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News for YOU! Business Edition

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.

 

September 2022

Getting the Banking Support You Need in Challenging Times

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.

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.

 

Your KS StateBank Banking Relationship

As we enter the fourth quarter of 2022 many business owners are preparing for the end of the year and looking towards 2023. This is a good time to evaluate your finances in order to put your business in a great position for the New Year and to get the most from your banking relationship.

When you manage a business, it's essential to always know where your finances stand. Running financial reports, such as an income statement, balance sheet, and cash flow statement can help you determine the financial health of your business. If you use financial software, you can usually run these reports quite easily. Before you close your books for the year, you should also make sure you have collected all payments and paid all your invoices.

Our Enhanced Business Checking account (EBC) along with our Enhanced Account Analysis (EAA) are great options to help you manage your business finances. By utilizing Enhanced Business Checking and enrolling in Enhanced Account Analysis, you can group your business accounts together and use the total balance of the grouped accounts to offset certain product fees and service charges. Grouping EBC accounts in EAA can be beneficial – the larger the accumulated balance of grouped accounts, the more fees you can offset to lower your monthly service charge with KS StateBank.

We know that last couple of years have been rough and a financial checkup may be in order. Our business bankers welcome the opportunity to meet with you and discuss your overall relationship with a thorough review. Whether it’s our Enhanced Business Checking or any of our other products and services, we’re here to help you get off to a great start in 2023.

Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.

Manhattan and Junction City

 

Melissa Brisbin

SVP, Cash Management

785-564-6290

mbrisbin@ksstate.bank

Ed Klimek

VP, Business Development

785-564-6289

eklimek@ksstate.bank

Wichita  

Andy Snyder

Wichita Market Business Development Officer

316-347-2209

 

asnyder@ksstate.bank

Marc Ward

EVP, Wichita Market President

316-789-7118

mward@ksstate.bank

Phoenix and Scottsdale  

Tami Camamo

VP, Cash Management Specialist

602-393-6957

tcamamo@ksstate.bank

Sherie Fisher

AVP, Cash Management Specialist

602-393-6946

sfisher@ksstate.bank

 


 

June 2022

Protect Your Business Cash Flow from Uncertainty

Running a business is hard work, rewarding, and never, ever dull. Every day brings new opportunities and challenges, including some that are beyond your control like a global pandemic, supply chain crisis, and soaring inflation.

Those uncertainties make one business lesson crystal clear: the importance of having strong cash flow. Cash flow is defined as it sounds: the amount of cash that flows in and out of your business. A positive cash flow can help you meet expenses and plan and invest for the future of your business.

But how do you manage cash flow when times are challenging and uncertain? Well ... you can start with these steps:

  • 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.

Challenging economic cycles are tough for business owners. Fortunately, they don't last forever. Following these steps will ensure you get through those challenging times and

 

How to Take Care of Your Business in Inflationary Times

When you run a business, each day can bring a new challenge and opportunity. One of the biggest challenges is managing economic uncertainties, not the least of which is contending with inflationary pressures.

With rising prices of goods and services and less purchasing power, inflation can take a toll on your company's profits and ultimately, its long-term viability. But with any challenge comes opportunity – and a chance to gain even greater control of your finances to reduce expenses and maximize every dollar.

Let's take a look at some of the ways you can prepare for and protect your business from inflation – no matter what industry you serve:

  • 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.

Inflation affects different businesses in different ways. The best way to ensure it doesn't hurt yours is to stay ahead of it.

 

Upcoming Federal Holidays

Juneteenth - KS StateBank branches and offices will be closed on Monday, June 20 in honor of Juneteenth. We will reopen during regular hours on Tuesday, June 21.

Independence Day - Our branches and offices will also be closed on Monday, July 4 for Independence Day. We'll reopen on Tuesday, July 5 during regular hours.

 

Contact Cash Management

For more information about our business products and services, contact the KS StateBank Cash Management team by email or call us at 800-588-6805.

 


 

March 2022

Put Cash Flow Control in Your Hands – with Digital Banking

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.

