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Navigating Growth: Financial Strategies for Expanding
Manufacturing Businesses

by Dustin Gresen

In the manufacturing industry, expansion never comes easily. In one of the most resource-intensive industries in the world, growth often comes through sound investment decisions and a significant degree of financing to fuel them. This article will cover a few strategies and approaches that you can use to fuel growth and achieve success in the fiercely competitive manufacturing industry.

Loan and line of credit acquisition

Acquiring a loan or a line of credit from a bank is one of the best steps you can take to move your manufacturing business on the path of growth. Whether you are purchasing new equipment, hiring new personnel, expanding your facilities, or embarking on any kind of growth strategy – banks can provide you with the financing you need to fuel it.

However, not all lenders are made equal. Acquiring a loan or a line of credit is a very pivotal decision that requires intense consideration. When searching for a lender, you will want to find a lender that has the following qualities:

  • Willingness and ability to support your company through good times and bad times
  • Financing options that strongly align with your company’s needs, rather than prioritizing their own needs
  • A strong level of knowledge and/or experience in the manufacturing industry, or a willingness to learn

Alongside each of the above qualities, a great lender will offer flexibility, personalized service, and generous terms, all of which are needed to survive and thrive in a complex, fast-paced industry.

Workforce management

One of the best ways that manufacturing companies can expand their growth is to invest extensively in their working capital. In an industry reliant on skilled labor and experiencing a labor shortage, it’s important to focus on retention and internal development as much as you can.

Building a skilled and loyal base of employees is a significant investment, but one that pays off in the long term. Your company will be better suited to excel in current market conditions and adapt to those of the future.

Do you have a star performer that you want to upskill, re-skill, or move to a leadership position? Invest in a training program to help them along the way. Need to focus on keeping people around for the long run? Listen to their concerns and invest in whatever you need to solve their day-to-day problems and offer long-term support.

Small Business Administration (SBA) resources

If you’re a small manufacturing business, the Small Business Administration is one of the best resources available to you. The SBA can connect you with financial institutions, provide them with guarantees, and open up a whole world of competitive financing options for you.

The SBA offers a variety of programs designed to help small manufacturing companies grow, including:

  • Microloans: for companies who need loans under $50,000
  • 7(a) loans: flexible, general purpose loans for companies with a broad set of needs
  • 504 loans: loans up to $5 million for fixed assets like long-term machinery/equipment, new facilities, and existing buildings or land

Mergers & acquisitions

Following a couple years of downturn, PwC expects mergers and acquisition deals to increase in 2024 in volume on the back of improved and more clear macroeconomic conditions. They explain that mergers and acquisitions can help manufacturing grow in many different ways, including but not limited to the following:

  • Diversifying geographical footprint
  • Acquiring modern technological assets and building redundant facilities
  • Address supply chain uncertainties
  • Increase adherence to sustainability standards

M&A deals can be financed through a variety of options, including bank loans, lines of credit, private lending, Small Business Administration resources, and more. Growth in the manufacturing industry is made possible with sound investments and smart purchases on the back of secure financing adjusted to your needs. Seek out reputable organizations and flexible lenders like the SBA and local banks that will gain you access to the capital you need to invest in your people, invest in your facilities and equipment, or expand your presence either organically or through an acquisition.

As a small business owner – your network can often be the most powerful tool available to you. When you have a robust network of people and teams supporting your journey to success, lofty goals begin to look more realistic, and rocky roads get a bit smoother.

Building out a network around your small business can provide you with a ton of different opportunities and benefits. Here are some of the most impactful ones:

  1. Great support

    When you’re networking, remember that some people’s business is to help you succeed in yours! We’ve discussed at length how your partners and mentors can help you survive, thrive, and evolve. Some examples we listed are:

    • Business bankers – leverage their expertise to help you grow, maintain financial health, and achieve your strategic goals
    • Attorneys – provide legal protection services for your business, including for intellectual property and payment collection
    • Accountants – provide financial analysis and ensure compliance with rules and regulations
    • Family and friends – can provide you with unique insight on the basis of knowing you personally
  1. Shared knowledge

    You’re an expert in your niche. But you’re probably not the only person in it! When you build relationships with other companies in your niche, you can exchange information and share experiences that will mutually benefit each other, such as best practices, emerging trends, and scaling strategies. It’s not always easy to figure these things out for yourself, and it’s rare to find someone who did it all on their own.
  1. More relationships, more leads

    The bread and butter of any small business – relationships. Building good relationships with other businesses (and/or their owners) can provide you with a clear idea of what their strong points and pain points are, and how you can potentially tune your product and service offering to fit their needs. Even if nothing comes out of a relationship directly, you are more likely to get a referral if they know somebody who requires your products or services.

    Put simply, networking opens up a whole new world for small business owners. Many small business owners across all industries would consider it to be an indispensable part of what they do. It’s a highly important part of leveling the playing field with bigger businesses that have more internal resources in addition to their own networks.

If you want to start networking or get more involved in it, Fundera provides some convenient options to get started:

  • Join community organizations

    As a small business owner, there are many organizations out there that are specifically meant to help you, or that you would benefit from joining. By getting involved in community organizations, you can learn more about the business landscape in your area, identify opportunities, access useful resources, influence change, and most importantly, add value to those around you. Some ideas for organizations you can get involved with include:

    • Industry-specific organizations
    • Charity organizations
    • Local chamber of commerce
    • Clubs
    • Boards
  • Online networking

    This is one of the best options available to you if you’re short on time or want to prioritize convenience. Being active online with social media and web content while applying best practices in SEO can help build organic visibility for your brand and get more people interacting with the products and services you sell.

    You can also engage with other small businesses via social media by liking, sharing, and interacting with their content. If you build up a good relationship with them on social channels, chances are they will return the favor, and it may lead to more collaboration in the future.
  • Volunteer

    Volunteering your time for a good cause is one of the best ways you can meet people and build visibility for your small business.  Places like homeless shelters, soup kitchens, animal shelters, and hospitals are almost always looking for volunteers and provide you with an opportunity to make a positive impact on your community while you’re out networking.

The bottom line is that networking is a very important part of being a small business owner. By networking, you can build a greater support system around you, access more opportunities and resources, and gain valuable insights and knowledge about your niche. These benefits alone can help fast-track your long journey to success. If you want to get started with networking or get more involved, there are always plenty of options available to you. Posting high quality content and engaging with others online is one of the most convenient ways to build visibility straight from your office. Community organizations and volunteer opportunities provide you with easily accessible ways to make connections in-person while making a positive impact on those around you.

An ACH payment is a digital transfer of funds made between banks (or other financial institutions) using what is called the Automated Clearing House network.

Businesses use ACH payments for a variety of different purposes, including direct deposit of paychecks to employees and benefits payments. For business-to-business transfers, ACH payments are the standard, with the share of B2B transactions using the ACH network increasing every year.

Consumers also use the ACH network a lot, most commonly to make payments to businesses or other organizations that they owe money to. For example, your rent/mortgage, loan, car, and utility payments are all likely completed through the ACH network.

ACH payments are highly appreciated by both businesses and consumers for the level of cost-effectiveness, accuracy, and convenience that they offer.

