News for YOU! Business Edition is a quarterly newsletter provided by KS StateBank that offers tips and other helpful information for business owners. Feel free to sign up now to receive new editions of our newsletters by email each quarter.
December 2024
8 Ways to Grow Your Business in the New Year
The new year is just around the corner. It’s a great time to take a fresh perspective on your business, make new plans and goals, and grow your sales to achieve greater revenue, profitability, and success.
Speaking of building sales, here are some steps you can take to get off to a great start in the new year:
Speaking of building sales, here are some steps you can take to get off to a great start in the new year:
- Cross-sell and up-sell. Your existing customers are a captive audience. They know the value of what you bring because they’ve entrusted their business to you. Leverage their confidence in you to sell them additional products or services.
- Create a loyalty program. Having a rewards or loyalty program is a great way to not only grow your sales but also give your customers incentives to do more business with you.
- Leverage email. Use the email addresses you have on file to stay connected with your customers and to share news and information that may be helpful to them.
- Network. If you can’t bring customers and prospects to you, why not go to them? Consider attending trade shows or networking events where you can introduce yourself and showcase your products/services.
- Use social media. You can build brand awareness and increase customer engagement by sharing helpful content, news, and updates on your company with social networking sites like LinkedIn, Facebook, Instagram, and X.
- Provide sales training. Invest in sales training for your customer service and sales representatives to help them identify and respond to customer needs and sales queues.
- Offer a referral program. Reward your customers and prospects who bring friends and family to your business.
- Show customer appreciation. Sending your customers a gift, a note of thanks, or a special offer will show them that their business is important to you while keeping your business top-of-mind.
2025 Holiday Schedule
The holiday season is in full swing, and we wanted to remind you about our schedule around Christmas this year and give you an advance look at the dates for 2025. Please mark your calendars as these are the dates that the Bank will be closed (or closes early), thus creating non-processing days for your transactions or early cutoff times for ACH activity.
| Date | 2024 Holidays |
|---|---|
|
Tuesday, December 24
Bank closes at noon; ACH deadline is noon CT
|
Christmas Eve |
| Wednesday, December 25 | Christmas Day |
| Date | 2024 Holidays |
|---|---|
| Wednesday, January 1 | New Year's Day |
| Monday, January 20 | Martin Luther King, Jr. Day |
| Monday, February 17 | Presidents Day |
| Monday, May 26 | Memorial Day |
| Thursday, June 19 | Juneteenth |
| Friday, July 4 | Independence Day |
| Monday, September 1 | Labor Day |
| Monday, October 13 | Columbus Day |
| Tuesday, November 11 | Veterans Day |
| Thursday, November 27 | Thanksgiving Day |
|
Wednesday, December 24
Bank closes at noon; ACH deadline is noon CT
|
Christmas Eve |
| Thursday, December 25 | Christmas Day |
Download a printer-friendly version of the 2025 Holiday Calendar for your records.
September 2024
4 Things to Do Before You Meet with a Business Lender
You’ve got a great idea for a new business. Or maybe you already have a business and have plans to branch out in a new direction or space. That’s exciting. What may not seem as thrilling is the prospect of meeting with a lender to help you get the money you need to carry out those plans.
Preparation is your greatest ally.
Here are some ways that you can put yourself in a better position to get the financing you need.
- Be ready to talk (your) business. When you start a business, you’re often advised to have an elevator speech. It’s essentially a 30-second pitch about the value your product or service will bring to your target audience. When you meet with your lender, you’ll need to expand on that speech and provide some key details, including:
- Who you are, including your relevant business experience
- Why you started your business
- Who your products and services serve
- The need your business fulfills
- How your business is unique from others in the same industry
- Create and bring along your business plan. Talking is one thing, but if you want a lender to grant you credit, you’ll need to share specific and formal details about your goals and plans. That’s why you need to come equipped with a business plan. Your business plan should include the following according to the Small Business Administration (SBA):
- A description of your company
- A market analysis of your industry and target audience
- The legal and organizational structure of your business
- Who will use your products and services
- Your marketing plans
- The funding you are requesting and how will you use it (i.e., salaries, inventory, equipment)
- Your financial projections, including your revenue projections
- Bring your financial statements. Your lender will need to see financial statements for you and your business. These documents may include:
- Personal tax returns
- Business tax returns if you already have a business
- Financial statements for the business, including a balance sheet and income statement
- Personal and business bank statements
- A copy of your business license
- A copy of your driver’s license
- Get your personal credit in order. Though you are applying for credit for your business, lenders will review your personal credit history, which demonstrates your creditworthiness. Your personal credit is especially important if you have a newer business that doesn’t have an established credit history. Before you meet with a lender, review your credit score to ensure there are no surprises.
