But it turns out they’re your best friends
The Small Business Association says that half of new businesses survive five years or more, and only one-third make it to the 10-year mark. The threats are real and one need only start and grow a business to face the usual perils: cash shortages, expanding payroll demands, staff turnover, staff investment and training needs, revolving need for supplies.
The challenges may feel ceaseless.
Nurturing close relationships with two types of banks (a strong local bank and a large national bank) is a “seared-into-our-soul” lesson we’ve reaped from the last decade. The reasons are profound: The best bankshelp guide and mentor a growing business, while managing and mentoring a business on economic principles. Those principles, when wisely employed, protect and grow a business.Read the Full Article…