As a snapshot of a nation's financial health, the economy is bound to ebb and flow.

After the last few years, it’s no surprise that unprecedented events resulted in challenges for many Americans. In 2021, the economy started to show some signs of recovery – businesses resumed normal service hours and started hiring new staff members. Now in 2022, we’re seeing areas that continue to feel the ripple effects of the COVID-19 pandemic.

With many jobs left unfilled and supply chain delays, it’s a struggle for businesses to operate at their full potential, but there are ways to keep your footing when things get a little rocky.

Find your footing.

At the start of the 2020 pandemic, business owners were left scrambling – how do you keep your employees healthy and safe while ensuring the business continues to function as, well, business as usual?

Today, those concerns remain relevant, but now there is rising inflation, supply chain issues, and a competitive hiring environment to navigate as well. What’s a business to do?

There’s no one-size-fits-all approach in these situations, but there are a few tried and true practices you can put to good use as you go.

• Inflation

  Essential materials and items for businesses are expensive, but borrowing money now to offset the pressure of inflation will cost you more in the long run. Start by looking for places to reduce business-related costs and debts before borrowing.

• Hiring

  The hiring environment is competitive right now. The best thing you can do to retain employees is to be as communicative as possible, and treat and pay them well.

• Supply chain

  Getting a step ahead is vital as we work our way through a fractured supply chain – anticipate delays and plan for future projects accordingly. By ordering the necessary materials earlier you buy yourself additional time.

• Cash management

  Managing your cash flow is critical to operating a healthy, growing business. Proper cash management can help minimize balances in non-interest-bearing accounts, avoid cash flow gaps, and ensure excess reserves are bearing interest and are 100% FDIC insured.

Market conditions may be challenging for some time. There have been economic signals that suggest the U.S. is heading into a recession, so the sooner business owners work on their resiliency, the better. But hey, that’s what we’re here for – to help business owners cut through the noise.

Equip your business with the best.

Take a look at your current toolbox – do you have all that you need to manage your business?

Finding business solutions that can optimize available funds, keep an eye out for fraudulent transactions, and make getting paid and making payments easier for you means more attention where it matters – your business.

If you come to realize an injection of cash is what your business needs, we can help out with that, too. We’ve guided plenty of businesses through tight financial situations in the past, and these have been some of our most beneficial services.

• Working Line of Credit. This line of credit (LOC) can be used for a variety of purposes and is immediately accessible with interest-only payments. You also have the option of making it a revolving (the same amount of credit is available again after you pay it down) or a non-revolving LOC.

• Term Loan. This is another loan that can be used for a mix of purposes, and terms can range from five to ten years. There will either be a lump sum initial advance or for construction, you can draw for each phase of the project. There are some tax-related benefits to term loans, with amortization ranging from 15-25 years.

• SBA Loans. Small business loans are just that – loans specifically for small businesses. These loans are government-guaranteed funding options in partnership with the Small Business Administration, and there are two types of expansion financing with an SBA. Want to learn more? Get the scoop on how to get a small business loan.

• Equipment Loans. Everything from ovens and copy machines to vehicles, if it’s a business-related piece of equipment that needs to be replaced, you can turn to an equipment loan. They’re an initial lump sum advance to make the purchase you need with the option to make fixed principal and interest payments for up to 15 years.

Ready to talk shop?

You can brush up on our full list of business services or chat with a human – you could even do both at the same time.