To talk to us about your business plans, call us or stop by your nearest branch.
Fall into Great Ways to Grow Your Business
For many businesses, summer is a hot season to sell. But just because fall is approaching, and temperatures are dropping doesn’t mean your company has to slow down. Fall is actually a great time to prepare for the holiday selling season. Here are some steps you can take this fall to help your business grow stronger in the coming months:
- Assess your customers’ needs. There’s an adage, “Give the people what they want.” But are you certain what your customers want? The best way to find out is to ask them. Consider sending a brief survey to learn about their needs and experiences with your company. You could also talk to your top customers to see what more they may need from you.
- Make sales projections. Review your sales from the previous holiday season to get a baseline. Do you expect sales to increase or decrease? Will you add new products or services? What has changed in your market area? Are there new competitors that could impact your sales?
- Manage your inventory. With your sales projections in hand, start preparing your inventory and get in touch with your suppliers to ensure they can provide you with what you need.
- Start your marketing engine. Once you know what customers want, you can create your marketing plan to communicate what you offer. Think about the best ways to reach your customers, such as email marketing, social media, or direct mail, and offers you could have to attract new customers.
- Hire extra help for the busy holiday season. It’s not too early to work on getting the help you may need for the holiday season now. Use social media or job boards to post opportunities.
June 2024
How to Put High Interest Rates to Work for Your BusinessThe economic reports have made it clear: we’re in an uncertain, high-interest rate environment. And while that’s created a big challenge for business borrowers, it’s actually paved the way for a great business opportunity: to build cash reserves.
Having extra cash on hand can help you pay down expensive debt, prepare for unexpected expenses, and manage other rising business costs like rent.
So how can a business owner capitalize on this important opportunity to build cash reserves? Here are some ways:
Earn more on your liquid savings. With rates high, now’s a great time to open a high-yield savings or money market account. You won’t just earn higher interest on your money; you’ll also have the peace of mind of deposit insurance protection.
Open a Certificate of Deposit (CD). If you want to earn even higher interest rates and don’t need immediate access to your money, consider investing in certificates of deposit.
If you like the yield of CDs but need access to your money, you could ladder your CDs. With this technique, you can divide your savings into multiple CDs with different maturity dates. Laddering will help you get a higher yield and keep you from locking up all your money for longer periods.
Maximize idle balances. Do you have excess or idle balances that you hold onto to pay bills? You can put those balances to work for you with a sweep account. With this type of account, excess balances are automatically transferred out of your account each day and deposited into an interest-bearing account overnight, where they earn money.
Set up automatic savings. A high-interest rate environment is an incentive to up your business savings game. To make it easier to save, arrange to have money automatically transferred from your business checking to your high-yield savings account each month.
Stay on top of your money. Your cash flow is the lifeblood of your business. That’s why it’s important to monitor and protect the money that comes in and out of your business. You may uncover excess money available that can help you build your cash reserves even more.
Let us help you get more out of your money. To learn more about our range of savings options, call us, visit our website, or stop by your nearest branch.
Mobile Banking Updates Coming Soon
We have been working on making updates to our Mobile Banking app and we’re excited to bring you added functionality and convenience to our Treasury Management solutions (formerly Cash Management) later this summer.
- Initiate ACH files
- Work Positive Pay exceptions
- Edit and initiate online wires
Watch for more information to come!
More details will be sent to Treasury Management Mobile Banking users soon. If you have questions about Mobile Banking, contact a member of the Treasury Management team for more information.
