Financial health is an important topic of conversation. That’s especially the case for small businesses. Unfortunately, they’re all too often left out of the discussion. So, what can small business owners do to protect their financial health?
Save Time With Automation
Time is money. That’s the case whether you’re paying employees for their time or investing your own time in an effort to generate revenue. As such, when you save time, you’re essentially saving money.
One of the easiest ways to save time in a small business is to incorporate automation where possible.
Consider automating your marketing activities, accounting, email communications, and other areas of your business to free up some time and save money in the process.
Don’t Spend Too Much Time on Invoicing and Billing
Some business owners spend more time billing customers for a service than they do providing the service. As mentioned above, your time is valuable, and when you save it, you save money.
Although you may not be able to outsource the invoicing process, there are other things you can do to save time in this process:
- Use software solutions to automate much of the invoicing and billing process.
- Spend less time describing services in your invoice. Use your contracts and marketing materials for service descriptions.
- Set a standard for quoting jobs to take the guesswork out of the process.
Educate Yourself on Loan Options
Most small businesses will need an injection of capital at some point to help with expansion or reach important growth stages. That’s where small business loans come in. But it’s important to understand your options. You’ll need to choose between term loans, business lines of credit, and other options.
The best way to do so is to speak with a commercial lender who can educate you on the best borrowing scenario for you. At InterBank, you’ll enjoy a wide range of options, competitive interest rates, and a local lender that shares your passion for business and the community. Get in touch today to discuss your options.
Learn About Loan Requirements
Small business loan requirements can be difficult to navigate. With most national banks, you may be required to deliver hard-to-produce documentation and feel left to your own devices when applying for a loan. However, that may not be the case with smaller community banks.
For example, at InterBank, we take a more personalized approach to working with customers looking to borrow for business reasons. We don’t just look at financials, we take other factors into account that may help you get a loan even when large national banks may reject your request.
Don’t Expect Empathy From Big Banks
That may be a harsh headline, and the truth is that big banks aren’t out to see your company fail. However, they won’t offer extra effort to secure you with the capital and financial services you need either.
Ultimately, big banks follow strict credit policies when it comes to providing services to businesses and don’t possess authentic customer service to make borrowers feel appreciated. Those rules and tendencies leave no room for empathy.
That’s why it’s best to work with a local community bank when seeking financial services for your small business. Community banks, like InterBank, understand local challenges for small businesses and are more willing to make adjustments to help you succeed. Avoid the headaches of big banks. Discover the InterBank difference today.