  • Cost-effectiveness and accuracy

    ACH payments allow businesses to avoid the processing fees associated with paper checks, credit cards, and debit cards. Furthermore, with the ACH network, the chances of human error and data loss are drastically reduced, which saves you a lot of time and money (to the tune of $3.3 million dollars per breach, according to an IBM report).
  • Convenience

    As mentioned before, with ACH payments, there is no need to deal with paper checks. The same goes for any related physical materials. When you have ACH payments set up, you don’t have to go to the bank to deposit any physical documents or records, saving you time and costs. Transfers through the ACH network are processed quickly and easily. Businesses can set up recurring transfers to automate payments to employees and other organizations, while consumers can set up automatically recurring payments so that they don’t have to remember every time, and don’t miss a beat!

However, the most important benefit that ACH payments offer is security against fraud. Given that it eliminates the transfer of physical materials between several entities, it already reduces the risk of fraud by default. By implementing an ACH fraud prevention system, the risk of any wrongdoing occurring is reduced tremendously.

Whether you are a business or a consumer, there are plenty of options available to you that can make your ACH transactions even more secure than they already are. Some examples of things you can do to prevent ACH fraud include:

  • Creating an authorized user list to limit transaction authorization to specific parties only
  • Using one-time authorization measures to make a unique payment
  • Implementing a fraud filter or freeze condition that allows you to catch, manually review, and prevent potential unauthorized withdrawals before they happen

ACH transfers, meaning payments processed through the Automated Clearing House network, have become the standard for all types of payments (B2B, B2C, C2B). The share of purchases processed through the ACH grows significantly every year, and for good reason. ACH payments offer a level of convenience, cost-effectiveness, accuracy, and security that can’t be replicated with traditional payments using physical documents and records.

As the business landscape rapidly evolves, new trends are emerging and gradually becoming more entrenched in the working world. Innovations in technology, service delivery, and more are shaping the present and defining the future. The small, resilient, and trailblazing small businesses that form the backbone of our economy are at the forefront of many of these shifts and defining the future. Let’s look at some of the top trends that small business owners should be paying attention to this year.

Artificial Intelligence

You can’t ignore it – AI is here, and it’s here to stay. You couldn’t avoid it in the media last year, and you probably won’t be able to this year! With text-based AI like ChatGPT writing everything from articles to fully functional code in seconds and image generators like DALL·E 3 immediately generating custom art that would otherwise take days, weeks, or more to produce, the practicality of AI has taken the small business landscape by storm.

The U.S. Small Business Administration (SBA) cites Constant Contact’s Small Business Now Report, which shows some eye opening results, including but not limited to the following: 91% of business currently using AI say it has made them more successful, 74% of small business are interested in using AI or automation, and 60% of small businesses using AI in their marketing say that it’s helped them save time and work more efficiently.

AI and automation has established a presence in nearly every aspect of business, from content production and marketing to accounting and financials. This year, we can expect all of these percentages to increase as the appeal of automation continues to expand with more practical use cases, more affordable options, and more ways to realize massive ROI as a small business.

Soft Skills and the Human Touch

While AI and automation can replace a lot of things, there are some things that it just can’t. One of those things, says the SBA, is soft skills – the human touch that makes products, services, customer experience, and brand experience so special. Effective communication, active listening, empathy, patience… these are things only a human can express and convey, and will always be “in style” when it comes to creating the best customer journey possible.

Human beings have always preferred to interact with other humans when it comes to business. Just as an example, we all know how annoying it can be to call customer service and be received by a monotonous bot (or three…) that either replaces the role of a human or prevents you from talking to one in the first place. According to Paul Skeldon, an unsurprising 74% of customers say they’re more loyal to a company if they can speak to a human. For more perspective, the SBA cites a study by Redpoint Global that found that 77% of consumers believe positive customer service requires human interaction. So when it comes to the customer-facing elements of business, it’s good practice to stick to “old reliable” by prioritizing soft skills and maintaining human touchpoints.

Competitive Labor Market

89% of small business owners with employees plan to hire full time employees or contract workers in 2024 and 62% of small business owners with no employees plan to bring people on board in 2024, according to Myranda Mondry’s analysis of the Entrepreneurship in 2024 Report by Intuit Quickbooks.

With the majority of small businesses looking to hire this year, expect the labor market to get even more competitive than it already is. Although conditions can vary heavily by niche and industry, small businesses should do the most that they can to set themselves apart and attract the talent that will propel them to success. Offering competitive salaries and comprehensive benefits should be a high priority for small business owners, alongside creating a fulfilling and engaging culture that satisfies employees’ needs as people and supports their growth as professionals.

The stage is set for 2024 to enter the books as another year packed full with innovations and opportunities that small businesses can use to get ahead of the competition. As AI continues to proliferate and scale up, it becomes a more affordable and attractive option for small business owners to take advantage of, saving time and money. However, it’s important not to lose sight of the importance of the human touch in the process, as it remains a critically important part of the customer experience. Make a conscious effort to build an employee value proposition that attracts candidates and retains talent as more small businesses look to start hiring throughout the year.

“AI Stats and Trends Small Businesses Need to Know Now” [Article]. 9 August, 2023. Constant Contact. Available at: https://news.constantcontact.com/small-business-now-ai-2023 [Accessed 23 Jan, 2024]

“These Small Business Trends Look to Shape 2024” [Article]. 21 November, 2023. U.S. Small Business Administration. Available at: https://www.sba.gov/blog/2023/2023-11/these-small-business-trends-look-shape-2024 [Accessed 23 Jan, 2024]

Maksimovic, Angelina (1 February, 2023). “77% of Consumers Believe Positive Customer Experience Still Requires Human Interaction” [Article]. CX Scoop. Available at: https://cxscoop.com/latest-news/77-of-consumers-believe-positive-customer-experience-still-requires-human-interaction/ [Accessed 23 Jan, 2024]

Mondry, Myranda (19 December, 2023). “Entrepreneurship in 2024: Small business trends and predictions for the year ahead” [Blog]. Intuit Quickbooks. Available at: https://quickbooks.intuit.com/r/small-business-data/entrepreneurship-in-2024/ [Accessed 23 Jan, 2024]

Skeldon, Paul (27 June, 2018). “The key to customer loyalty in the digital age? The human touch” [Article]. Internet Retailing. Available at: https://internetretailing.net/the-key-to-customer-loyalty-in-the-digital-age-the-human-touch-17964/ [Accessed 23 Jan, 2024]

When you’re planning to build your own home, understanding how much it’s going to cost you should be among your top priorities. It can be fun to think about everything you want to put in your dream home, but sticking to a realistic budget is important not only for yourself, but for the confidence of your lender. Although the cost of building a house can rise and fall on a year-by-year basis and based on specific circumstances, you can generally count on it rising on average as time passes.

Data from Statista shows that in the last two decades alone, the price per square foot of a new single-family house in the US more than doubled from $75.68 to $168.35. The most significant jumps in price occurred in 2021 and 2022, both incurring more than $20 rises over the past year. Increasing land, labor, and material costs can account for much of the upward trend in the price per square foot of constructing a house. While these are generally expected conditions in the market, Quickdraw Fund Control shows that recent years have seen shocks that have increased pricing significantly, like supply chain disruptions (leading to historically high prices for construction materials), labor shortages, high interest rates, and significant inflation.

Brian Freeman points out a number of other individual factors that can affect your cost per square foot in building a house. Chief among them are the size of the lot, the usage of the space, and the quality of the finish. To illustrate what that means, think about two houses. One of these houses is 500 square feet smaller than the other, but both of the houses are built with the same number of kitchens, bathrooms (the most expensive square footage to build), and amenities, as well as the same quality and type of finishes. The smaller house is going to cost more per square foot than the larger one, because the costs are distributed over a smaller space. And generally, houses with more bathrooms, more amenities, and more expensive finishes will cost more than those with fewer bathrooms, fewer amenities, and more affordable finishes.

