June 2024
How to Put High Interest Rates to Work for Your BusinessHaving 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:
- Initiate ACH files
- Work Positive Pay exceptions
- Edit and initiate online wires
March 2024
- 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.
- 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.
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:
Contact:
December 2023
- 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.
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
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
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.
- 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!
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.
- 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.
March 2023
800-588-6805.
December 2022
- Educate your employees. You and your employees are the first line of defense against fraud. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
- Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Use secure Internet connections. Encrypt sensitive data and keep updated virus protection on your computers. Require complex passwords and change them periodically.
- Know which products and services are available to prevent unauthorized transactions. Our Cash Management team provides programs that you can implement to safeguard your business.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Call backs help you confirm changes that might be suspicious or unexpected. From compromised payroll or vendor emails, call backs ensure any deviations to a payment method or recipient are legitimate. By contacting the originator you can sometimes uncover potential fraud attempts or feel confident with the requested changes.
- Other services to help protect your business include device authentication, multi-person approval processes, and transaction limits.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Pay attention to suspicious activity and react quickly. Watch for unexplained account or network activity, pop-ups, and suspicious emails. If detected, immediately contact us, stop all online activity, and remove any systems that may have been compromised. Be sure to keep records of what happened.
Date | 2022 Remaining Holidays |
---|---|
Saturday, December 24
Regular banking hours
|
Christmas Eve |
Saturday, December 25 | Christmas Day |
Date | 2023 Holidays |
Monday, January 2 | New Year's Day (Observed) |
Monday, January 16 | Martin Luther King, Jr. Day |
Monday February 20 | Presidents Day |
Monday, May 29 | Memorial Day |
Monday, June 19 | Juneteenth |
Tuesday, July 4 | Independence Day |
Monday, September 4 | Labor Day |
Monday, October 9 | Columbus Day |
Saturday, November 11 | Veterans Day |
Thursday, November 23 | Thanksgiving Day |
Monday, December 25 | Christmas Day |
September 2022
You're not alone. Although, when you're dealing with all the challenges of managing a business today like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.
- Trusted support. Many business bankers have run or worked with many companies and can leverage that experience to provide invaluable guidance and support for all aspects of running a business, not just managing finances.
- Access to decision-makers. Your business banker may have decision-making authority or can provide access to decision-makers to make it easier for you to get the financing you may need.
- Networking connections. Business bankers are very active in the business community and can refer you to other professionals who can help you grow and manage your business. So, if you need a CPA, attorney, property manager, or other professional, ask your business banker for help.
- Assist with your personal banking needs. Your business is just one aspect of your financial life. Your business banker can introduce you to people and solutions to help you reach your personal goals and manage your entire banking relationship more easily.
- Be there for you in good and challenging times. Good business bankers understand that businesses go through various cycles. That's why you should feel comfortable reaching out when you need help or support.
Manhattan and Junction City | |
---|---|
Melissa Brisbin
SVP, Cash Management
785-564-6290
|
|
Wichita | |
Andy Snyder
Wichita Market Business Development Officer
316-347-2209
|
Marc Ward
EVP, Wichita Market President
316-789-7118
|
Phoenix and Scottsdale | |
Tami Camamo
VP, Cash Management Specialist
602-393-6957
|
Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
|
June 2022
- Know where your cash stands. Financial statements tell you a lot about your business. A cash flow statement, which shows the movement of money in and out of your business, can help you measure the strength and viability of your business and help you qualify for business financing.
- Use online and mobile banking. Given the importance of your cash flow, you should monitor your account activity and balances every day. Tools like online and mobile banking can help you check account balances, see what payments have cleared, monitor electronic payments, and avoid financial surprises. You can even set customized alerts to notify you about specific account activity.
- Work your accounts receivables. One of the biggest factors in boosting cash flow is managing your receivables. Consider offering discounts or incentives for your customers to pay earlier or requiring them to pay a deposit upfront with every order. You could also encourage debit and credit card and electronic payments to speed up the payment cycle. With our SmartPay Express solution you can accept credit card, debit card and ACH payments all from a personalized online payment portal.