Independence Day
All KS StateBank locations will be closed on Thursday, July 4 for Independence Day. We'll reopen on Friday, July 5 during regular hours.
March 2024
Safeguard Your Business and Your Customers from Card Payment Fraud
It’s been said that “cash is king,” but research on consumer spending says otherwise. According to a Forbes Advisor survey, just 9% of Americans use cash to pay for purchases, while 54% of consumers use debit cards and 36% credit cards.
It’s easy to understand the card love. Paying by card is easy and convenient and eliminates the need to carry cash. Debit and credit card acceptance also offers many benefits to business owners, like the ability to sell their goods and services online and expand their market area.
But, there’s a challenge with accepting card payments in person and online – increased threat of fraud to your business. With the increase in card transactions there can be a corresponding increase in fraud, making it essential that business owners work to protect their customers, reputation, and bottom lines.
Here are some tips to help you keep card fraud out of your business:
- Adhere to PCI-compliant standards. Ensure your company is in compliance with The Payment Card Industry Data Security Standard (PCI-DSS) when accepting, processing, and storing customer card data.
- Require identification at the point of purchase. If you take card payments at the point-of-sale, ask for identification, such as a driver’s license. Also, look out for suspicious behavior, which can be a strong indicator of fraud.
- Monitor sales activity. Regularly review orders to look for unusual activity or patterns. For example, did a customer place a larger-than-normal order? Do you notice an increased number of orders that couldn’t be processed? These may be signs of potential fraud.
- Develop a plan for data breaches. Having a plan for how you will address a data breach, including the steps you need to take to limit the damage from the breach and how you will notify your customers is critical.
- Collect only the data you need. While it’s great to know your customers, storing too much of their data can increase the damage of a cyberattack. Obtain only the information you need to close the sale and ensure that any card or personal information you store is protected.
- Update malware and payment processing software. Stay abreast of changing software and security measures, including updating anti-virus software.
- Train your staff. Establish security protocols and procedures for preventing fraud and train your staff about possible threats and how to handle them.
KS StateBank Merchant Services
Merchant Services from KS StateBank makes it possible for you to accept all the major card brands as well as foreign cards and debit cards. We can also help protect your business from fraud with our PCI compliance program. Contact our Cash Management team for more information.
Get a Fresh Perspective on Your Business This Spring
Business is constantly evolving and offering new products/services, markets, and ideas. But for business owners struggling with juggling never-ending day-to-day tasks and responsibilities, it’s hard to recognize these opportunities. That’s a clear sign that it’s time to stop and get a fresh perspective. Here are some ways you can accomplish that with your business this spring, the season of growth:
- Take work offsite. Chances are, you’re spending a lot of time in your office or business location, which may make it difficult to think creatively. If you can, schedule an offsite meeting or spend a day working in a different location, where you can get away from routine tasks and look at things from a different angle.
- Take some time off. It’s hard to come up with new ideas when you’re exhausted. Make plans to take some time off, whether it’s a week’s vacation or even a few afternoons off.
- Knowing you’re helping others in need is energizing. Look into volunteer opportunities at food pantries, homeless shelters, and other organizations in your area, and roll up your sleeves and help out.
- Reorganize your workspace. Believe it or not, re-arranging your office and other furniture or even giving your workspace a good cleaning can help you get a shiny new outlook on your business.
- Find a mentor or coach. Look into organizations like SCORE that can help you get no-cost mentoring, guidance, and advice from a highly experienced retired executive who can provide a valuable outside perspective on your business.
- Attend a conference. You’ll learn about the latest trends and opportunities in your industry and can take back fresh ideas and inspiration for your business.
- Network with other business owners. If attending a conference isn’t in your budget, reach out to local business owners in your network or at your local Chamber of Commerce. It’s a great way to share your challenges and gain valuable advice.
- Take your best customer out to lunch. You might learn about other needs they have that could lead to new product/service offerings or uncover better ways to serve them.
- Use expert resources. In this age of technology, you can gain access to a range of resources from business experts. Search for podcasts or books that bring expert knowledge and inspiration right to you.
