A survey by Regions Bank Next Step, the bank’s free financial education program, recently found an overwhelming majority of business owners and C-suite executives are focused on investments that drive growth opportunities in 2022 and beyond.
The challenges of COVID-19 made operations challenging. From restaurants and hotels to entertainment venues and manufacturing, all industry sectors have been impacted by the pandemic.
With the virus better controlled, the survey results highlight an important shift in business confidence and confirm what our Commercial Banking team in Montgomery has been hearing in the Capital City, Prattville, Wetumpka and beyond. Businesses are planning to grow.
ACCORDING TO THE SURVEY, 89 PERCENT OF RESPONDENTS PLAN TO INCREASE INVESTMENTS IN KEY BUSINESS AREAS LIKE TECHNOLOGY, E-COMMERCE, MARKETING AND ADVERTISING IN THE NEXT 12 MONTHS.
The survey also found nearly two in three businesses plan to seek additional financing to cover a major investment or expense in the next 12 months.
Additionally, approximately one in three businesses said access to capital would have the most significant impact on their company’s success.
Across the River Region, our team at Regions knows our clients and can help with financial solutions. Regions Next Step provides free resources, including recommendations, best practices and quick tips online to help business leaders focused on growing their companies.
A FEW TIPS:
ADOPT CASH-MANAGEMENT STRATEGIES. It’s important to have a cash-management strategy that adapts to times of stability or disruption – and positions a business for growth.
PREPARE FOR THE LOAN PROCESS. Seeking financing from a bank is about having the right documentation, as well as starting a relationship with a strategic business partner, like an attorney, business advisor, etc., as well as a commercial lender who understands your unique goals and needs.
DETERMINE HOW MUCH A BUSINESS CAN AFFORD. Just as you would a personal loan, when seeking financing for a business, consider all expenses and even think about unexpected expenses that may pop up. This can help you better determine the types of payments you can afford while positioning your business for long-term growth.
PROMOTE THE BUSINESS. Promoting a business affects how lenders, banks and customers perceive it. If they know you’re positioned to reach more customers, they can see stronger potential in your plans.
MEET THE EXPERT
Jennifer Luster is Treasury Management Relationship Manager for Regions Bank. You can contact her at email@example.com.