Fortunately, with digital banking, you have powerful tools to help you manage and monitor your business finances, anytime – at your fingertips

  • 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.

The power to manage your business finances truly is in your hands. Connect with our digital banking solutions today.

 

Streamline Your Payment Processing with SmartPay Express

If your business or nonprofit organization accepts payments for things like dues, rent or donations, our SmartPay Express solution could be a good choice to help streamline your payment processing. With the convenience of SmartPay Express you can easily accept payments and donations online using a variety of payment methods including ACH, credit cards and debit cards from a customized payment portal.

Here are a few things to know about SmartPay Express:

  • 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

We’ve teamed up with industry experts to offer a custom-branded site for your business or organization that matches the look and feel of your own website through a unique URL. You don’t need to have the IT resources to create an online payments option. Our team will take care of it for you. We provide the support you need to accept payments and donations online which means you receive payments faster.

Our team welcomes the opportunity to show you how SmartPay Express can enhance your payment options. If you’d like to learn more about SmartPay Express and how it could be a good fit for your business or nonprofit organization, contacted a member of our Cash Management.

Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.

Manhattan and Junction City

 

Melissa Brisbin

SVP, Cash Management

785-587-4000, ext. 146

mbrisbin@ksstate.bank

Ed Klimek

VP, Business Development

785-587-4000, ext. 176

eklimek@ksstate.bank
Wichita  

Andy Snyder

Wichita Market Business Development Officer

316-722-6665

asnyder@ksstate.bank

Marc Ward

EVP, Wichita Market President

316-722-6665

mward@ksstate.bank
Phoenix and Scottsdale  

Tami Camamo

VP, Cash Management Specialist

602-393-6957

tcamamo@ksstate.bank

Sherie Fisher

AVP, Cash Management Specialist

602-393-6946

sfisher@ksstate.bank

Niko Mendez

Cash Management Specialist

602-393-6950

mendez@ksstate.bank

 

 


 

December 2021

Get Paid Sooner: Improve the Collection of Your Accounts Receivable

Your cash flow is a key indicator of the financial health of your business. One of the most important ways to ensure good health is to manage your accounts receivable more efficiently. Here are seven ways to keep cash flowing in and your business moving forward:

  1. Get to know your customers. When you have a personal relationship with your customers, they are more likely to pay you.
  2. Get paid in advance. The best way to ensure payment is to ask for money upfront. You could start by requiring customers to make a deposit or pay a retainer when they sign on with you.
  3. Invoice immediately. It's a simple fact: the sooner you invoice your customers, the faster you'll get paid. Consider billing your customers electronically versus sending invoices in the mail to give customers a few extra days to pay.
  4. Offer more payment options. The more ways you give customers to pay, the more likely it is that they will pay you. Consider taking payments by phone or online and offering the ability to make recurring payments charged to their credit cards or automatically deducted from their bank accounts. KS StateBank now offers SmartPay Express which allows you to collect payments online using a custom web portal.
  5. Run aging reports. When you're busy serving your customers, it's easy to lose track of your outstanding invoices. One way to ensure that doesn't happen is to regularly run accounts receivable aging reports, which will help you keep track of late invoices. Then, you can send your customers payment reminders.
  6. Offer discounts for early payments. Give your customers an incentive to pay early by offering them a discount. Some companies also charge late fees for payments. If you do go the late fee route, make sure you clearly indicate the fees for late payments on the invoice.
  7. Establish payment policies with customers. When you sign up a new customer, be sure to review the payment terms even before you do business. The customer should know how and when you will invoice them, when payments are due, and any fees that may be assessed for late payments.

Remember, your accounts receivable is an asset, but only if you can turn it into healthy cash flow. SmartPay Express and Lockbox Services are great solutions to help you do just that. To find out more about how we can help, contact our Cash Management team by email or give us a call at 800-588-6805.