Get a Fresh Perspective on Your Business This Spring
What steps can you take to effectively combat the latest cyber threats?
The present threat landscape has grown to the point where a single security measure is no longer sufficient to protect against cyber threats. But there are options available that can help you protect your business and put your mind at ease.
Join UV&S and KS StateBank in Wichita for lunch on Thursday, April 11, 11:30 a.m. to 1:00 p.m., as we team up to share technology solutions you can use to safeguard your business from fraud and other security threats.
Where:
UV&S Technology Conference Room
245 N Waco Ave, T100, Farm Credit Bank Building, Wichita, KS 67202
Contact:
Andy Snyder, KS StateBank
316-347-2209 or asnyder@ksstate.bank
December 2023
New Beneficial Ownership Requirements
Beginning on January 1, 2024, many companies will have to begin reporting information about their beneficial owners, or those who ultimately own or control the company, and their applicants to the U.S. government under new requirements from the Financial Crime Enforcement Network (FinCEN). These reporting requirements were designed “to make it harder for bad actors to use shell companies to hide their ill-gotten gains and to help law enforcement identify who is behind these bad companies.”
A beneficial owner is an individual that, either directly or indirectly, owns or controls at least 25 percent of the ownership interest of a reporting company or exercise substantial control over a reporting company.
Existing reporting companies that were created or registered to do business in the United States before January 1, 2024 will be given until January 1, 2025 to file its initial report. New reporting companies created or registered to do business in the United States on or after January 1, 2024 must file a report within 30 calendar days of receiving actual or public notice that the creation or registration of the reporting company is effective.
Companies that are required to file a beneficial ownership information report must do so electronically through FinCEN’s filling system that will be available beginning on January 1, 2024.
Updated reports will be required when there is a change to or inaccuracies in previously reported information about the reporting company or its beneficial owners. The updated or corrected reports are due within 30 calendar days after a change occurs or from when the company becomes aware of the inaccuracy.
Companies could face civil and criminal penalties if they disregard their beneficial ownership information reporting obligation. FinCEN understands that this is a new requirement. If you correct the mistake or omission within 90 days of the deadline for the original report, you may not be penalized.
At this time, the process for gathering client Beneficial Ownership information at KS StateBank will not change.
More detailed information on the new Beneficial Ownership requirements can be found at fincen.gov/boi.
Get Your Business Off to a Fresh Start in the New Year
Time flies when you're running a business. One moment, you're wrapping up your books and planning for the holiday season, and the next you're in a fresh new year with new possibilities and challenges. The start of a year is actually a great time to reflect on your plans and goals for your business and lay the groundwork to achieve them. Here are some tips to help you pave the way for success.
- Set your course. Where would you like to take your business in the coming year? Would you like to grow your sales and customer base? Expand into new products or services and hire employees? Set aside some time to think about your goals for the business and how you make them measurable.
As you think about your goals, make sure you consider your personal goals, since you and your business are so intertwined. For example, would you like to work less hours or take more time off? How could you accomplish that? By outsourcing some time-consuming functions or hiring additional staff?
- Know where you're at. To get where you want to go, you need to know where you stand. Take a long look at the previous year to get a handle on your sales, best customers, employees, and product/service offerings. Identify areas of strength that you can build on as well as areas where you might improve. Be honest and thorough.
- Get a jump on taxes. No one likes filing taxes, but you can make the process easier by preparing your documents and financial statements ahead of time.
- Talk to your customers. There's an old song, "Give the People What They Want." That's very true when it comes to business. Talk to your best customers to uncover their needs and how your business can help them.
- Meet with your employees. Finding qualified and trusted employees is not easy. So, it's critical that you make time to talk to yours to determine their needs and career goals.
- Clean up. Nothing spells freshness like a clean workspace. And whether it's a desk in your home or a warehouse, take some time to remove clutter and organize.
- Network. Another fresh way to help your business is to bring in new customers. If you haven't already, join networking or professional groups, so that you can meet prospective customers and forge strategic partnerships with related businesses.
The year is young and a great time to infuse some new life into your established business.