Another aspect that affects pricing for the homeowner is geographic location. For example, a house built in a central urban area will almost certainly cost a lot more than the same exact house built in a less dense rural area. In Wisconsin specifically, the current price to build a home range (on average) between $80 and $400 per square foot, with most people paying between $155 and $255 per square foot, according to Fixr.

When creating their budget, prospective home builders should take into account economic, geographic, and individual considerations affecting their price per square foot. Although you can always find ways to budget smartly and cut costs when building a house, you may also want to look at broader conditions and trends to understand when the perfect time to build your dream home will come. Your lender can help guide you in the decision making by providing you with all the information and financing options you will need along the way.

“2022, The Second Half — Will Construction Costs Continue to Rise?” [Article]. Quickdraw Fund Control. https://quickdrawfundcontrol.com/2022-the-second-half-will-construction-costs-continue-to-rise/ [Accessed 16 January, 2024]

“Average price per square foot of floor space in new single-family homes in the United States from 2000 to 2022 (in U.S. dollars)” [Webpage]. Statista. https://www.statista.com/statistics/682549/average-price-per-square-foot-in-new-single-family-houses-usa/ [Accessed 16 January, 2024]

“How much does it cost to build a house in Wisconsin?” [Article]. Fixr. https://www.fixr.com/costs/build-house-wisconsin [Accessed 16 January, 2024]

Freeman, Brian (16 Mar, 2022). “What Affects the Price Per Square Foot to Build a Custom Home?” [Article]. Freeman’s Construction Inc. https://freemansconstruction.com/what-affects-the-price-per-square-foot-to-build-a-custom-home/ [Accessed 16 January, 2024]

As we step into the new year filled with opportunities and challenges, it’s essential for small businesses to stay ahead of the curve and adopt strategies for sustained success. Let’s explore key approaches that can make a significant difference in navigating the evolving landscape of 2024.

  1. Embrace Technology Integration: In today’s fast-paced business world, integrating the latest technologies is not just an option, but a necessity. Whether it’s upgrading your point-of-sale systems or implementing robust customer relationship management tools, leveraging technology can enhance operational efficiency, streamline processes, and offer valuable insights.
  2. Prioritize Online Presence and E-commerce: The digital marketplace is more relevant now than ever. Establishing a strong online presence is non-negotiable. Invest in a user-friendly website, optimize it for search engines, and consider exploring e-commerce options. Expanding your business to the digital realm can open new revenue streams and connect you with a broader customer base.
  3. Customer-Centric Approach: Customer satisfaction remains the cornerstone of any successful business. Prioritize a customer-centric approach by actively seeking feedback, personalizing interactions, and ensuring a seamless customer experience. Happy customers not only become loyal patrons but also serve as powerful brand advocates.
  4. Adaptability and Resilience: The business landscape is unpredictable, and adaptability is key to navigating uncertainties. Develop a mindset of resilience and agility within your organization. Stay informed about market trends, be open to change, and have contingency plans in place. The ability to pivot when necessary can be a game-changer.
  5. Financial Health and Strategic Planning: Maintaining a strong financial foundation is crucial. Regularly review your financial statements, monitor cash flow, and strategically plan for the future. Consider working closely with your banker and financial advisor to ensure your business is well-positioned to weather economic fluctuations and seize growth opportunities.
  6. Invest in Employee Development: Your team is your greatest asset. In 2024, focus on investing in the development and well-being of your employees. Provide training programs, encourage skill development, and foster a positive work culture. A motivated and skilled workforce enhances productivity and contributes to the overall success and sustainability of your business.

Success in a dynamic business landscape requires a proactive and strategic approach. By embracing technology, prioritizing customer satisfaction, fostering adaptability, maintaining financial health, and investing in your team, your small business can thrive in 2024 and beyond. Wishing you a prosperous and fulfilling year ahead.

It’s that time again – most of us have probably sat down and come up with a few resolutions for ourselves going into the new year. We all know and love the common ones – personal fitness, financial goals, spending more time with family, and so on. But have you thought of setting up a New Year’s resolution for your home?

As homeowners, we often think about upgrades or dream about renovations, but we also know that taking the leap to act on those thoughts and dreams is a whole different matter! Setting a goal at the beginning of the year and committing to it is a good way to set yourself on the path of action to make your home just that much better in 2024. Here are some ideas we came up with to help you get started:

  1. Clean up the clutter
    Start off the year with the simple and satisfying process of clearing out any space in your house that has clutter or excess. Common places in homes that tend to accumulate clutter are basements, attics, and closets. It’s natural, and often happens without us realizing it as we go through our day-to-day routines.

    Have a look through your home and get rid of any excess random items that don’t serve you anymore but take up space anyway. Once you’re done, set a schedule for cleaning each part of your house, and make it a routine. That way, you can stop the build-up of clutter as it happens and save yourself a lot of time.
  2. Invest in upgrades and maintenance
    Remember, your home is an investment. By keeping your appliances up to date and staying on top of your maintenance schedules, you’re not just improving your safety and quality of life, but also increasing the value of your property. Critical investments like your HVAC systems, roof, and windows should always be kept up to standard. If those are all done, you might consider investing in modern smart appliances that will save you money, time, and energy.

    Of course, the costs of these upgrades and maintenance checkups can be very high, which is a common reason for hesitation among homeowners. However, there are some options available to you, like a Home Equity Line of Credit (HELOC), that can make your upgrade and maintenance plans more accessible. Check out my article on how you can use a HELOC to get after home improvements and why they might be the right option for you.
  3. Bring out the donation box
    One of the best things we can do to support our communities as homeowners is to regularly donate the stuff around our house that we don’t use. There is always another member of your community who could find a use for your items. Look through your house carefully for practical things that go unused. Some common items to donate include clothing, utensils, blankets, toys, mattresses, and electronics. Not only will your house be cleaner, but you’ll also kick off the new year by making somebody else’s. Hard to think of a better start.

Now that you’ve got a few ideas under your belt, let’s get after them! Let’s all strive to make our home environment cleaner, safer, and better in 2024 – and why not help our communities along the way?

Henry, Whitney Shakespear (18 Mar, 2023). “8 smart home appliances for smarter living” [Article]. DesertNews. https://www.deseret.com/23643469/smart-home-appliances [Accessed 4 December, 2023]

In the fast-paced world of entrepreneurship, staying ahead of the curve is crucial. You may be familiar with ChatGPT as a versatile tool for text-based tasks, but did you know that it has evolved to do much more than meets the eye? The enhanced capabilities of ChatGPT could revolutionize the way you run your business.

1. From Text to Speech: Communicate with Ease

Imagine a virtual assistant that not only understands your text-based queries but can also respond in a human-like voice. With ChatGPT’s new feature, Text to Speech (TTS), you can turn written information into spoken words. This can be a game-changer for your business communications. Whether it’s creating dynamic presentations, generating voiceovers for promotional videos, or simply converting text-based updates into audio messages for your team—ChatGPT’s TTS adds a personal touch to your AI-driven interactions.

2. Speech to Text: Streamline Your Workflow

On the flip side, ChatGPT now has the ability to transcribe spoken words into written text. This Speech to Text (STT) feature is invaluable for recording meetings, interviews, or brainstorming sessions. No more scrambling for a pen and paper or breaking your concentration during important discussions—let ChatGPT handle the notetaking, allowing you to fully engage in the conversation. The transcriptions can be easily saved, edited, and shared, enhancing collaboration and preserving valuable insights.