 

2022 Holiday Schedule

2021 is winding down and we want to remind you about our schedule for the remaining holidays this year and give you an advanced look at the dates for 2022. 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 2021 Remaining Holidays

Friday, December 24

Bank closes at noon; ACH deadline is noon CT

 Christmas Eve
Saturday, December 25  Christmas Day
   
Date 2022 Holidays
Saturday, January 1 New Year's Day
Monday, January 17 Martin Luther King, Jr. Day
Monday February 21 Presidents Day
Monday, May 30 Memorial Day
Monday, June 20 Juneteenth (Observed)
Monday, July 4 Independence Day
Monday, September 5 Labor Day
Monday, October 10 Columbus Day
Friday, November 11 Veterans Day
Thursday, November 24 Thanksgiving Day
Monday, December 26 Christmas Day (Observed)

Download the printer-friendly version of the 2022 Federal Reserve Holiday Schedule for your records.

We wish you all a joyous holiday season and a prosperous new year.

 


 

September 2021

Build Your Business Budget

If you've ever listened to a financial expert or done any research on personal finance, you know that one of the most important steps you need to take is to create a monthly budget. Having a monthly budget can help you rein in your spending, maximize saving, and meet your long-term goals.

But having a budget isn't just important for your personal finances; it can help your business, too.

A business budget is actually a financial roadmap or plan that shows the money you expect to take in and pay out over a specified period of time. A strong budget can help you gain financial control by

  • Helping you monitor and reduce expenses.
  • Uncovering saving opportunities.
  • Forecasting revenue and expenses to help you plan more easily.
  • Preparing for unexpected financial challenges.
  • Helping you make more informed business decisions.

Sure, it's hard to think about adding another thing to your already-packed to-do list, but creating a business budget is actually not that hard to do.

Just follow these simple steps:

  • Add up your income. You’ll need to tally all sources of income for your business, including your sales as well as other sources of income, such as rent and investment income.
  • Record fixed and variable expenses. Your expenses include both fixed costs that are the same every month, such as your rent, as well as variable costs that change based on the activity of your business, such as your utility bills or payroll.
  • Estimate additional expenses. Consider the plans you have for your business, seasonality, and any expected changes that may come up that will result in additional expenses.
  • Determine your cash flow. Add up all your fixed, variable, and additional expenses and subtract them from your income. This will allow you to determine the cash flow you have available.
  • Set your budget. Once you know your cash flow, you can budget your money for expenses. Be sure to include saving money as part of your monthly budget.
  • Review and reassess. Your budget will be fluid; so, you'll want to review and adjust regularly based on the changing needs and performance of your business.

You can simplify this process with budgeting software programs. At KS StateBank we offer My Money, a free online financial management tool found in Online Banking. My Money makes it easier to create a budget and manage your spending. But, whether you use those programs or create your own, having that budget will take you to a new level of financial control and peace of mind.

 

The Business Credit Card

Small business plays a vital role in our economy. Virtually all financial institutions offer small business loans to qualified business customers making it easier than ever to establish a new business. So why apply for a business credit card?

Keep Track of All Your Business Expenses
The first and most obvious reason for a business credit card is to separate personal finances from business related purchases. With your business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.

Business credit cards are accepted virtually everywhere that you shop. Covering business purchases with employee's personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used. This is true for KS StateBank Business Credit Cards. We can provide individual cards with customized limits for your employees and you can access our new 360Control application to monitor and manage your business credit cards.

Establish Your Business
A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. Just by owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.

So even if your business doesn't have a six-figure budget, a business credit card could help your business grow. You never know when your business might suddenly need extra money. Office equipment might need immediate replacement. Without a business credit card, financing could drastically interfere with your daily routine.

Earn Rewards with a Business Credit Card
You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. A cash back business credit card is a great way to increase your profit margin. Contact our Cash Management team to learn more about the new KS StateBank Rebate Rewards program.

Not only does a business credit card provide convenience and rewards, it also helps to build business credit for the future of your company as you watch it grow!

To learn more about KS StateBank Business Credit Cards, contact a member of our Cash Management team at 800-588-6805 or by email.

