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Financial advisors promote prosperity in the communities they serve. They offer an individualized approach that responds to the needs of the economic climate. Just like individuals, businesses need to set attainable goals that are achievable and lead to success.
Industry experts from the region offer recommendations on key areas for companies to focus on this year.
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“As 2024 gets into full swing, local businesses will greatly benefit from focusing on innovative payment processing and treasury management products that maximize interest and minimize expenses,” Fargo said. said Kristin Lunde, Senior Financial Management Sales Officer at Gate City Bank. “In today’s interest rate environment, it is especially important for businesses to visit a financial management consultant who can help automate their cash flow processes. This allows them to pay down high-interest loans when they have excess liquidity, or and making sure you earn interest on your liquidity.”
Building a strong brand presence will help you retain customers and attract new ones, driving business growth, she said.
Digital channels are a key vessel for growth to maintain customer loyalty and provide a relationship-focused customer experience, said Zach Miller, director of innovation and digital payments strategist at Bravera Bank in Dickinson, North Dakota. He said that there is.
“To support that focus, we will enhance our business online banking platform in 2024. Areas of focus include accounts payable, accounts receivable, liquidity management, and fraud prevention.” The enhancements will improve the customer experience for business customers and give them more flexibility and digital control over their cash flow. ” he said.
The banking and finance sector is increasingly moving towards consumer digital services such as Zelle, online savings account opening, loan applications, and even online chatbots.
“As a community bank, we must constantly evaluate, enhance, and invest in our digital and payment infrastructure to reduce friction with customers who are drawn to using digital channels. Our strong digital offerings will continue to strengthen our customer relationships,” said Miller.
Chris Wolf, Northern Valley market president for Aleras in Grand Forks, North Dakota, said setting an annual budget and determining monthly cash flow projections is a must for any business.
“This allows you and your banker to assess your current working capital and plan for next year from there,” he said.
Here are some things to consider: Do you need to increase your credit line? Do you want to inject extra capital into your business? A good banker will weigh all your options to determine the path forward. They will help you evaluate it.
“Everyone wants to know what interest rates will be in 2024. The old adage ‘hope for the best, plan for the worst’ is a surefire way to plan your finances, especially when it comes to interest rate changes in 2024. Advice,” Wolf said. “No one knows exactly what will happen, which is why we work with our customers to plan for different interest rate scenarios and strategize the potential impact on revenue. We look forward to continuing to be a focus throughout.”
Experts also advise businesses to work with banking teams that specialize in business finance.
“When securing financing, it is important that banking teams have the expertise and motivation to help them understand the intricacies of different financing options, from fixed rate to floating rate to swap options. ,” Wolf said. “An experienced business banker can also help you identify local and state financing programs that may benefit your business.”
Greg Mastrad, market president at First International Bank & Trust in Fargo, shared two achievable habits that businesses should practice.
“Digital and human innovation are key,” he said. “It’s no secret that the future of countless industries lies in cyberspace. But importantly, customers want more than just digital experiences. Look at the resurgence of vinyl! It’s really important to understand.”
By offering a healthy combination of digital convenience and a human touch, Mastrad says businesses can stay relevant in a competitive market while building strong connections with customers on their terms. He said it would be like this.
The second habit, he said, is to strengthen relationships with your customer base.
“During my time at FIBT, I learned that being a good bank is about more than “who has the best interest rates.” Yes, we maintain competitive rates, but without the power of great relationships, our organization would not be where it is today. Every business owner benefits from a successful banker-business relationship, built over time with trust and care. This will help your business prosper and grow, and will also help you protect yourself from unexpected pitfalls. In 2024, please deepen your relationship with a banker you can trust!
Carrie McDermott joined Prairie Business Magazine in March 2023. She covers business industry trends in North Dakota, South Dakota, and Midwest Minnesota. Email her address: cmcdermott@prairiebusinessmagazine.com.
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