3. Image Recognition: A Visual Assistant at Your Fingertips

ChatGPT has also stepped into the realm of visual information. By integrating Image Recognition capabilities, it can now “see” and interpret images. This can be a game-changer for businesses dealing with visual content. From analyzing product images for quality control to identifying trends in visual data for marketing strategies, ChatGPT’s image recognition can save you time and provide valuable insights.

4. Multimodal Capabilities: A Comprehensive Solution

The true magic lies in the synergy of these features. Imagine a tool that seamlessly integrates text, speech, and images—a multimodal assistant that understands your needs across different modes of communication. Whether you’re drafting a report, conducting a virtual meeting, or analyzing visual data, ChatGPT’s multimodal capabilities offer a comprehensive solution to enhance your business operations.

ChatGPT is not just a text-based tool; it’s a multifaceted assistant ready to elevate your business to new heights. From turning text into speech to recognizing images, ChatGPT’s expanded capabilities can cater to the diverse needs of your business, no matter what industry you’re in. Embrace the future of AI-powered assistance and let ChatGPT be the innovative ally that propels your small business forward.

Created by ChatGPT on October 31, 2023, with input from Amanda Krueger, Chief Marketing Officer, American National Bank Fox Cities

The holiday season is a time of joy, celebration, and, for many, a bit of financial strain. However, trimming your holiday spending doesn’t mean you have to sacrifice the magic of the season. With a bit of creativity and thoughtful planning, you can navigate the holidays without breaking the bank. Let’s explore some practical tips to help you enjoy the festivities while keeping your budget intact.

  1. Set a Realistic Budget:

Before diving into holiday shopping, take a moment to assess your finances and set a realistic budget. Determine how much you can comfortably spend on gifts, decorations, and festivities without compromising your financial well-being. Having a clear budget will help you make informed decisions and avoid impulse purchases.

  1. Plan Gift Exchanges:

Consider suggesting a gift exchange among family and friends instead of buying individual gifts for everyone. This not only reduces the financial burden but also adds an element of excitement as recipients eagerly anticipate their surprise gift. Set a reasonable spending limit to ensure that everyone can participate without straining their wallets.

  1. DIY Decorations and Gifts:

Tap into your creative side and make your own decorations and gifts. Handmade items often carry more sentimental value than store-bought ones. Create personalized ornaments, knit scarves, or bake homemade treats. Not only will this save you money, but it will also make your holiday celebrations more heartfelt and unique.

  1. Opt for Potluck Dinners:

Hosting a holiday meal can be expensive, but you don’t have to shoulder the entire burden. Consider organizing a potluck dinner where each guest contributes a dish. This not only diversifies the menu but also distributes the costs among attendees. It’s a win-win situation that allows everyone to enjoy a festive feast without overspending.

  1. Take Advantage of Sales and Discounts:

Keep an eye out for holiday sales and discounts. Plan your shopping around these events to maximize your savings. Additionally, consider using cashback apps and loyalty programs to earn rewards on your purchases.

  1. Embrace Free or Low-Cost Activities:

The holiday season is not just about material gifts. Focus on creating memorable experiences with your loved ones by participating in free or low-cost activities. Attend community events, organize a movie night at home, or go for a winter hike. These experiences often leave a lasting impact without adding a hefty price tag.

  1. Limit Impulse Buying:

The holiday season can be overwhelming with enticing displays and promotions. Practice mindful shopping by creating a list of items you need and sticking to it. Avoid impulsive purchases that can quickly add up. Consider waiting for sales or using price-tracking tools to ensure you get the best deals.

Trimming your holiday spending doesn’t mean sacrificing the joy and warmth that comes with the season. By setting a budget, getting creative with DIY projects, and focusing on meaningful experiences, you can navigate the holidays without putting a strain on your finances. Embrace the spirit of giving without the unnecessary financial stress, and make this holiday season a time of both joy and financial responsibility.

Even with a lender offering generous terms and consistent support, handling a mortgage can be a complex and intimidating process, especially if it’s your first time. Comprehensively understanding your mortgage is rarely easy – it takes time, experience, and continuous learning as you go through the process with your lender.

Problems and misunderstandings cropping up every once in a while is a natural and expected part of managing a mortgage, even though the experience might feel very frustrating. By working closely with your lender and conducting your own personal research, you can avoid potential or existing problems and take the steps needed to resolve them.

One of the best resources you have at your disposal is the Consumer Financial Protection Bureau’s database of common mortgage issues, which provides solutions and action steps that you can take to get started on resolving specific problems. I went through this database and picked out a few of the most common ones I see and summarized the answers they provide:

  1. Why did my monthly mortgage payment go up or change?

    CFPB explains that this may happen for one of several reasons. First, you may have an adjustable-rate mortgage and the rate was adjusted. Second, you may be starting to make principal payments on your pay-option or interest-only loan.

    If you have an escrow account, a payment increase may come as a result in an increase in property taxes or homeowners’ insurance premiums, or a decrease in your escrow payments or interest rate. Check up regularly on your escrow account to verify this with your servicer.

    Lastly, it can happen because your servicer either added new fees or made a genuine mistake. The best step to take here (and if you’re curious about any payment increase) is to call your servicer and ask about it – they will either correct the mistake or provide you with a reason why it happened.
  2. If I can’t pay my mortgage loan, what are my options?

    Life happens. Sometimes, we just can’t make a payment or two in full despite our best efforts. CFPB explains that the best course of action to take in times like these is to get in contact with your servicer – their phone number can usually be found on your monthly statement.

    They recommend that you explain to them why you can’t make your payment and whether the problem is temporary or permanent. Be prepared to provide accurate details about your income, expenses, and assets.

    If you’re a service member and have received permanent change of station orders, make sure to disclose this clearly, as you may qualify for special military loss mitigation options.

    After you notify your servicer of your problem and the context surrounding it, they will provide you with one of several options to resolve it. These options range from forbearance and repayment plans to refinancing and short selling, depending on the nature of the problem.

    From here, you can call a HUD-approved housing counseling agency – they can help you clearly understand your situation, find out what support, assistance, or loss mitigation options you qualify for, assist you in working with your servicer, and directly help you resolve the underlying financial problems (like budgeting and debt) that are making it difficult for you to make your mortgage payments.
  3. What are mortgage loan modification scams?

    Mortgage loan modification scams target homeowners dealing with payment problems or facing foreclosure. It’s important to only seek assistance through your lender/servicer and/or a HUD-approved counseling agency, otherwise you run the risk of being scammed out of more of your hard-earned money.

    CFPB writes that a legitimate mortgage relief firm must provide you with a written offer from your servicer and a written document outlining each of the key changes being made to your mortgage under the terms of the deal, alongside a reminder that you have the right to reject any offer free of charge before they can collect any fees from you.

    By contrast, a scammer may ask you to pay fees upfront under the promise of receiving services and getting a loan modification. They may also ask you to sign over the title of your property, to stop making mortgage payments, start making your mortgage payments to an entity that isn’t your servicer, or make you sign documents you don’t understand. Be sure to look out for these signs and avoid a trap before you fall in.

