Are You Unlocking All Solutions for Your Small Business?
Small business owners and entrepreneurs understand all too well the challenges of keeping their doors open at any stage of the economic cycle. In today’s turbulent landscape, inflation, revenue, supply chain issues, rising interest rates, and access to capital are just some of the concerns facing small business owners, according to the U.S. Chamber of Commerce. In times of uncertainty, trusted advice from a qualified professional can be a lifeline for business owners, but many are unaware of the advice and solutions their banks can provide to help them become more financially resilient.
Now is a great time to reconnect with your local business banker to explore the advantages of working with Key and fully unlock the potential of our solutions for small businesses. Our services extend beyond traditional checking accounts. We provide strategic guidance to assist business owners in managing and adapting their operations. We continuously refine our tools and technology to the evolving needs of our clients. Whatever challenges you may be facing, we take pride in equipping you with dynamic solutions.
What Can Your Bank Do for Your Small Business?
The submission of small business applications reached five million in 2022, just behind the 5.4 million applications filed in 2021 — the most popular year on record, according to the U.S. Census Bureau. Yet, cash flow is the main reason a small business fails, coupled with staff shortages, increased expenses, and shrinking revenue streams.
What many may not be aware of is the wealth of expertise and services their bank can offer to help them operate successfully and grow even in the most trying times. Among other benefits, a strong relationship with a bank can keep small businesses competitive by helping them:
- Maintain full awareness in rough market conditions and weather any phase of the economic cycle, keeping a pulse on current events and offering historical insights, forward-looking considerations and actionable advice tailored to business challenges and goals.
- Remain nimble and agile in an age of emerging technologies, Key has products for digital payments and embedded banking, which can help with streamlining bills, invoicing, and making payments.
- Uncover the solutions needed to grow and scale their business, whether related to material needs like financing, or more topical issues, such as strategies for building a brand to create customer loyalty or improving employee experience to foster talent acquisition and retention in a tough labor market.
It All Starts With a Question
As no two businesses are the same, maintaining a strong relationship with your bank can lead to solutions and strategies tailored to the unique needs of your business — whether related to cash flow, payments, or other operational considerations. As members of the community themselves, relationship managers at regional banks are especially adept at identifying and offering the insights and services that local businesses need to thrive.
Regardless of where your relationship with your bank currently stands, below are a few questions you can ask to ignite the conversation and set you—and your business — on a path toward resilience and success.
- What can I expect from my relationship with my banker?
At Key, we put our clients’ needs first and take a customized approach to meet those needs. Our relationship managers serve as trusted advisors and financial strategists, providing business owners with sound advice based on a deep understanding of their unique financial needs. - How can I prepare to meet with my banker?
KeyBank’s Small Business Check-In takes small business owners through a three- to five-minute series of questions about the state of their business and where they are on their financial journey. Once completed, small business owners can to schedule an in-person meeting or phone call with one of Key’s local bankers to evaluate and provide a personalized, advice-driven conversation. - Outside of offering traditional banking products, what can my bank provide to help my business now and in the future?
Going above and beyond for our clients is simply in our nature. In addition to connecting you to the right financing and products for your needs, we leverage our expertise on everything from customer loyalty and employee experience to business compliance and security and risk management to provide tailored solutions and guidance to help you achieve your goals. - I’m not ready to meet with my banker just yet, but I’d still like to get a clearer picture of the state of my business. What tools and resources are available?
KeyBank offers a variety of online worksheets, checklists, and calculators for business owners interested in DIY solutions, including a Protect Your Business Checklist, Sales Forecast document, and Cash Flow Calculator.
Contact your Relationship Manager or schedule ahead at key.com/appointment.