 


 

June 2021

Safeguard Your Company's Data

Your customer data is one of your most valuable business assets. That's why it's critical that you protect it, especially today when cyber threats are on the rise. Here are some measures you can take to protect you and your customers from costly data breaches:

  • Keep software up-to-date. Make sure you install patches on all your company's software programs as soon as they become available.
  • Manage passwords. Your passwords are the gateway to your company's most sensitive data; it's essential that you select them carefully. Be sure to use a combination of random letters, numbers, and symbols that are difficult for others to guess. Also make sure that your passwords are changed regularly.
  • Limit access to data. Try to limit data access only to your most trusted employees. And offer regular training for them on best practices for protecting data.
  • Use encryption. A smart way to safeguard your data is to use encryption software that will protect the information you send and receive.
  • Be PCI compliant. If you accept credit and debit card payments, ensure that your processing meets PCI compliance standards.
  • Install antivirus software. Make sure every computer in your company is equipped with the latest anti-virus, anti-malware software.
  • Don't store unnecessary data. You should have complete knowledge of the data you have on file and what you absolutely need to keep. If you don't need to retain data, get rid of it. Also, to limit risk, avoid storing customer payment information, such as credit or debit card numbers.
  • Use a firewall. Firewalls can help you protect your company and customer data from hackers and malware.
  • Conduct security audits. Every year, review your policies, procedures, and equipment to identify any vulnerabilities.
  • Safeguard paper documents. If you store data the old-fashioned way, on paper, make sure that your files are in a secure location. Shred any documents you no longer need that contain sensitive information.
  • Be aware of email account compromise. This is one of the most financially damaging online crimes. Scammers might spoof an email or website, use malware or send spear phishing emails emails that look like they are from a trusted sender to trick victims into sharing confidential information. Be careful of what information you share online or on social media and don’t click on anything in an unsolicited email or text message, including attachments.
  • Watch out for wire fraud. With this type of fraud scammers may request that you wire money to them from a compromised or spoofed email address that may be familiar to you. It’s always good practice to follow-up with a phone call for verbal confirmation prior to initiating any form of payment.

A data breach can not only be costly to your business, but also can destroy the trust your customers have placed in you. Protect your data today!

 

Solutions to Help the Safety of Your Business

Safety and efficiency is important for every business and it’s important to have solutions to help strengthen the security of your day-to-day banking business. Here are some of the services we offer at KS StateBank that can help your business do just that.

  • Secure Tokens offer an additional layer of security for your Online Banking account. The Token generates a one-time 6-digit code (which will change every 30 seconds) to use at each Online Banking login, similar to an additional password.
  • E-Statements can be viewed and saved safely through Online Banking. These free electronic statements are identical to our printed statements and eliminates the need to store the paper version.
  • Positive Pay is an automated check fraud protection tool found in Online Banking that helps you safely approve and upload items to your accounts.
  • SmartPay Express makes it possible for you to accept credit card and ACH payments, membership dues and donations online easily from your company’s website.
  • SmartSafe is our cash deposit solution that allows you to deposit the cash you’ve collected throughout the day into your onsite safe. It incorporates bill validation, counterfeit detection, and software capabilities to provide online reporting for your business.  

Our Cash Management team is available to answer your questions concerning the safety and security of our products and services. For questions about these and other services, contact Cash Management by email or call 800-588-6805.

 


 

March 2021

Building Loyalty One Customer at a Time

Who are your best customers? It's one of the most important questions for business owners to answer in today's uber-competitive business marketplace. The answer, though, isn't all that difficult. It's your loyal customers.

As your parents probably told you growing up, loyalty matters. Especially in the business world. Loyal customers are likely to buy more from you, stay with you longer, and recommend you to other customers.