Mortgages can often be hard to deal with, even under the best circumstances. It’s always useful to anticipate what problems might pop up as you work to make your payments consistently. Dig into the Consumer Financial Protection Bureau’s database of common mortgage issues to find over 70 solutions in a concise, easy-to-understand format. If you’re currently having trouble making payments, get in contact with your lender/servicer and/or a HUD-approved agency to help work through your situation.

“Mortgages common issues” [Webpage]. Consumer Financial Protection Bureau. https://www.consumerfinance.gov/consumer-tools/mortgages/answers/common-issues/ [Accessed November 1, 2023].

Succession planning is a critical aspect of long-term small business sustainability and growth. It involves the process of identifying and developing new leaders or owners within a company to ensure a smooth transition when key individuals, such as an owner or a founder, step down or retire. Here’s why succession planning is essential for small businesses and how community banks can assist in this process:

Importance of Succession Planning:

  • Continuity and Stability: Succession planning ensures that a business can continue to operate seamlessly even in the absence of key individuals. It provides stability to employees, customers, and stakeholders.
  • Preserving Business Legacy: Small businesses often have unique cultures and values established by their founders. Succession planning helps preserve these legacies by passing them on to the next generation of leaders.
  • Minimizing Disruption: Without a clear succession plan, a business may face disruption, confusion, and potential loss of clients or market share when a key leader departs unexpectedly.
  • Talent Development: It identifies and nurtures talented individuals within the organization, helping them grow, earn more responsibilities, and take on leadership roles. This can boost employee morale and retention.
  • Maximizing Business Value: Effective succession planning can increase the overall value of the business. A well-prepared successor is more likely to continue the company’s success.

How Community Banks Can Assist Succession Planning:

  • Financial Support: Community banks can provide financing options to facilitate the ownership transition. This may include loans for the purchase of the business or working capital to support the transition process.
  • Advisory Services: Community banks often have financial experts who can provide advisory services to help small businesses navigate the complexities of succession planning. They can assist in valuing the business, structuring the deal, and determining the financial feasibility of a transition.
  • Customized Financing Solutions: Community banks can tailor financing solutions to meet the specific needs of the business transition. This can include flexible repayment terms, competitive interest rates, and personalized support throughout the process.
  • Local Expertise: Community banks have a deep understanding of the local business landscape and the unique challenges faced by small businesses in their communities. This local expertise can be invaluable when advising on succession planning.
  • Networking Opportunities: Community banks often have strong ties to local business networks and organizations. They connect small businesses with potential buyers or investors, facilitating the succession process.

In summary, succession planning is crucial for the long-term success and stability of small businesses. Community banks can play a vital role in this process by offering financial support, advisory services, and local expertise. By collaborating with community banks, small businesses can navigate the complexities of ownership transitions more effectively and ensure a seamless shift in leadership.

Over the past few months, we’ve covered a lot about Home Equity Lines of Credit, or HELOCs. As such, I thought it would be useful to provide a bit of a recap before we dive into our next topic.

In case you don’t remember, a Home Equity Line of Credit refers to a flexible loan option that allows you to borrow against your home’s equity while using your home as collateral. It’s a revolving line of credit with a variable rate (with a 4% floor, following prime rate). HELOCs typically have a 10-year draw period at which point you can borrow from a limit of funds set by the lender, carry a monthly balance, and make minimum payments with only interest payments being required. A (usually 20-year) repayment period follows the draw period, in which you need to make payments towards both principal and interest.

In order to get a HELOC, you need to begin by assessing your home’s equity by subtracting your remaining mortgage balance from its current market value (verified by a third-party evaluation). Then, research lenders and what they offer in terms, interest rates, and fees to find the best option for what you need. After that’s done, apply for a HELOC with your preferred lender – acceptance requirements typically entail having a good credit score, a low debt-to-income ratio, reliable payment history, sufficient income, and at least 15% to 20% equity in the home.

We’ve covered the utility of a HELOC pretty extensively – you’ve read that a HELOC can be used to get home improvements done, help fund your retirement, and even be put towards your kid’s college expenses. Did you know that there are even more ways a HELOC can be used? Having a HELOC is like having a credit card with the limit based on your home’s value, so they can be used in many different ways. Mia Taylor writes that HELOCs can be used to:

  • Cover emergency expenses
  • Cover business expenses
  • Consolidate debt
  • Make a real estate down payment
  • Take a vacation
  • Generally strengthen your credit

Because your home is on the line, you will want to be certain that you can repay the borrowed funds, be prepared to budget and manage your finances to meet the repayment requirements, and to make use of the funds with care and responsibility. Be aware of your limits and how you can use them with a degree of safety, as every potential use case comes with a condition. Taylor provides a few examples:

  • If you’re using a HELOC to make a real estate down payment, be aware that you will have to repay the remaining HELOC balance immediately after selling your current home with the HELOC
  • If you’re using a HELOC to cover business expenses, understand that unexpected financial troubles or failures in your business might lead to conditions that cause difficulty to make repayments consistently, putting you at risk
  • If you’re using a HELOC to pay off or consolidate your debt, be sure that you have your spending habits in order so that you don’t drive yourself into further unhealthy debt

With all that being said, a HELOC’s low interest rate, high flexibility and accessibility, tax deductibility, and typical lack of prepayment penalties make them a highly advantageous option, provided that you understand their benefits, their risks, and how you can afford to use them. Before moving forward with an application, consult with a financial advisor and a tax professional to assess whether a HELOC is right for you and which lenders provide the most beneficial option for your situation. If you get approved for one, keep in contact with your advisors and your lender to best understand how you can maximize the utility of your HELOC while maintaining the ability to make repayment requirements in the short and long term.

Taylor, Mia (4 May, 2023). “Best uses for a home equity line of credit (HELOC)” [Article]. Bankrate. https://www.bankrate.com/home-equity/best-uses-for-a-home-equity-line-of-credit-heloc/ [Accessed October 17, 2023]

Running a small business can be incredibly rewarding, but it also comes with its fair share of challenges. In today’s digital age, entrepreneurs must be vigilant against an array of fraud and scam attempts that can threaten their hard-earned success. Let’s explore some of the most popular fraud and scam attempts targeting small businesses, and the effective strategies available to business owners to protect their ventures.

Phishing and Social Engineering

Phishing attacks continue to be a significant threat in 2023. This method exploits the trust of unsuspecting employees to gain unauthorized access to sensitive business information. Scammers craft convincing emails, messages, or phone calls that appear to be from reputable sources, tricking employees into revealing confidential data or downloading malicious software. To combat this threat, educate your team about the importance of verifying the authenticity of communications and implementing strong authentication protocols.

Protective Strategies:

  • Train employees to recognize phishing attempts and report suspicious activity.
  • Implement multi-factor authentication for accessing critical business accounts where available.
  • Regularly update and patch software to prevent vulnerabilities that scammers might exploit.

Business Email Compromise (BEC)

BEC scams involve fraudsters impersonating executives or vendors to deceive employees into making unauthorized payments or revealing financial information. In 2023, BEC attacks are becoming increasingly sophisticated, making it essential for small business owners to stay informed and alert. Businesses should implement strict verification processes for financial transactions and establish clear communication channels to confirm requests for financial transfers.

Protective Strategies:

  • Establish a two-step verification process for financial transactions, involving confirmation through different communication channels.
  • Verify any unusual financial requests through separate communication channels.
  • Regularly review and update internal controls and procedures for approving payments.

