Three great ways to help your small business grow and succeed
The growth and success of a small business can depend on a wide variety of factors. At First Utah Bank, our focus is helping small businesses in Salt Lake City and Utah flourish. That’s why we wanted to share with you three strategies that can help your business prosper over the long term:
Partner with a community bank focused on small businesses (not mega corporations!). At First Utah Bank, our services are tailored for small businesses. Unlike some banks, we don’t serve large companies and mega-corporations headquartered somewhere else. We’re the Salt Lake Valley’s community bank, able to work with you and your business on an individual basis. We work hard to get to know you, anticipate your needs and be ready with the right products. Even though we’re a community bank, we also offer the latest technology designed to provide you with an array of convenient ways to get things done 24/7. Even better, we are small business financing experts. As a Preferred Lender with the U.S. Small Business Administration, we have many different loan and line of credit options designed to fit your specific needs.
Our business banking accounts are pretty awesome, too. Consider a free business checking account through First Utah Bank, with features such as:
In addition to Free Business Checking available in Salt Lake City, Utah & Surrounding Areas, we also offer other business accounts. In addition, we offer an array of Treasury Management and Merchant Services options designed to help your business better manage cash flow and operate more efficiently.
Make time for networking. You’re not the first to start a small business, and you’ve got plenty of good company right now. According to Gaebler.com, there are 203,468 small businesses in the state of Utah. Not only that, but Utah currently ranks No. 2 in economic stability and potential, according to U.S. News & World Report, creating lots of opportunity for growth in business. Take advantage of networking opportunities to connect with other entrepreneurs in the Salt Lake City area and discover potential customers and other that may help your business succeed. Develop and nurture relationships with others who can offer advice, support, mentoring, and be a sounding board for ideas. In return, you can, and should, offer your experience and expertise.
In addition to the relational aspects of networking, there are the practical ones as well. While it may seem challenging to take the time to attend networking events, workshops, trainings, and other opportunities, it can ultimately make a difference for your bottom line. Visibility at networking events can add recognition to your brand and set you apart as an expert. Connections and referrals often follow such visibility, which can raise your profile, your influence, and the opportunities you have to expand your reach. If you can’t find the time as a business owner to network, delegate to a trusted employee.
Build a strong team and nurture them. Small businesses rely on each member of the team to make things work. What’s the best way to inspire and lead? Consistency in your management approach is one key, according to Jayson DeMers, founder and CEO of AudienceBloom. And developing a culture of recognition for milestones can go a long way toward job satisfaction, says Stephen Sheinbaum, founder of Bizfi. Letting your people know you appreciate them, even with small perks, shows your commitment to the business growing with them as a part of it. Large companies often offer the best financial benefits, but can you offer ones that appeal to employees looking for more flexibility, such as telecommuting options, and recognition? With 58% of employees saying they have never even heard the words “Thank you” from their boss, it’s no wonder that even a little bit of recognition can go a long way.
Remember, First Utah Bank is here to support you as a local small business owner. We’d love to hear from you!