New Season, New Changes For Your Business

BY SULLY PINOS I DIRECTOR, BUSINESS SOLUTIONS & INNOVATION

As the seasons change, now is the time to review your business set up with these tips from Fulton Bank Team Members: Aneury E. Perez, Multi–Center Financial Manager; Edouardo Thibault, Commercial Relationship Manager; and Cedric Adams, Management Trainee.

Aneury E. Perez, Multi–Center Financial Manager

Photo Credit: Fulton Bank

RECORD KEEPING HABITS

Keep receipts, invoices, and other related records that you would want to have access to quickly upon request. It’s helpful to also keep records of anything you would want credit for should any grants or lending applications ask for proof.

MARKETING YOUR SERVICES

Since more people are booking staycations during the pandemic, there is value that comes from clients budgeting dollars to nearby communities that they normally wouldn’t have targeted. Don’t underestimate advertising any accommodations you are making for your clients during the pandemic, such as delivery options, or curbside/mobile services.

SEASONAL AND “JUST IN CASE” BUDGETING

It’s best to get pre-approved for a line of credit while you can, rather than waiting until you need it and then not being able to qualify. Doing your research will inform you to make precise/conservative budgeting decisions, as many industries have been hurt with drastic fluctuations in pricing due to product demand and inflation during the pandemic.

Edouardo Thibault, Commercial Relationship Manager

Photo Credit: Fulton Bank

PREPARE FOR THE VIRTUAL WORLD

Focus on your communication skills in regards to verbal and nonverbal consumer and business partner cues. Our current environment depends a lot on a virtual presence (Zoom, FaceTime, and such), where it may be slightly more difficult to get a feel for identifying interest from consumers/supporters.

ENGAGEMENT WITH YOUR INDUSTRY

Keep in touch with your peers. A consistent and diversified networking stream will provide support and fresh perspective. For example, stay in touch with groups like the York County Economic Alliance and Downtown Inc to learn more about grants and networking opportunities.

DIVERSIFICATION

Diversifying your current product or service offerings can be an explosive way to enhance your small business, as well as secure multiple new streams of income and survive market volatility. Look around, what would you like to see at your business from the eyes of a consumer?

Cedric Adams, Management Trainee

Photo Credit: Fulton Bank

FINANCIAL CHECKUPS

In the current environment, does your ownership structure still make sense? A well-thought-out real estate “leasing versus owning” decision may be a topic of discussion at your next financial checkup. Financial institutions and other professionals often offer these at no cost.

ACCEPTING PAYMENT

With today’s ever evolving consumer climate, the importance of options in regard to accepting payments is key. These options can range from Cash App, Zelle, Apple Pay, Venmo and far beyond. The most secure option is the traditional merchant services offered by most large financial institutions and proudly spotlighted at Fulton Bank for being a local provider with local support.

This is simply a list of suggestions for you to consider along your business journey. For any connections with professional advice and technical assistance, reach out to the York County Economic Alliance team or Fulton Bank (fultonbank.com).