A healthy business must have a thriving customer base that provides stability as a major revenue driver. In fact, Harvard Business Review found that it’s easier and less costly to retain existing customers who already know your brand and your products or services than to acquire new customers. To have an effective customer retention approach, though, you need to make sure that your company considers these guidelines.

Successfully owning and operating a business comes down to preparation and follow-through. One area you may not be considering when you’re building your company is what happens if you or another part owner dies or becomes incapacitated. These and other scenarios are covered by what’s known as a buy-sell agreement, which is an essential tool for protecting your business in the long run.

When your company is a Certified Woman-Owned Business, you’ll have access to contracts and resources that can help your enterprise thrive. Here’s a guide to understanding the steps you need to take to help your business gain this valued certification.

In the world of startups and entrepreneurial ventures, success is often equated with revenue, as many small business owners and investors prioritize revenue growth as the ultimate indicator of their company’s prosperity. However, relying solely on revenue as a metric of success can be misleading and potentially detrimental to the long-term viability of your startup. In this article, we explore why revenue isn’t always the best measure for assessing startup success and suggest alternative indicators that can provide a more comprehensive view of your company’s performance.

Profit and loss statements, also called income statements, are a key indicator of your company’s financial well-being. This document should contain a summary of the revenues, expenses, and costs of doing business for a given period, such as a month, quarter, or even a whole fiscal year. But this crucial document won’t do you any good unless you know how to interpret the data — so here’s a quick guide to making sense of your company’s profit and loss statements.

Of all the important measurable metrics, a business can live and die on cash flow as readily as any other. If you don’t have enough liquid capital on hand, you could struggle to pay your bills and your employees on time, which can damage your credit and credibility. But if you are proactive about keeping cash flowing smoothly through your business, you can look forward to things running like a well-oiled machine.

The concept of business succession is having a unique moment of public interest thanks to the popular television series. But if you run a business, the need for a succession plan is very real and very important. Taking steps today to put a succession plan into place won’t just prevent drama — it’ll ensure that your business is continually run by people who want it to succeed as much as you do and have the skills to make it happen.

If you’ve considered starting a small business, you’ve almost certainly heard of the U.S. Small Business Administration. The SBA is one of the most useful resources for entrepreneurs and companies on the grow, and it’s been an incredible asset for countless American businesses over the past 80 years.

As business activities slow down, lenders shift their focus toward specific aspects when evaluating financing requests. In such times, lenders scrutinize certain items more closely to assess the viability of providing funds. Let's discuss four key factors that business lenders prioritize during the review process. By examining these essential business criteria, lenders aim to make informed decisions that align with the financial stability and growth potential of the businesses they support.

At First Bank of the Lake, we believe small businesses are the cornerstone of our communities and the American Dream. We recognize that helping businesses has the power to transform people’s lives and businesses across the country. Connecting people with financial resources is the spark that ignites innovation, competition, and expansion. That’s why our motto is “We put you first!”