- Build reserves. In any economy, it's critical to have cash on hand to help manage unexpected expenses and slowdowns. In an uncertain economy, it's even more important. The good news is that in economies with higher rate environments, you have the potential to earn more on your savings. Do some research and find the best savings rates. Learn more about our Business Money Market and CD options.
- Project and plan. There's a reason budgeting is important: it helps ensure you can meet your obligations. Take some time to analyze your current spending and review your plans for your short- and long-term goals. Do you have enough money to cover your expenses? What happens if your revenue decreases? Are there opportunities to reduce expenses or put some of your plans on hold? Planning is your best defense.
- Get a good financial picture. Reviewing your company's financial statements, such as your income statement and balance sheet can help you understand your revenues, expenses, cash flow, profitability, and debt – all of which are critical to helping you make sound business decisions.
- Cut costs. Take a look at all your expenses and look for ways that you can reduce them. For example, can you negotiate more favorable pricing terms with your suppliers? Keep less inventory on hand?
- Increase customer loyalty. In times of inflation, you must increase your revenue. A smart way to accomplish that is to increase the business you do with your existing customers. You should know who your most profitable customers are and think about ways you can increase their business and loyalty, such as implementing or enhancing a loyalty program.
- Hone your marketing. Marketing can drive sales. But, before you spend any resources on it, make sure you clearly understand the value of what you provide. Ask yourself: What makes us unique? What do we do better than our competitors? Who is our primary target audience? Sending the right message to the right people is critical to building awareness and new customer revenue streams, and ensuring you get ROI on your marketing dollars.
- Forecast. You don't have to be a meteorologist to make forecasts. You can use your sales and other financial data to run various scenarios with rising costs to help you understand the impact they could have on your bottom line. This can help you adjust your business plans.
March 2022
Business doesn't stop. Unfortunately, neither does the need to stay on top of one of the most important contributors to the health of your business – your cash flow.
- Account alerts. Need to know your balance or if a particular check or purchase has cleared your account? With online and mobile banking, you can set customized alerts to notify you when your balance reaches a level you specify or when a particular transaction occurs.
- Mobile deposit. Time can be a business owner's most valued commodity. So, there's no need to waste it running to the bank or ATM to make deposits. With mobile check deposit, you can deposit checks from anywhere – in a snap – using the camera on your mobile device.
- Automatic savings. Need to build up cash reserves for your business? You can set up automatic transfers to your savings or brokerage accounts on the frequency of your choice.
- Pay bills. Automate the time-consuming tasks of paying bills. With online bill payment, you can save time and paper by paying bills electronically. You can even arrange to have recurring bills, such as your rent or mortgage paid automatically.
- Get E-Statements. Save time filing and looking for bank statements and paper by enrolling in paperless statements.
- Integrate your banking and financial software. Do you use accounting software to manage your business? You can import your banking activity to make it easier for you to view, reconcile, and manage your finances – in one place.
- SmartPay Express is compatible with most merchant services providers.
- Benefit from robust reporting that allows you to review payment data for better managed cash flow or import and export files for reconciliation.
- Advanced security features verify every transaction is safe and secure for peace of mind for your company and your customers.
- Registered users can view information about past payments or donations for year-end tax filing or other purposes.
- Leverage our expertise for your business or nonprofit to create a sophisticated payment site.
- Pages are branded to match the look and feel of your primary website.
- Control field labels and add custom fields to collect specific information that is unique to your organization or company needs.
- Upload data that can help verify the identity of your customers.
- Your customers can make single payments or create a login and register for future payments
Manhattan and Junction City | |
---|---|
Melissa Brisbin
SVP, Cash Management
785-587-4000, ext. 146
|
|
Wichita | |
Andy Snyder
Wichita Market Business Development Officer
316-722-6665
|
Marc Ward
EVP, Wichita Market President
316-722-6665
|
Phoenix and Scottsdale | |
Tami Camamo
VP, Cash Management Specialist
602-393-6957
|
Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
|