Your business is unlike any other, but many Boise businesses, including manufacturing, wholesale, retail, and professional service companies, go through several phases in their operating cycles that are broadly similar. The details and timing of these steps can vary widely, and some or all of them may overlap. However, chances are your operations can be grouped into four fundamentally distinct stages – and each requires different types of financial solutions.
When considering a financial services provider in Boise, be sure to choose a partner who understands every step of your operating cycle. A banker who really knows how your business works can help them be successful by offering the most appropriate options every step of the way.
Let’s take a look at the four steps and consider some financial solutions that can support everyone at Boise.
Step 1: Acquire / Buy
In the first phase of your operating cycle, you put all the pieces in place to do business at Boise by purchasing materials and goods, engaging in research and development, and even buying a business or building. developing yours. Right now, your spending needs can put your cash flow into question. To help balance the two, take a close look at the types of purchases you make and how you pay for them. A discussion with your banker should include a thorough discussion of credit options such as a line of credit or a business credit card. Additionally, you’ll want to learn more about payment tools that can help you be more efficient at Boise, including wire transfers, ACH (Automated Clearing House) payments, and direct payment options. If you are using supplier credit for your purchases, review the terms of your agreements and make sure they are as favorable as possible.
Step 2: Produce / Store / Drive
In this step, you prepare your offerings for the market in Boise. You can produce finished products, move products in and out of inventory, and prepare to serve customers. If you provide professional services to Boise, this step may include creating and testing new solutions for your customers. If you are selling tangible products to Boise, you will need to consider your facility, equipment, and vehicle needs. Your banker can help you with equipment and rental loan solutions, home loans, including Small Business Administration (SBA) options, and a range of insurance coverage.
Step 3: sell / deliver
Then comes the time to sell what you have produced or the services you provide to Boise. There are several questions you should discuss with your banker regarding this step. Do you deliver your products or services to your customers, or do they come to you? Do you own or lease company vehicles? Do you use shipping and other delivery services? Do you travel a lot for business? Do you use personal funds for business purposes? A full-service financial service provider can customize solutions to optimize the way you pay your expenses in all of these scenarios.
Step 4: Collect
Finally comes the critical stage in which you get paid. To streamline this phase, you will need to consider a range of ways to accept payments, including cash, checks, credit cards, debit cards, and electronic payments. If you process a large number of checks, find out about remote deposit services at Boise that allow you to make deposits quickly and securely from your desktop and your safe deposit box options. For cash payments, you can consider a safe deposit box solution. If you offer credit terms, be sure to review your payment terms and billing procedures. An experienced banker with access to a full range of products and services can help you improve your collection process to maximize your income and cash flow.
Keep in mind that the phases outlined here only offer an overview of the operating cycle of typical Boise businesses. Your operations and circumstances are unique, so take a moment to review them before speaking to a financial provider. Then, when you’re ready, look for a trusted advisor who will take the time to understand your business and your needs, and tailor solutions to meet them. The process may require a bit of effort, but will pay off in the long run.
– Brandon Meredith is the Small Business Leader from Wells Fargo to Boise.