. Talk to your advisor about your communication preferences, including how often you want to be contacted. No one likes constant sales calls
The flip side is if your advisor NEVER calls you and you’d like to hear from him more often. What do you want to know? How frequently? Fee-only planners tend to call clients less than commission-based brokers. Discuss those expectations with the advisor and make sure it works in their type of practice.
4. Go to your review appointments
Advisors don’t want to chase you down month after month to discuss their recommendations. If you are not prompt, the recommendations get stale and lead to disappointment. Again, understand the expectations up front. Are you meeting quarterly, semi-annually, or just once a year? Does the advisor’s review schedule work for you? Or do you really need someone who meets more or less frequently? Whatever timetable you decide upon, stick to it.
5. Don’t wait until a crisis to ask your advisor to jump through hoops
Be sure to have regular contact with your advisor. It’s important that the only times you speak to them aren’t when something is terribly wrong at 6pm on a Friday. Be respectful of their time and be mindful of the fact that they have other clients and often a family. However, if you cultivate a great relationship with your advisor, they will be willing to go to great lengths to help you in an emergency situation.
Keep these ideas in mind when you are working with your new financial advisor in order to have the most fruitful and mutually prosperous relationship.
Important Tools
Find out what kind of technology an advisor utilizes; that can illustrate how technically adept they are and how well they communicate. Two popular ones are Instream Solutions and MoneyGuidePro, which help synthesize the information investors provide, creating graphics that help visualize a plan. As the financial advisor and the investor make adjustments, the investor is able to picture how these adjustments affect his or her portfolio. What happens over time if you adjust your monthly spending, for instance? If you're a business owner, should you consider selling your business, and when? Does it make sense to push back retirement? The investor can see the answers to these questions and track the changes immediately on their screen.
The Bottom Line
Like most things in life, the effort and thought you put into any endeavor will determine what you get out of it. Maximizing the benefit of utilizing a financial advisors means taking a collaborative approach highlighted by being honest about assets and liabilities and communicating expectations. Only then can your advisor help you formulate a realistic plan that reflects your priorities and long-term goals.
What internal resources exist? staff, $, time, printing, design
How do you currently market products & services? Website, social media outlets, flyers, brochures
Do you have special offers? Packages, discounts, bonus offers, time limited, valued at____, guaranteed, free
How effective have your past efforts been?
What resources do you need from your consultant?
When do you need it by?
Communicate: Needs, Expectations, Timelines, Business Values, Changes to your business. Doesn’t always have to be formal. Remember that Listening is part of regular communication.