Ransomware Attacks

Ransomware attacks have been a prevalent threat to businesses of all sizes in recent years. 2023 is no exception. Hackers use malware to lock businesses out of their own systems and demand a ransom for restoring access. Small businesses are particularly vulnerable to these attacks due to the simple fact that they have limited resources for cybersecurity. Businesses should regularly back up data online, invest in reliable cybersecurity software, and create a response plan for potential ransomware incidents.

Protective Strategies:

  • To ensure recovery of data if attacked, perform regular data backups and store them offsite.
  • Invest in robust cybersecurity tools that can detect and prevent ransomware infections.
  • Develop a comprehensive incident response plan outlining steps to take in case of a ransomware attack.

Vendor and Supplier Scams

Fraudsters often target small businesses by posing as legitimate vendors or suppliers, requesting payments for fake invoices or services never rendered. To avoid falling victim to such scams, carefully vet new vendors and establish a clear payment verification process. Regularly reconcile financial records with vendors to identify discrepancies and unauthorized charges.

Protective Strategies:

  • Before engaging in business transactions, thoroughly research and verify new vendors.
  • Require employees to utilize multiple levels of authorization for vendor payments and changes to payment information.
  • Conduct periodic audits of vendor relationships and financial records.

As small businesses continue to thrive and adapt in the ever-evolving digital landscape of 2023, it’s crucial for entrepreneurs to prioritize cybersecurity and fraud prevention. By educating employees, implementing strong authentication measures, and staying informed about the latest scams, business owners can safeguard their ventures against the most popular fraud and scam attempts. Remember, vigilance and proactive measures are key to ensuring the longevity and success of your business in today’s challenging environment.

In the ever-evolving landscape of dentistry, staying ahead of the curve is essential for success. Dental practices that prioritize growth through strategic investments in equipment, technology, expansion, and even mergers or acquisitions can position themselves as industry leaders. However, funding such endeavors can be a significant challenge. Fortunately, bank financing offers a powerful solution for dental practitioners and practice managers looking to take their clinics to the next level. In this blog post, we’ll explore various ways that dental professionals can leverage bank financing to fuel their practice’s growth.

  1. Equipment and Technology upgrades: Modern dentistry relies heavily on advanced equipment and cutting-edge technology to provide the best patient care. Staying up to date with the latest tools can enhance treatment accuracy, patient comfort, and overall efficiency. Bank financing provides an accessible avenue for dental practices to acquire state-of-the-art equipment such as digital X-ray machines, intraoral scanners, and laser technology. By spreading the cost of these investments over time, practices can maintain a competitive edge without straining their immediate cash flow.
  2. Practice Expansion and Renovation: As patient demand grows, expanding your dental practice or renovating your existing space can be a smart move. This can involve adding treatment rooms, upgrading waiting areas, or even building a brand-new wing. Bank financing enables you to tackle these ambitious projects without depleting your practice’s working capital. With a well-structured loan, you can create a more inviting and efficient environment for both your patients and your team.
  3. Debt Consolidation and Refinancing: Managing multiple high-interest loans or credit lines can burden your practice’s finances. Typically, bank financing offers an opportunity to consolidate existing debts into a single, manageable loan with a lower interest rate. Given the current rate environment, loan consolidation may not be a great option at this time; however, it is something worth considering in the future when rates eventually go down.
  4. Mergers and Acquisitions: In the dynamic landscape of the dental industry, mergers and acquisitions can be strategic moves to expand your practice’s footprint and patient base. Financing these endeavors is complex, but with the right bank partner, you can secure the funds necessary to successfully execute successful mergers or acquisitions. This can position your practice for accelerated growth, increased market share, and enhanced competitiveness.
  5. Tips for Successful Bank Financing:
    • Plan Thoroughly: Clearly define your growth objectives and create a comprehensive business plan. Highlight how the financing will contribute to achieving these goals.
    • Choose the Right Partner: Research and compare various financial institutions to find the one that offers competitive terms, flexible repayment options, and a deep understanding of the dental industry.
    • Creditworthiness: Maintain a strong credit profile by managing existing debts responsibly and consistently paying bills on time.
    • Collateral Options: Explore collateral options such as equipment or property to secure favorable loan terms.
    • Loan Terms: Ensure you fully understand the terms of the loan, including interest rates, repayment schedules, and any potential penalties.

For dentists and dental practice managers, the journey toward growth and success is paved with strategic decisions and investments. Bank financing serves as a valuable tool that empowers you to make those investments without compromising your practice’s financial stability. Whether you’re upgrading equipment, expanding your premises, consolidating debt, or exploring mergers and acquisitions, partnering with the right financial institution can provide the support you need to achieve your practice’s growth aspirations. Embrace the possibilities that bank financing offers and watch your dental practice flourish in today’s competitive landscape.

As a parent, seeing your child head off to college brings a mixture of pride and worry. You want to give them the best education possible, but the ever-increasing costs of higher education can be daunting. If you’re a homeowner, you might have a valuable resource at your disposal to help ease the financial burden: your home’s equity. In this blog post, we’ll explore how a Home Equity Line of Credit (HELOC) can be a strategic tool to assist with college expenses while ensuring your financial stability.

Understanding Home Equity and HELOC:

Before we delve into the details, let’s clarify a few terms. Home equity is the difference between your home’s current market value and the remaining balance on your mortgage. It’s essentially the portion of your home that you truly own. A Home Equity Line of Credit (HELOC) is a flexible loan option that allows you to borrow against your home’s equity while using your home as collateral. It’s like having a credit card with a limit based on your home’s value.

The Benefits of Using a HELOC for College Expenses:

  1. Lower Interest Rates: HELOCs generally offer lower interest rates compared to credit cards or personal loans, making them a more cost-effective option for borrowing money.
  2. Flexibility: HELOCs provide you with a revolving line of credit, which means you can borrow what you need, when you need it, up to your approved credit limit. This flexibility can be helpful for managing unpredictable college expenses.
  3. Tax Deductibility: In many cases (but not always, so consult a tax professional), the interest paid on a HELOC may be tax-deductible, potentially offering you additional financial benefits.
  4. No Prepayment Penalties: HELOCs often allow you to pay off the balance at any time without incurring prepayment penalties, giving you control over how and when you repay the borrowed funds.

Steps to Utilize a HELOC for College Expenses:

  1. Assess Your Home’s Equity: Determine how much equity you have in your home by subtracting your remaining mortgage balance from its current market value.
  2. Research Lenders: Look into various lenders that offer HELOCs. Compare interest rates, terms, and fees to find the best option for your needs.
  3. Determine Your Budget: Calculate the amount you need to cover college expenses, keeping in mind tuition, room and board, books, and other potential costs.
  4. Apply for a HELOC: Once you’ve chosen a lender, complete the application process. The lender will assess your creditworthiness, your home’s value, and other financial factors.
  5. Use Wisely: With your HELOC in place, use the funds wisely. Cover essential college expenses but avoid excessive borrowing to ensure that you can comfortably repay the amount.
  6. Monitor Interest Rates: Keep an eye on interest rate trends. If rates rise significantly, it might affect your repayment plan.
  7. Repayment Strategy: Develop a repayment strategy that suits your financial situation. Pay off the borrowed amount over time, keeping in mind the potential tax advantages.

Important Considerations:

  1. Risks: Remember that a HELOC puts your home at risk. If you can’t repay the borrowed funds, you could potentially lose your home.
  2. Budgeting: While a HELOC can be an excellent resource, it’s crucial to budget and manage your finances effectively to ensure that you can comfortably meet the repayment obligations.
  3. Consult Professionals: Before making any decisions, consult with a financial advisor and a tax professional to understand the potential impacts on your overall financial situation.

