Even when a strong business structure is in place, companies can find themselves struggling to stay profitable or reach the next level of success due to lack of financial know-how. Origin Bank experts David Helms, Chief Retail Officer, and Will Loftin, Chief Small Business and Consumer Lending Officer, are here to offer guidance with a list of pitfalls that, when avoided, can lead to improved business performance and success.
- Business owners don’t know the tools and resources they need. - Having the right kind of experts lined up is crucial. Origin’s business bankers are an invaluable resource when it comes to a company’s financial needs, including billing and payroll, staffing, administration, credit scores and business cycles. Helms says business owners sometimes don’t realize how important those things are to the company’s bottom line.
- Business owners often underestimate the amount of capital needed to build their foundation. - “It makes a difference, for instance, whether you’re buying or leasing space, the amount of overhead involved and the time it takes to start turning a profit,” says Helms. Even if your business is still in the planning stage, Origin’s business team can offer crucial help by offering insight into the amount and source of startup capital required, what it will take to complete the business plan, and strategies that defray startup costs.
- Inefficiencies can hinder profitability. - “We find ways to shorten collection times and help cut down on expenses in general,” says Loftin. “You can manage cash better with the bank in an advisory position.” As an example, Loftin points to the bank’s recent experience with an established company. Origin helped figure out how to automate part of the company’s process. The change led to significant savings on labor and expenses. The company also improved its internal processes, which ultimately provided better results for customers.
- Business owners may feel compelled to multitask as financial experts. - “There’s a definite advantage in having our expertise for customers with a combination of personal and business banking needs,” Helms says. Origin’s bankers have the experience to advise on a wide variety of topics, from personal to business, which makes for greater returns on investment.