New Year may be time to re-evaluate business banking needs

Business News | 1 Jan |

The start of a new year – especially now that there is a brand new tax framework – is a great time to review your business banking needs. From ensuring you have the right set of customized financial products to evaluating whether your banker is well-versed in your industry to help you make smart business decisions, an expert business banker can offer a competitive advantage. 

“With so much exciting change ahead for businesses, thanks to a continuing strong economy and changes in the federal tax landscape, this is a productive moment to explore possibilities for the new year and how your banking needs might change,” said Matt Gilbreath, senior vice president, commercial lending, Alliance Bank of Arizona. 

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

  • Does your bank freely share best practices? 
  • Having a banker that isn’t just a banker, but is also invested in your business, means that he or she will share best practices with you more freely, from realistic projections and budgets to advising on how much new capital may be needed to support growth and expansion plans.
  • Do you have the right set of financial products for your business?
  • One of the most misunderstood aspects of small business is how valuable a customized set of financial products can be. Technology and financial products are changing at such a rapid pace that business owners really need to meet with their banker every three months to make sure they are aware of and well-positioned to be taking advantage of the latest financial tools.
  • Does your bank know your industry?
  • Banking with a professional who knows your industry well can help you as a business owner identify and prepare for changes in the business landscape, and gain important insights on critical economic issues.
  • Is your bank invested in growing the economy?
  • A bank that seeks to generate positive economic change for the broader community through affordable housing initiatives, community development loans, grants and more can be a match for your own business values and goals.
  • Does your bank support the community?
  • Improving the community where customers and employees live and work goes hand in hand with supporting economic growth. Look for a bank that supports worthwhile nonprofits through financial and in-kind donations, as well as volunteer time.

For more information about Alliance Bank of Arizona’s full business banking services and areas of expertise, visit www.alliancebankofarizona.com. 

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