Using a Home Equity Line of Credit to help with your child’s college expenses can be a great strategic move, but it requires careful consideration and planning. By leveraging your home’s equity wisely, you can provide your child with a valuable education while safeguarding your financial stability. Remember, it’s essential to educate yourself about the process, explore various lenders, and make informed decisions that align with your long-term financial goals.

The last few years have been extremely challenging for businesses. On top of supply chain disruptions, inflation, and economic uncertainty, businesses have been forced to endure a global pandemic, an economic trend known as, The Great Resignation, and now, a talent shortage. Not having enough, or the right talent, can cause major disruption to the business and clients.

Many small businesses may feel they aren’t able to compete with large businesses during this current talent shortage. The truth is, this is an amazing opportunity for them to close the gap and really distinguish themselves as an employer of choice. Let’s dive into three ideas around how small businesses can showcase themselves to prospective employees:

  1. Clearly and visibly address modern day employee concerns
    While job seekers are initially attracted to the job they are applying for, what really engages them is how the business approaches common modern day employment concerns. During the past three unprecedented years a clear message has been sent by employees to their current and prospective employers. Sure, compensation is, and always will be, a motivating factor but, according to an article published by Gartner in March of 2023, pay is far from the only motivator. A sense of personal value and purpose at work are key in attracting and retaining talent. The pandemic and subsequent economic and political volatility has forced everyone to examine their choices about how they spend their time. Employees seek to gain more value from their jobs. Gartner calls this “The Human Deal,” which has the following five components:
    • Deeper Connection: Feeling understood through family and community connections, not just work relationships.
    • Radical Flexibility: Feeling autonomous in all aspects of work, not just when and where it gets done.
    • Personal Growth: Feeling valued through growth as a person, not just as a professional.
    • Holistic well-being. Feeling cared for by ensuring holistic well-being offerings are used, not just available.
    • Shared purpose. Feeling invested in the organization by taking concrete action on purpose, not just through corporate statements.
    • It is the responsibility of the prospective employer to show any future employees how your organization addresses these concerns. This can be embedded in your job posts, posted on your website or social media platforms where prospective employees can view real testimonials from current employees, and through virtual or in-person interviews. Just remember the key is to be authentic, genuine, and honest.
  2. Share the importance of your company’s core values and culture
    Your company culture is your biggest differentiator, and it is up to you to sell it! If your organization doesn’t have or use it’s core values as part of the recruiting and hiring process, you risk losing top talent. Why? Because your core values serve as the organization’s compass, guiding decision-making and behavior at every level. If your prospective employee(s) can’t identify if their personal values align with the organization’s values and culture, they will move on and find another organization that will. When assessing any potential hire, it is critical that not only will they be a great fit for your organization, you also need to be a great fit for them.

    Use every opportunity available to showcase what it is like to work for your organization. Prospective employees want to know how the organization will provide them with opportunities for open communication and collaboration, empowerment, recognition and feedback, personal and professional training and development. By weaving these elements into all aspects of the recruiting process, candidates have multiple opportunities to have a solid understanding of what it would be like to work with your organization.
  3. Onboard effectively
    Congratulations! You’ve successfully recruited a new employee and now, you’ve reached the pivotal step of onboarding them into your organization. Organizations sometimes make the mistake of backing away at this point when, in fact, this is one of the most critical times to lean in. Take time to stay connected to your new employee before they even start. This can be done by sending welcome messages, training agendas, and text messages. These are simple and quick ways to make a new employee feel engaged and an intregal part of the organization and team before they even arrive. On their first day, make sure the environment is warm and inviting. They should feel as though they have always been part of the team. A personalized training agenda with what they can expect for their first day(s) or week(s) can ease the uncertainty of starting a new position. Personally introduce them to their team and anyone they will be having regular contact with. Have their office, desk or work space set up and ready for their arrival. Remember that onboarding doesn’t start and end on day one. It is an ongoing process that sets both your new employee and the organization up for success.

Hiring can be challenging, especially for small businesses. It takes time and patience to find the right candidate. By showcasing your organziation’s ability to be flexible, truly living your core values and onboarding effectively, your small business can really stand out to potential employees.

Gartner article: https://www.gartner.com/en/articles/employees-seek-personal-value-and-purpose-at-work-be-prepared-to-deliver

Having a robust support network provides a ton of utility for a small business owner. This is a repeat topic that pops up in a lot of what we cover relating to small businesses, and it’s only because it’s so important. Working well with your accountants, consultants, landlords, and others within your network can make running your business a much smoother experience. One of the best additions to a small business support network is a business banker (and your financial institution as a whole). Your bank can be so much more than a place to deposit and withdraw money. Building a great working relationship with them is one of the best ways to strengthen your business and move you forward towards achieving your goals. Here are just a few reasons why including a business banker in your support network is so beneficial:

  1. They can get you assistance
    Your business banker can help you get closer to your goals in a way that no others can. With a detailed and meticulous understanding of your financial outlook and your business as a whole, they can determine exactly what you qualify for and what sources of assistance you can tap into. From there, they can move quickly to get you the best available loans, federal funding, and more. With this assistance on hand, you can move forward with confidence to bolster your current position or undertake an expansion.
  2. They are knowledgeable
    Business bankers work with many organizations in the community at the same time. In doing so, they gain a lot of valuable context and insight on the business climate of the community that they can draw on to help you. They are able to combine their knowledge of your business with what they have learned about the challenges faced by others to make informed recommendations on products, services, and action steps that can improve your position.
  3. They provide solutions and pave the way
    Ultimately, a business banker is one of the best people a business owner can go turn to for solutions to problems of all kinds. Do you need a good loan or public funding? They can do that. Have you thought about streamlining and improving your systems for cash operations, accounting, and payment? They will have something for you. Looking for protection against fraud and scams? They’ll build you the wall you need. Going through a low point in your business? They can provide the necessary assistance to keep you afloat. Your business banker can provide you with solutions to a variety of issues and help you improve processes to pave the way forward to further success.

With all this in mind, a business banker is an excellent addition to your support network, especially if you’re running a small business. By cultivating a great relationship with them, you can leverage their access, knowledge, and expertise to solve problems and improve your position going forward.

Ryan, Jenn (2022). “Good for business: Having a strong relationship with your banker” [Article]. Bremer Bank. Available at: https://www.bremer.com/insights/business/2022-02-10-good-for-business-having-a-deep-relationship-with-your-banker [Accessed Feb 1, 2023]

Johnson, Simone (2023). “What to Look for in a Bank Account for Your Small Business” [Article]. Business News Daily. Available at: https://www.businessnewsdaily.com/6355-business-bank-extra-services.html [Accessed Feb 1, 2023].

