How Do You Judge Your Business's Success?
As a heavily regulated public banking institution, entrusted with depositors' money, we are required to publish our financial information every quarter. That forces us to look closely at our progress and answer investor and analyst questions. But that isn’t really enough. Twice a year for a couple of days, our management team steps back from the day-to-day business and asks ourselves some questions. Where do we want to be in a few years? Are we on track with our strategic plan? What are our challenges? What do we need to improve on? What is happening in our industry from a competitive or technological perspective? How do we need to change to meet our customers' and employees' expectations? We spend that time updating our strategic plan. Our objective is to get better and look into the future to anticipate and avoid potential roadblocks.
As a business owner, no matter the size of your company, you should do the same. That is where Bank SNB might be able to help. Even if you don’t have a credit need, give your banker a call. Invite them to your business and share your financial information. Ask them what they think of your numbers and how the bank might analyze them if you were to ask for credit. We bankers probably look at your numbers slightly different than you might. Perhaps we're a bit more risk-averse, but having seen many successful and some not-so-successful companies, we can offer a beneficial perspective as you grow your company. A good step back from the day-to-day a couple of times a year with some outside perspectives might just help you achieve your financial goals quicker while avoiding some of the roadblocks. Bank Successfully. Bank SNB.