As 2023 comes to an end, we wanted to give you an advance look at the holiday schedule for 2024. Mark your calendars! These are the dates that the Bank will be closed, thus creating non-processing days for your transactions.
| Date | 2023 Holidays |
|---|---|
| Monday, December 25 | Christmas Day |
| Date | 2024 Holidays |
|---|---|
| Monday, January 1 | New Year's Day |
| Monday, January 15 | Martin Luther King, Jr. Day |
| Monday, February 19 | Presidents Day |
| Monday, May 27 | Memorial Day |
| Wednesday, June 19 | Juneteenth |
| Thursday, July 4 | Independence Day |
| Monday, September 2 | Labor Day |
| Monday, October 14 | Columbus Day |
| Monday, November 11 | Veterans Day |
| Thursday, November 28 | Thanksgiving Day |
|
Tuesday, December 24
Bank closes at noon; ACH deadline is noon CT
|
Christmas Eve |
| Wednesday, December 25 | Christmas Day |
September 2023
Common Mistakes Businesses Make
Mistakes happen in business. Whether it's the loss of a top customer to a competitor or a financial miscalculation that creates a cash flow shortfall, it's easy to have a slipup that can impact your business. The key is to learn from your mistakes. To help you with that, we've put together this list of the most common mistakes small business owners make, including:
- Taking on too much. Small businesses owners have to operate with limited resources. Often, that requires them to do a lot on their own – whether it's managing payroll or handling customer service issues. While it's great to be busy, taking on too much can lead to mistakes and burnout. Consider delegating some of your responsibilities to your staff. Or if that's not an option, think about outsourcing functions, such as payroll or accounts payable. Doing so will not only shorten your "To-Do" list, but also will free you up to focus on more important aspects of your business.
- Lack of planning. A business without a plan is like a ship at sea without navigation. Without a plan, you can't anticipate obstacles that may get in your way or take advantage of opportunities. Sure, it's hard to plan ahead when you're constantly putting out fires and managing the day-to-day tasks involved with running your business, but setting aside time to plan can help make your business stronger and ensure its long-term viability. Your planning should assess where you currently are, where you want to be in the short and long term, and how you can get there. Lastly, building a plan isn't a one-time thing; you'll want to regularly review your goals and performance and adjust accordingly.
- Staying on top of cash flow. Cash is king and to run a successful business, you need to master cash flow. That requires you to monitor your finances regularly and maximize opportunities to enhance cash flow, including working your receivables, paying bills efficiently, and putting idle funds to work for you.
- Overspending happens. That's why it's imperative that as part of your planning, you review your income, receivables, and expenses and create a budget. Track your budget on a monthly basis and make changes as necessary.
- Finding work/life balance. Though your business is a big part of your life, it's not your entire life. Make sure you work realistic hours and carve out time for yourself and your loved ones. Again, delegating responsibilities can help.
Mistakes will happen, but by taking these steps you can afford making some of the biggest ones.
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Here are five simple ways to protect your business:
- Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
- Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
- Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
- Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
- Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.
June 2023
Get Off to a Great Start this Fiscal Year
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
To accomplish that, there are some smart steps you can take:
- Know where you stand financially. The best indicator of the health and wellbeing of your business is your finances. That's why it's imperative that you run financial statements to help you with planning for the new year. These statements include:
- Income statement: An income statement will show your profit or loss over the past year.
- Balance sheet: A balance sheet provides a snapshot of your assets and liabilities at a particular point in time.
- Cash flow statement: A cash flow statement can help you understand the cash that comes in and out of your business.
- Income statement: An income statement will show your profit or loss over the past year.
- Assess your goals/plans. Before you begin the fiscal year, review your goals and accomplishments for the previous year. Did you meet them? What could you have done differently? What are your goals for the coming year? For example, will you introduce a new product or purchase new equipment? Make a detailed list of your plans and goals for the upcoming year.
- Make a budget. Next, you need to start creating your budget. Your budget should not only include expenses, but also income projections based on past performance as well as the expected financial impact of your goals and plans for the year.
- Connect with your customers. Do you know your best customers? If you do, reach out and acknowledge them. Knowing your customers will also provide valuable information to help you deepen relationships, build loyalty, and ultimately increase revenue in the coming year.