The onset of the COVID-19 pandemic changed the business landscape forever. The safety risks associated with the virus called for drastic measures on the part of individuals to protect themselves and their families. Throughout all of it, businesses and industries had to adapt and change on a whim to stay afloat – the dental industry being no exception. Dentistry as we know it has evolved rapidly over the last three years in every aspect, including but not limited to delivery methods, technology, and capabilities. As a dental practitioner, it is worth your time to keep track of these evolutions and watch for aspects that you can adopt in order to keep your practice at the very top of the competition in terms of service quality. Here are a few trends in the industry that might catch your eye:

  1. 3D Printing
    An emergent technology, 3D printing is proving useful for all kinds of industries and is going to be a major part of the future of dentistry. Edward Shellard, DMD writes that 3D printing allows a dentist to construct retainers, dentures, implants, and crowns based on exact models of a patient’s teeth and jaw structure. This revolutionary degree of precision offers a higher standard of comfort and longevity to the patient, all while lowering costs and production time for the dentist.
  2. Teledentistry
    Teledentistry rose to prominence as people began to isolate themselves in their homes. With naturally decreased appointment volume, dental practices branched out to the internet, using calls, texts, and video chats to offer their services to people in the safety of their own homes. Shellard states that teledentistry has stuck around past the pandemic, and practices have found it useful to help patients with chronic conditions, physical disabilities, and/or reduced access to dental services, among other uses.
  3. Emotional dentistry
    Over the course of the pandemic, for one reason or another, people became more conscious of their appearance. Dental practices have leaned into this trend by providing cosmetic services that empower patients to feel more confident with their smile. Examples include tooth re-coloring, tooth straightening, and overbite/underbite correction. Understanding the connection between a patient’s visible dental health and their confidence and providing the services necessary to help them will be critical for dental practices going forward.

We always recommend that dental practitioners do everything in their power to make sure they’re offering the best standard of care they possibly can to their patients. It’s what differentiates a great practice from just any other. The pandemic fundamentally changed many elements of the dental industry and what it means to deliver premium quality care, and it’s apparent that many of those changes are going to stick.

For more information on post-pandemic dental trends, please visit:
https://www.dentistryiq.com/dentistry/article/14293489/4-postpandemic-dental-industry-trends-here-to-stay

For more insights into the dental industry and advice on how you can succeed within it, please visit: https://www.anbfc.bank/dental

Shellard, Edward DMD (2023). “4 postpandemic dental industry trends: Here to stay?” [Article]. 8 May, 2023. DentistryIQ.
https://www.dentistryiq.com/dentistry/article/14293489/4-postpandemic-dental-industry-trends-here-to-stay [Accessed June 26, 2023]

When you’re weighing all of your options and selecting a home loan, you might want to consider an adjustable-rate mortgage (ARM). Adjustable-rate mortgages are long-term home loans defined by an interest rate that changes throughout its life cycle based on market conditions. This distinguishes it from standard fixed-rate mortgages, wherein the borrower is subject to a locked-in, unchanging interest rate regardless of conditions in the market.

As explained by Freddie Mac, adjustable-rate mortgages are defined by two periods – the initial period and the adjustment period. During the initial period, which can last anywhere between 6 months and 10 years, your interest rate will not change. Following this initial period, your mortgage will enter the adjustment period, wherein the interest rate is subject to change based on the current market and the specific terms of your loan. This period will last indefinitely until all payments on the mortgage are made.

Freddie Mac notes that ARMs tend to have lower mortgage rates throughout the initial period, even when interest rates are higher than usual. This offers a unique level of flexibility to the homeowner. For example, Miranda Crace writes that one might be able to leverage the lower interest rates in the initial period to contribute more to the principal loan balance, sell their home before the adjustment period begins, or build savings and work towards other financial goals (Rocket Mortgage). ARMs are an especially attractive option for those who know that they will be moving out of a place within 5 years given the lowered initial period interest rates.

If you’re considering selecting an adjustable-rate mortgage for your home purchase, you need to be sure of a couple things before proceeding. First, be sure that you are okay with forgoing the certainty and consistency offered by a fixed-rate mortgage – understand that your payment requirements will change over time and that you will need to keep track of this to pay the correct amount. Second, ensure that you are financially prepared to handle the possible upward adjustments of your rate as they are all but bound to happen at some point over the course of its long life cycle. Even if you intend to leave your house before the expiry of the initial period of your ARM, you still want to be sure that these boxes are checked in case changes in your plan happen along the way.

Determining your qualification level for an ARM works like any other – be prepared to show your credit score (ideally, 620 or above) and prove your income with documentation including W-2 forms and pay stubs.

Adjustable-rate mortgages are definitely worth considering as you’re looking to purchase your home. The low interest rates during the initial period are appealing to homeowners looking to move within 5 years, to build up their overall financial health, and/or to afford a place comfortably when interest rates are spiking. However, you’ll want to be sure that you are prepared to adjust to increasing rates when the adjustment period starts.

“Considering an Adjustable-Rate Mortgage? Here’s What You Should Know” [Article]. Freddie Mac. https://myhome.freddiemac.com/blog/homebuying/considering-adjustable-rate-mortgage-heres-what-you-should-know [Accessed May 16, 2023]

Crace, Miranda (2023). “What Is An Adjustable-Rate Mortgage?” [Article]. Rocket Mortgage. https://www.rocketmortgage.com/learn/adjustable-rate-mortgage [Accessed May 16, 2023]

In today’s fast-paced business environment, small businesses are constantly seeking innovative ways to stay ahead of the competition. One way to do this is by integrating ChatGPT, an advanced natural language processing tool, into their operations. ChatGPT can help small businesses improve efficiency, enhance communication, and ultimately grow their business.

One of the primary benefits of using ChatGPT is its ability to streamline communication. By using ChatGPT, small businesses can automate certain processes such as customer service and support. This allows small business owners to focus on other important aspects of their business, such as sales and marketing. ChatGPT can handle repetitive tasks, such as answering frequently asked questions, freeing up valuable time for employees to focus on more pressing issues.

ChatGPT can also help small businesses improve their customer service. By using ChatGPT, small businesses can provide customers with instant responses to their inquiries. This can help to increase customer satisfaction and retention rates. Additionally, ChatGPT can also be used to provide personalized responses to customers based on their previous interactions with the business. This can help to build stronger relationships with customers and increase the likelihood of repeat business.

Another benefit of using ChatGPT is its ability to analyze customer data. ChatGPT can analyze customer interactions and provide insights into customer behavior, preferences, and needs. This information can be used by small businesses to improve their products and services, tailor their marketing efforts, and create more targeted sales campaigns.

ChatGPT can also help small businesses automate their sales processes. By using ChatGPT, small businesses can automate tasks such as lead generation, qualification, and follow-up. This can help small businesses to close deals faster and increase their revenue. Additionally, ChatGPT can also be used to provide real-time sales support to customers, helping to increase customer satisfaction and retention rates.

Another benefit of using ChatGPT is its ability to improve employee productivity. ChatGPT can be used to automate certain tasks such as scheduling appointments and sending reminders. This can help to reduce the administrative burden on employees and allow them to focus on more important tasks. Additionally, ChatGPT can also be used to provide training and support to employees, helping to improve their skills and knowledge.

Finally, ChatGPT can also help small businesses to save money. By automating certain tasks, small businesses can reduce their labor costs and increase their profitability. Additionally, by using ChatGPT to analyze customer data, small businesses can make more informed business decisions, reducing the risk of costly mistakes. In conclusion, ChatGPT has both potential benefits and dangers for small businesses in the United States. On the one hand, it can help businesses improve their efficiency, enhance communication, and ultimately grow their business. By automating tasks, improving customer service, analyzing customer data, automating sales processes, improving employee productivity, and saving money, small businesses can gain a competitive edge and stay ahead of the competition. On the other hand, there are also potential risks associated with ChatGPT, such as data breaches, cyberattacks, and misuse. Therefore, it is essential that small businesses take steps to ensure the security of their ChatGPT system and carefully monitor the content generated by the system. As with any new technology, it is important to approach ChatGPT with caution and carefully weigh the potential benefits and risks before integrating it into a small business.