Here are some ways to build relationships and loyalty with your customers:

  • Know your best customers. So exactly who are your most loyal customers? They are the customers who have been with you the longest and who buy the most from you. You may be able to determine that through your sales data or just by seeing the customers who come into your business year after year. If you can identify your best customers, you can get to know them on a personal level, which helps increase loyalty.
  • Show appreciation. Your loyal customers do a lot for your business, so it's important to regularly thank them. That could involve sending them a note or email, or taking them out to lunch if possible. Even consider hosting Customer Appreciation events.
  • Stay in contact. Remember that your competitors are constantly vying for your customers' business. That's why you'll want to stay in front of your customers whenever you can. Consider sending them birthday greetings and picking up the phone and reaching out every so often to see if they need anything.
  • Reward customers. There's a reason why so many companies offer loyalty programs they work. They encourage repeat business, which is essential to building loyalty. You can reward customers by creating a loyalty program that offers exclusive offers, discounts, and even gifts for doing business with you.
  • Improve customer service. Every interaction you have with your customer whether it's online, in person, by phone, or even during product or service delivery is an opportunity to provide exceptional service to your customers. The better you serve your customers, the more likely they are to return and to recommend you to others.
  • Ask customers what they think. The best way to stay attuned to what customers want and need is to regularly ask them. Pick up the phone and ask them about the service they receive and ways you can improve. Or if you have many customers, send out customer surveys. Pay attention to what customers are saying and make necessary changes so they know that you are listening to them.

Loyalty matters, not just in building strong long-term relationships with your customers, but also in building your bottom line.

 

KS StateBank Cash Management Services

As a business owner, your workday probably never ends. We offer products and services designed to save you time, money and energy. Here are just 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 leaving your office. 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 a stand-alone service.

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.

To learn more or to get started with one of our Cash Management services, contact a member of our Cash Management team by email or give us a call at 
800-588-6805.

 


 

December 2020

How to Prepare Your Finances for the New Year

The end of the year is traditionally a time for winding down. But as those who run successful businesses know, it's also a great opportunity to start gearing up for the New Year. Here are some ways you can get to work at putting your business in a great position for 2021:

  • Run your financial reports. When you manage a business, it's essential to always know where your business finances stand. Running financial reports, such as an income statement, balance sheet, and cash flow statement can help you determine the financial health of your business. If you use financial software, you can usually run these reports quite easily.
  • Analyze your sales. Just as it's important to understand the financial health of your business, it's also important to look at the health of your sales. How did your sales perform in the past year compared to the previous year? What products were sold most? Who were your best customers?
  • Have a plan for the new year. Once you know your sales and the financial health of your business, you can start planning for the year ahead. Begin by writing down specific goals and steps for meeting them. For example, if you want to add a new service or product, develop a marketing plan for how you will introduce it. Will you use social media or email marketing to promote your product?
  • Set a budget. With your goals established, you can begin allocating money for the next year. Be sure to be specific with your line items and to track spending in the New Year.
  • Monitor accounts receivables and payables. Before you close your books for the year, make sure you have collected all payments and paid all your invoices.

The bottom line is that the end of the year is the ideal time to work on your business planning and get off to a great start in 2021. Who doesn't like the sound of that?

 

2021 Holiday Schedule

The holiday season is in full swing, and we wanted to remind you about the remaining holidays for 2020 and give you an advance look at the dates for 2021. 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. Please mark your calendars for these dates, but remember that we're always open at ksstate.bank.

Date 2020 Remaining Holidays

Thursday, December 24

Bank closes at noon; ACH deadline is noon CT

 Christmas Eve
 Friday, December 25  Christmas Day
   
Date 2021 Holidays
Friday, January 1 New Year's Day
Monday, January 18 Martin Luther King, Jr. Day
Monday February 15 Presidents Day
Monday, May 31 Memorial Day
Monday, July 5 Independence Day (Observed)
Monday, September 6 Labor Day
Monday, October 11 Columbus Day
Thursday, November 11 Veterans Day
Thursday, November 25 Thanksgiving Day

Friday, December 24

Bank closes at noon; ACH deadline is noon CT

Christmas Eve
Saturday, December 25 Christmas Day

Download the printer-friendly version of the 2021 Federal Reserve Holiday Schedule for your records.

