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How some key Utah business decisions caused momentum

No doubt you’ve heard that old expression: “A rising tide lifts all boats.” It’s usually used as a metaphor to denote a big change in the economy that can actually help businesses of all kinds and statures.

Recently, a group of Beehive State leaders at the annual SelectUSA conference talked about that rising tide for Utah. The conversation between Utah Jazz owner and Qualtrics co-founder Ryan Smith and Utah Gov. Spencer Cox was marked by discussion of specifics in the state and how they point to some positive indications about the general business climate.

Deseret News produced an overview of the conference and in it they picked out five specifics that Cox and Smith discussed that should give every business person in the state some reasons to be optimistic.

Taking advantage of these positive changes also means a possible rethink of how your business savings are structured. First Utah Bank offers several options in that realm that may be right for your business.

The impact of major deals

Capital improvements and restructuring were definitely part of the plan when Smith and his investors group bought the Jazz in October. Those partners include an Australian tech titan and a venture capitalist from Silicon Valley, pointing to Utah’s increased cache in the worldwide business climate.

“That is what happens as a benefit of all the work that’s been done here in Utah,” Smith said. “Success breeds success. I made two calls … and we walked into the NBA and said we’re ready to go.”

Cox confirmed that more businesses have understood Utah’s impact in the past two decades. As part of the conference, Ben Hart – Utah Governor’s Office of Economic Development Deputy Director – said that “Utah is making our presence known on the international stage.” This means that more international businesses want to invest in the state’s ecosystem.

Hart also cited the 2002 Winter Olympics as a key early turning point for Utah, kickstarting more tourism interest and putting more of the national spotlight on the Beehive State.

At the same time, it’s the undeniable feeling that Utah businesses are successful on a global scale that’s attracting more investors.

“One of the things that’s played an important role is the deals in Utah are viewed as really sound, solid investments,” Hart said. “Over the years, Utah deals are worth more and the businesses are sounder than their counterparts around the country.”

Maintaining solid momentum

One truly monumental deal was brokered through Smith himself, when Qualtrics was bought for $8 billion in cash by European software company SAP. It was, to that point, the highest priced acquisition deal for a private software company, according to Deseret News.

Hart told the conference crowd that the acquisition sent a message to international investors: there are great opportunities in Utah. It also drove more money into the local economy — back to those rising boats on the tide — and created momentum that’s still felt today.

The story cites several international businesses with interest in Utah, including Japanese firms Mitsubishi and Hitachi and Stadler Rail from Switzerland. All point to the overall strengths that Utah possesses that makes it stand out among other states.

Among the factors that Cox cited as strong ones for Utah in general include:

A younger and highly educated workforce
  • A diverse economy
  • More consensus between government and businesses
  • Some of the lowest income gaps in the US

Think about the best approach to savings for your Utah business

Taking advantage of this rising tide means that you may need to make some adjustments of your own when it comes to your business finances. As your hometown financial expert, First Utah Bank can be a trusted advisor when it comes our own business savings options.

Clients can choose from two savings accounts products through First Utah Bank. The first is the standard savings account, which keeps your money safe while also giving you the convenient opportunity to watch it grow. There are no monthly service fees and no minimum balance that you need. This way, you can have the funds needed for unexpected expenses as your business grows and expands.

Then, there is the High Yield Money Market account for businesses. With this option, you can still get access to your funds easily, but it also allows you to earn a higher rate on larger balances. This competitive rate helps grow your money fast, as interest is compounded and credited monthly. It’s also insured to the legal maximum by the FDIC. Note that you need have $25,000 in your account to not pay a monthly service fee.

As your company grows in size and scope, know that you have First Utah Bank on your side to help along the way, whether it’s for savings or any other banking need. Find out more about at our website, or call us at 801-308-2265.