BY TIM MCDONALD
In today”™s “always on” world, it”™s no secret that small-business owners are inundated with an exponential list of business and personal tasks to manage ”“ leaving minimal time for anything else. However, small-business owners can slice through their to-do list and boost their bottom line by utilizing technology more effectively and by developing a relationship with a small-business banker. By doing so, you could free up time to focus on what”™s most important to your business, like building customer relationships. Here are three tips to maximize the effectiveness of technology and your relationship with your banker.
Ӣ Use your smartphone for more than checking balances.
New, advanced technologies provided by your small-business banker can include cash management tools, payroll services, remote deposit, express invoicing and mobile banking. That means a variety of banking needs can be handled quickly from your smartphone so you don”™t miss a beat.
Online banking is ever evolving, allowing you to track cash flow and business trends with a swipe on a smartphone or tablet. A recent Bank of America “Trends in Consumer Mobility Report”found that in New York City, nearly one in three residents receive mobile banking alerts and consider smartphones more essential than television and coffee. Furthermore, Bank of America found that out of their more than 30 million online banking customers, more than one-third said they view their smartphone as a lifeline, daily planner or wingman/woman when it comes to their banking and finances.
Ӣ Get business planning and financial guidance from your small-business banker.
As time goes on, the needs of a small business change and the services a small-business banker can provide also will develop. Having an experienced banking professional who can provide guidance and insights on how you can expand or operate your business more efficiently is invaluable. Earlier this year, Bank of America conducted a “Small Business Owner Report” on the economic attitude of small-business owners, finding that more than half are planning to hire more employees in the next year ”“ a 21 percent increase from last year ”“ and 65 percent plan to grow their business over the next five years.
Your small-business banker has more information than you may realize, and frequent checkups cultivate the relationship, allowing your small-business banker to better understand what you need most in the dynamic small-business landscape.
Ӣ Find more technology tools.
The use of technology in small businesses is growing, but that doesn”™t mean all small-business owners are confident in using new platforms like apps and tablets. In fact, the spring 2014 “Small Business Owner Report” also found that only 15 percent of small-business owners nationally consider being tech-savvy as one of their top strengths. As technology is becoming an integral part of running a business, your small-business banker is trained to provide the most up-to-date insights into financial tools, such as apps, mobile payments and mobile alerts, in addition to recommendations about where to find information on other programs for your business.
Developing a relationship with a small-business banker and taking advantage of advances in technology will free up time for you to focus on growing your business. This will result in an increased bottom line and keep your business ahead of your competitors.
Tim McDonald is a small-business banking manager at Bank of America in Fairfield County.
