Imagine you’re a business owner. Most of your day is spent running your business, leaving no time to work on your business. From coordinating employees and paying vendors to managing inventory and customer service – the demand is endless. At the end of each day, it can be overwhelming to identify inefficiencies and detect where money is falling through the cracks. That's where Finagraph comes in.
If you own a small business and have tried to get a loan in recent years, you probably know frustration like the back of your hand.
Now that the economy has improved, small businesses have seen an easing of the tight credit that hindered expansion plans during the Great Recession and beyond. And banks, flush with money, are eager to do more business with the rapidly growing small-business sector. But banks still confront low-net-interest margins that continue to depress earnings, putting more pressure on them to look for ways to cut costs.
Finagraph and Maestrano hosted a webinar together on, "Using Dashboards to Make More Money."
Listen to this 30-minute video on dashboards – what they are, how they work, and how they can help you better understand your business. We go through some of the common questions about financial dashboards and best kept secrets.
Small business remains one of the largest and most profitable client segments for banks. They provide low cost deposits, high-quality loans and offer numerous cross-selling opportunities. However, recent reports indicate that a majority of business owners are dissatisfied with their banking relationship. In fact, more than 33 percent are actively shopping for a new relationship.
Business owners spend so much time working in their business, that they often lose sight of working on their business. In an economy where the stakes are increasingly high and cash progressively scarce, business owners must proactively manage the balance sheet and income statement or risk falling victim to the five silent killers of cash flow. Sixty percent of companies are misfinanced in the US – is your business one of them? Find out by watching this live webinar hosted by Mike Milan, Senior Vice President of Finagraph with Cloud9 Real Time.
Do you really know where your commercial and small business clients stand financially? I bet if you ask your commercial lending relationship managers they will say they do - but do they really? The bigger question is how you could be more tied into to your business clients so that you could give them real advice that may save their businesses. More questions?? Nope, just one answer.
Daily, I have been reminded by the government, that the signs of economic recovery are all around me. It certainly doesn’t feel that way, but it leads to an interesting discussion about economic change. Small business has always been the axiom of contributing factors to the success of the US economy. But in modern reality, the prevailing thought was that the economy had to be led by banks. The signs of change are around us, but it’s more likely that the US economy is rearranging itself rather than simply recovering under the old umbrella of Wall Street.
With the surge of alternative lenders, competition among banks is stronger than ever. But what exactly does that mean for the everyday banker? It means business owners want more. If you’re only meeting your clients once a year on a renewal, it’s not good enough. In order to take your customer service to the next level, you need to become a trusted advisor. Someone who understands where your clients are going and how to help them get there. If you’re not investing in your clients’ business by taking the following actions, they may have one foot out the door.
Experian has announced a new agreement with Finagraph, a best-in-class automated financial intelligence tool provider, to provide the banking industry with software to evaluate small business financials faster. Loan automation is key in pulling together data in a meaningful manner and this bank offering will provide consistent formatted financials for easier lending assessment.
We business owners like to make plans for growth and a successful exit, but we rarely talk about this fear for the future: what if someday our business is no longer viable? For all of our short- and long-term plans, the fact is that the business could be affected by factors over which we have no control, such as regulatory changes, market shifts, and new competitors.
The good news is that business owners can keep tabs on trends in these three major areas to fend off closure, or equally bad, irrelevance. Here are some ideas for staying ahead of the curve.