News for YOU! Business Edition

 

 

• Forecast your sales and cash flow. Strong holiday selling starts with planning. To craft your plan, review your sales from last holiday season. Do you expect your sales to increase or decrease this holiday season? What steps have you taken, such as marketing initiatives, that could boost sales? What will your expenses be? For example, will you need more holiday help or up your marketing? Once you have your numbers, build a spreadsheet with your expected sales, expenses, and cash flow.

• Supplement your cash flow. If you need to stock up on extra inventory or expect your expenses to increase during the holiday season, you may need a line of credit. If you don’t have one, apply ASAP. If you do have one, ensure you have enough available credit by requesting a line increase with your financial institution or paying down your outstanding debt.

• Be ready to accept secure payments. If you have a storefront, ensure your point-of-sale equipment is secure and that you have enough coin and currency on hand. If you do business online, verify that your site is secure and that you’ve downloaded software to protect your business and customers from fraud.

• Display and publish a clear return policy. The busy holiday season can also be a busy time for disputes. To protect your business, clearly communicate your return policy at the point of sale, keep detailed sales records, and provide updates about shipping details and potential delays.

After the holidays analyze your sales to see how you performed compared to your forecasts. This data will be invaluable for helping you plan for the New Year, which is also just around the corner.

 

 

You're not alone. Although, when you're dealing with all the challenges of managing a business like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.

You do, though, have someone who can help you – your business banker.

A good business banker can be a valuable resource for your business by providing:

• 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.

Remember, with a good business banker on your side, you're never alone.

 

 

 

 

 

  

• More efficient checkout. With the speed of contactless payments, you can clear the checkout line faster and potentially increase revenue.

• Enhanced security. The encryption and tokenization used with EMV technology can help reduce the risk of data breaches, which can put your business and customer relationships at risk.

• Improved customer experience. Fast, easy, and flexible checkout can improve customer satisfaction, which is key to generating repeat business.

• Reduced health risks for your employees. With contactless payments, your employees won’t need to handle cards, making it a more sanitary way to accept payments.

Tap into a fast and easy way to accept payments. Contact our Treasury Management team about offering contactless payments today by calling 800-588-6805 or by email.

 

 

You have your personal life and business life, but as most business owners know, those two worlds can sometimes overlap. When it comes to finances, the lines can blur even more. For example, if you need a loan to grow your business, lenders won't just look at your personal credit score; they will also evaluate your business credit. That’s where your business credit report comes in.

But what exactly is a business credit report?

It’s a lot like your personal credit report: a summary of your history of dealing with debt. Lenders use this information to determine how likely you are to repay the money they lend you, the amount you may receive, and the interest rate and terms of your loan.

What’s in your business credit report?
Specifically, your business credit report may contain the following information:

• The legal name and address of your company
• Any subsidiaries associated with your business
• Names of the business owners and ownership structure
• Number of employees
• The annual sales of the business and other financial data or statements that may be available
• Your industry classification
• The number of credit accounts you have
• Your payment history of loans, including outstanding balances, credit limits, and late or missed payments
• Your credit risk scores
• Your credit score
• Public information, such as bankruptcies, judgments, and Universal Commercial Code (UCC) filings

Why business credit reports are important to your business
Your business credit report affects your business in several ways. It can help you:

• Qualify for a loan
• Get better rates and terms on your loan
• Determine how much business credit suppliers may extend to you
• Give a favorable impression of your business to customers
• Determine the amount you’ll pay in insurance premiums

How to get a copy of your business credit report
Business credit reports are available from Dun & Bradstreet, Experian Commercial, and Equifax Small Business, which collect data on millions of businesses to determine the credit ratings of each company. 

 

 

 

Spring is here! And there’s no better time to take a fresh perspective on your life, including your business. Here are some easy ways you can tend to your business this spring:

  

1. Monitor your cash flow. In business, cash flow is everything. It can help you take advantage of growth opportunities, pay down debt, and save for the future. Make time to review the money flowing in and out of your business and to understand where you have cash flow shortages.

2. Prune your spending. Nothing can impact your cash flow more than increased expenses. Review your accounting software to get a handle on all your expenses and then look for ways to reduce them.

3. Freshen up your workspace. Spring cleaning isn’t just for your home. Clean and declutter your office space and think about ways to spruce up the décor. If you don’t have the budget to buy new furniture or decorations, rearrange what you have.

4. Tend to your website and social media. Your website can be a great way to attract customers outside your geographic area. Look at your analytics to determine the visitors you get and think about ways to enhance your product and service descriptions and information about your business. Also, capitalize on opportunities to share snippets about your company and offerings on social media.

5. Focus on your marketing. Marketing brings customers to your door. But for it to be successful, you need to have a comprehensive plan. Take some time to create a marketing plan, which will help you identify your customers and prospects and optimal ways to reach them.

6. Grow relationships with your existing customers. Who better to buy from you than people who see the value of what you offer? Meet with your best customers to learn more about what they need and tell them about other products and services you offer that can help them.

By taking these simple steps, you can spring your business and your growth forward.

 

 

Running a business has its challenges, so it is important to alleviate some of the stress and find convenient and efficient ways to ease your load. Our products and services were designed with that in mind. Here are a few of the treasury 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 treasury management services found within Online Banking such as ACH services, Online Wires, 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.

 

Business Credit Card: A credit card can provide your business with increased purchasing power and gives you peace of mind when unexpected expenses arise. Having a KS StateBank Business Credit Card includes access to our online management system, 360Control. The application gives you a full view of your expenses and credit card purchases and makes it easy to order cards for employees and set spending limits. Your business can also earn rewards for your purchases with KS StateBank Rebate Rewards. (Rebate Rewards is available for qualified cards. Contact Treasury Management for details.)

 

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.

 

SmartPay Express: SmartPay Express helps you streamline your payment processing. This service makes it possible for you to easily accept credit card and ACH payments, membership dues and donations online from your company’s website with a customized payment portal.

  

You can find more information on our Business Services page or contact a member of our Treasury Management team by email or by calling 800-588-6805.

  

  

 

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:

1. 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.
   
   
2. 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.
   
   
3. 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.
   
   
4. 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.
   
   
5. 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.
   
   
6. 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.
   
   
7. Offer a referral program. Reward your customers and prospects who bring friends and family to your business.
   
   
8. 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.

A fresh new year can bring inspiration and opportunities to help you level up your sales and lead your business to even more success.

1. 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

2. 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

3. 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

4. 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.

We’re here to lend a hand 
To talk to us about your business plans, call us or stop by your nearest branch.

• 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.

The holiday season is the best time to grow your business. Use the coming months to gear up for it and put you and your business in the best position for success.

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The 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:

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.

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

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.

 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.

Card payments are a great way to grow your business, but they come with risks. Prepare to defend your business by taking these important steps.

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.