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Financial Conversations with Fitz #98 - Banking tips for Small Businesses - 03/06/2012

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A good weekend………A bit of snow on Sunday….just to keep us honest.  Grain had another crazy week with predictions and rumors out of Brazil and Argentina and China purchases .  Several views by both bears and bulls…….USDA survey came out on the 23rd.   Will we have 94 million bushels or not.  Did Greece really did put a plan together……Natives are not too happy about it.DOW will be down  this morning because of concerns with China’s reduction in their growth rate.  

This week I want to visit about something I have enjoyed working with my entire professional career.   Tips for small businesses; there is nothing more exciting for me when a person comes in to ask about starting a business, it can be in the form of working out of your home or going for the full route of opening a shop uptown or in the country.   Usually they start out asking if they can borrow some money for equipment or facilities.   I always back up a bit and ask about their professional team of Attorney, Insurance agent, Accountant or CPA, accounting software and then I will discuss which credit card vendor they can work with.   On the loan side we at TSB can either go in house and take caer of a small loan right here or if it is longer term or a larger size I have a network of people I have worked with thru SBA, Iowa Business Growth or even a NANO loan thru regional outlets.   Also point out if they have worked with Iowa Business Development thru NIACC in Mason City or Spencer.   This is a great service that is free at this point.  They help you put together your cash flow and business plan.  You need your attorney to set up your legal entity that you are going to operate as.   Also use them if there is a purchase contract involved on building or business.  How are you going to handle your billing and collections of them.   We set you up with the right business account and any cards you need.   An important item I always point out for retail is that you bank everyday.   We have our night deposit that is so handy and safe.  In the new era of internet uses we cover some safeguards for you to be aware of if you use them.   Will you be wiring money or any special handling of cash needs.    Who is legal to use your account or ask for information.   You must have them listed on the account if you want us to communicate with them.   This includes family members or your bookkeeper.  Starting your small business will greatly affect your life.   It can be a great experience or a very trying one depending on how you get started with all these things even before you open the door.    Give any of our offices a call.

Call or stop in to see us if you have any questions in any of our three offices in
Forest City---641-585-3247
Thompson----641-584-2275
Titonka---515-928-2142

Remember that you should deal with people in community banks and organizations.  When you work with them, you know that you will also see them sitting with them at ball games, church or community events.