With the holiday season officially upon us, there are resounding themes of New Year’s resolutions regarding health, personal finance and family matters. Small business owners are no different. With economic pressures likely to continue, it is a perfect time of the year for Hispanic small business owners to make positive changes. Here are some essential tips every Hispanic small business owner should consider in 2013!
CHOOSE THE RIGHT PARTNER
- Running a small business can be stressful enough, and small business owners deserve partners who can ease the burden. For that reason, small business owners should consider a banking partner that wants to understand their business and offers ways for them to easily manage their money. As revealed in a recent survey conducted by TD Bank, Hispanic small business owners stress levels are increasing, and the top stressor is from managing their money. A dedicated banking partner can help ease that stress.
SIGN UP FOR THE RIGHT CHECKING ACCOUNT FOR YOUR BUSINESS
- Signing up for a checking account that’s the right fit for your business can help ease the stress associated with managing your money. Partner with a bank that offers flexible checking products based on your deposit needs. One checking account doesn’t fit all, so take into consideration your average minimum daily balance and monthly transactions.
LOOK FOR WAYS TO IMPROVE YOUR CASH FLOW
- Small business owners should also talk to their banker about ways to improve their cash flow. A line of credit is a possible solution to help accommodate the ups and downs of your cash flow, and can enable you to purchase inventory in anticipation of future sales. If you have a line of credit, tracking your outstanding receivables closely will help you decide when you should draw on your line to support your cash flow. However, it’s important to remember to pay it back once you collect those receivables.
DISCUSS 2013 PLANS WITH YOUR BANKER
- Before the end of the year, schedule time to visit your banker. Share your financial data and discuss growth plans for 2013. Having these conversations will help you and your bank have a better understanding of your business’ financial goals. Also, if you’re looking to apply for new financing, constant communication can lead to a faster decision on a loan application.
With a dedicated banking partner, small business owners have opportunities to focus more on managing their business and driving for greater results. With a little research, these New Year’s resolutions can help you find a bank that is committed and focused on the success of your business. To learn more about banking options that fit your small business’ needs, visit your nearest TD Bank in person, by phone, or online at TDBank.com