 


 

September 2020

Staying Connected to Your Customers in Uncertain Times

Business owners know better than anyone: it's competitive out there. Your customers now have a world of places to take their business across the street or around the world. That, of course, brings up an important question: How do you get your customers to stay with you?

One of the most important ways to retain customers has always been to build personal relationships with them. In the past that wasn't as difficult, particularly when you have local customers who frequent your place of business or welcome the opportunity to have you visit theirs. Today, however, amidst the COVID-19 pandemic, those options may no longer be possible.

So how can you maintain close contact with your customers and stay attuned to their changing needs? The answer is right in front of you. Literally.

Thanks to technology, you now have a wealth of ways to stay in touch with your customers without leaving your business. Here are five ways you can leverage the power of technology to stay in touch with your customers in uncertain times:

  • Zoom in on their needs. As a business owner, you constantly need to be in front of your customers. Fortunately, technology like FaceTime and Zoom allows you to do that. If you can, set up regular meetings and check-ins with your customers.
  • Email regularly. Just as you rely on your customers for your business, they rely on yours. That's why it's critical to keep them updated on what's happening with your company. If you've changed your hours or your policies due to COVID-19 or are offering new products or services, send emails to inform your customers. Be sure to tell them about safety precautions you may have taken and to let them know that you're still there to help them.
  • Leverage social media. If there ever was a time to use the power of social media, it's now. Use your networks to provide information that may help your customers manage some of the challenges they may be facing. Be sure to share information that's timely, relevant, and of course, hopeful.
  • Conduct online surveys. Chances are, the needs your clients had before COVID-19 are very different from the ones they have now. One way to learn more about what your customers want and need is to ask them. Consider sending out surveys with a special incentive or offer for customers who take the time to participate.
  • Offer online buying options. If your sales are traditionally made at your place of business, think about enhancing your e-commerce solutions to allow customers to order remotely. Also, make sure your customers have easy and convenient access to customer support if they have questions or need assistance.
  • Make a personal connection. Technology isn’t always needed to connect with your customers. Most everyone enjoys receiving mail, especially when it’s not a bill, so try sending a hand written note. You could also make a phone call to your customers to check in on them. A brief phone conversation can leave a lasting impression.

The bottom line is that in these challenging times, your customers don't just want to hear from you, they need to. Staying connected and attuned to your customers' changing needs will remind them why they chose your business in the first place.

 

Payment Solutions for your Business

Our goal at KS StateBank is to provide our clients with the best products and services available. So we’ve partnered with industry leader Elavon to offer flexible, innovative and security focused Merchant Services for your business.

By choosing KS StateBank for your payment processing solutions, your business will benefit from:

  • Payment acceptance for all card types including PIN Debit, EBT, Corporate/Purchasing cards, American Express, etc. reducing the need to turn customers away.
  • Innovative technology that includes chip card/EMV terminals, all-in-one wireless smart terminals, mobile, tablet and e-commerce payment solutions making it easier for your business to stay up-to-date.
  • Trust and reliability with security solutions that can help you protect your customers’ payment card data. Their processing platform also has a high average uptime rate meaning less downtime for your business.
  • A dedicated account manager to answer any questions and assist you as your payment processing needs change and grow. We know your business may not just be 9 to 5. That’s why Elavon’s customer care team is available 24/7/365.

If you would like more information, contact our Cash Management team by email or give us a call at 800-588-6805 and ask about our complementary competitive business analysis to see if we may be able to save you money.

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NOTICE: Because there is a risk that information transmitted via internet email could fall into the wrong hands, KS StateBank recommends that confidential information, such as account numbers, social security numbers, or other identifying information, not be transmitted via email. Instead, please contact KS StateBank directly at your nearest bank branch, or use our secure KS StateBank message center. It is your responsibility to ensure that communications via internet email are virus free. No responsibility is accepted by KS StateBank for any adverse consequences, or violation of any law or regulation, resulting from your use of internet email.

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