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Business Banking Article

Why an annual financial check-up is crucial to business success

A Stellar accountant assisting a woman with her financial check-up

The Importance of your Banker As a Partner in Business Success

Most of us, throughout our lives, go through different stages of relationships with our physicians. As newborns, we have monthly check-ups to ensure our development is progressing. When we get older, we may visit the doctor once a year or only when we break an arm, get a cold, or need some remedy. In our later years, doctor’s visits may become significantly more frequent if we haven’t prioritized healthy habits throughout our lives.

Many business owners and entrepreneurs follow a similar relationship cycle with their banker. When they start or launch a business, they may meet with their banker more frequently to ensure they have all the pieces in place for growth. Then, as the business develops, they may only seek out their banker when something “breaks.” As the business reaches maturity, business owners may want to sell, maintain, or exit the business for a variety of reasons. Here we discuss how to avoid financial wellness pitfalls as a business owner with an annual financial check-up and what to review with your banker.

The Importance of Regular Communication During Volatile Economic Times

Volatile economic times can be, in essence, a “virus” to your business’s financial health. If you had a physical virus, you would start nursing it as soon as you saw symptoms. That is if you wanted to lessen the impact of the virus as much as possible. The same goes for nursing your business during volatile economic times. As a business owner, it’s important to lessen the impact of inflation, shutdowns, layoffs, and market declines as early as possible.

In the same way you vet your physician’s qualifications, a business owner should choose their banker based on these six areas of expertise. Communicating expectations for profitability, growth, taxes, work/life balance, money management, and efficiency is the foundation for business owners and bankers to navigate volatile economic times together. Here are some areas your banker can advise on in a down economy:

Financial Metrics to Review Annually With Your Banker:

As with your physical health, it’s important to perform regular maintenance on your business’s financial health and create a wellness plan before it is too late. Take a proactive approach to business ownership and prioritize annual fiscal check-ups with your banker to ensure a long and healthy life for your company.

Ready to schedule your financial check-up? Contact your banker today!

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