- Recognize your employees. As the labor shortage has taught us, your employees are critical to the success of your organization. Taking the time to recognize their accomplishments either through financial rewards, benefits, or even appreciation events, can help you get them and your business off to a great start in the new fiscal year. And that's something to cheer about!
5 Ways to Protect Your Business
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Here are five simple ways to protect your business:
- Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
- Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
- Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
- Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
- Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.
Your business may very well be your biggest asset. Make sure you take these measures to protect it.
Independence Day
We will be closed on Tuesday, July 4 for Independence Day. We'll reopen on Wednesday, July 5 during regular hours.
March 2023
Questions Every Business Owner Should Ask
Running a business requires you to constantly respond to the needs and concerns of your customers, employees, and your market. But when is the last time, you responded to the needs of the most critical person to the success of your business – you?
With all the daily responsibilities of managing your business, it's easy to lose track of your own needs, challenges, and plans for your business. Fortunately, there's a very easy way to fix that – ask yourself. Here are five questions to get you started:
What's the financial health of my business? Just as you go for regular checkups at the doctor, it's important to check on the financial health of your business. Do you know your revenues and expenses? Have your profits increased or decreased? Can you identify your top customers? Be sure to run your financial statements and to look at your sales to spot trends and identify your most important customers.
Where do I want to take my business in the coming year? As the captain of your business, you're responsible for setting the course. Ask yourself where you would like to take your business in the coming year. Would you like to expand into new markets or offer new products? Or would you like to scale back? Write down your goals and ways you can measure your performance with them at the end of the year.
How is my work/life balance? It's great to have a successful business, but if that business is taking you away from spending time with your loved ones or doing the things you love to do, it's time to bring in some extra help and make adjustments.
What are my strengths and weaknesses? If you have employees, you're probably used to conducting performance evaluations. Why not evaluate yourself? Are there areas where you shine or need improvement? If you're lacking in certain areas, explore ways you can improve, such as taking courses, developing new skills, or even hiring someone that has strengths in the areas that are challenging for you.
Where do I see my future and the future of my business? The start of the year is a great time to plan for the long-term future of your business. Do you expect to retire from the business in the near future? And if so, what will be your exit strategy? You may, for example, be thinking about turning over your business to a family member or putting it up for sale. Take some time to think about your long-term plans and what makes the most sense for you.
KS StateBank Cash Management Services
As a business owner, it’s important to alleviate some of the stress that comes with running a business and to find convenient and efficient ways to ease your load. We offer products and services designed to save you time, money and energy. Here are a few of the cash management services we offer that can help improve the efficiency of your business operations.
Online Banking: Online Banking helps you stay connected to your accounts around the clock. You’ll benefit from additional cash management services found within Online Banking such as ACH services, free E-Statements and Online Bill Payment.
Positive Pay: Protect your business from fraud. Found in Online Banking, Positive Pay is an automated check fraud protection tool that helps you to safely approve and upload items to your accounts.
Remote Deposit: Reduce your liability and increase your efficiency by making check deposits without having to go to a branch. With Remote Deposit you can securely scan checks for deposit from your office into one or more business accounts and you’ll be able to access those deposits through your Online Banking account or as a stand-alone service. Used along with our Remote Deposit service, our Mobile Remote Deposit app makes it easy to deposit checks on-the-go from your mobile device.
Merchant Services: Merchant Services allows you to easily accept all types of payments at your business and increase your revenue potential. We offer several processing solutions to help your business grow. We can conduct a rate review to determine if we can help you save on transaction fees.
SmartSafe: Our SmartSafe cash deposit solution allows you to focus on your customers and employees while providing a secure way to track, store, deposit and balance multiple cash sales. SmartSafe also incorporates dollar validation, counterfeit detection, and software capabilities to provide online reporting for your business for an added layer of safety.
Lockbox Services: Lockbox Services is our payment processing solution that helps your business collect, process and deposit payments. This remittance and check processing system will help streamline both the payment and receivables process. Our team of HIPPA certified processors are ready to serve you.