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Three Financial Items for Business Owners to Review by Year End
On behalf of all of us at the Bank, we thank you for your business over the past year and wish you a happy holiday season and look forward to working with you in 2017! For those of you who do not know me, my name is Mike Richardson and I lead the commercial deposits division of the Bank. Our business model is designed to develop cost-effective and efficient financial solutions for commercial clients in various industries regardless of size. We have experience with organizations in specialized areas, such as trade associations, corporate PACs, political organizations, lobbying firms, nonprofits, advocacy groups, government contractors, real estate development companies, medical and dental offices and entrepreneurial small businesses.
Chain Bridge Bank seeks to develop a close working relationship with our clients and our goal is to become a trusted advisor for their organizations. As the year comes to a close, I’d like to share three areas I advise our commercial clients to review as they plan for the year ahead.
- Annual Business Plan
Every business owner should critically examine the goals outlined in their annual business plan for progress over the past year and to identify opportunities for growth. Some key considerations:
• Did market conditions or internal deficiencies cause you to miss targets?
• What areas show promise for revenue growth in the upcoming year?
• Is your business plan communicated clearly to your organization?
- Benefits Package
Open enrollment is not the only time to examine whether health insurance, 401(k) plan and other related elements are being used by employees and if the programs remain cost-effective for the company. Talk to staff about enhancements they would like to see offered and plan a request for proposals from vendors to find potential lower costs and better options.
- Taxes
December is a perfect time to talk with your accountant about any potential tax savings that may be available. They may recommend solutions such as selling stocks to rebalance your portfolio, deferring income to the next year, contributing to retirement accounts or donating to charities for tax deductions.
The commercial banking team and I welcome the opportunity to help you evaluate your business and set financial goals for the upcoming year.
Sincerely,
Mike Richardson
Senior Vice President & Commercial Banking Officer
703.748.2074
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Branch Holiday Closures
Please note that the branch will be closed on
Monday, December 26 as well as
Monday, January 2.
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We recently received an advisory from the Financial Services Information Sharing and Analysis Center, the Retail Cyber Intelligence Sharing Center and the United States Secret Service warning that
cyber thieves are focusing on businesses who have not upgraded their merchant terminal systems. Read this article from Senior Vice President, Compliance Officer and Counsel Betsy Sharon highlighting Appendix A of the advisory regarding how your small business can put controls in place to protect customer data.
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Upcoming Event: Leaders Accelerate!
The Bank is proud to sponsor the upcoming Leadership Center for Excellence’s Leaders Accelerate! Summit. The transformative, one-day summit will convene established leaders, emerging leaders, entrepreneurs, activists and other innovators to facilitate knowledge sharing through various sessions and peer networking opportunities designed for personal and professional development. The event will sell out, so be sure to register before Friday, January 13 to take advantage of early bird ticket prices. We hope to see you there!
Date:
Friday, February 10, 2017
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The Bank
earned a perfect 5-star rating as one of the strongest financial institutions in the country for the 29th consecutive quarter from BauerFinancial, the Nation’s Premier Bank Rating Firm. Thank you to our clients for your continued trust in the Bank as the best choice for your financial needs! See the press release from Bauer Financial about our rating.
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NMLS # 405543 | Member FDIC | Equal Housing Lender
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