Financial well-being June 9, 2023 By
Navigating through the maze of mixed signals is a common challenge business owners face today. With conflicting news reports about market trends it can be tough to make sense of it all. One moment, they hear that the stock market is down, while in the next breath, they learn that consumer confidence is on the rise. Meanwhile, home builders exude confidence, but production costs continue to climb, squeezing profits.
In the face of such uncertainty, business owners need solutions. They require a reliable partner to help them cut through the noise, decipher the signals, and provide clarity.
“Many business owners turn to reliable advisers they can trust to provide accurate, non-biased information,” said Ted Lane, Senior Vice President Director of Treasury Management for First United Bank. “Collaborating with experienced professionals helps you anticipate trends, challenges, and gain fresh perspectives. Engaging in meaningful discussions, seeking advice, and attending industry events allows you to adapt strategies, navigate complexities, and seize opportunities.”
Here are some examples of advisors to turn to and how they can help:
- Local Economic Trends. Commercial Bankers pay attention to the influences that affect local economies and lending rates. They often know about municipal projects and business expansions that will impact the local economy.
- Production Costs. Your CPA can help you look at the potential impact changes in material and labor costs will have on your bottom line. CPAs can run through multiple scenarios so that you can plan for many situations.
- Stock Market Fluctuations. Partnering with a trusted financial advisor who can provide insight on stock market strategies can help you make informed investment decisions and devise strategies to mitigate risks during volatile market conditions.
By seeking these knowledgeable professionals' guidance, you can better understand the intricate dynamics at play in your industry. They will assist you in making well-informed decisions that align with your business objectives while also helping you navigate the complexities of the current economic landscape.
A great first step is connecting with your commercial banker. They have a list of people they know who can help. “Trusted advisors help ensure your business's longevity, making them invaluable partners in your entrepreneurial journey,” Lane concluded.