By Jeremy W. Tuggle, Bryant Bank Trussville City President
In working in the Bryant Bank commercial lending department for a little over nine years, I’ve had exposure to businesses in a variety of industries and situations. This includes manufacturing, construction, wholesale, retail, service industries, and more. There really aren’t many industries we haven’t worked with at Bryant Bank.
We have certainly seen a common theme that everyone who owns a business wants to succeed, and we love helping people achieve those goals. However, there are several characteristics and qualities of the most successful businesses that stand out to us.
Characteristics of businesses that succeed
Being organized with a plan
I think having a written plan and aligning yourself with good strategic partners is always a great place to start. Without a written plan, it could be really easy to let the business manage you instead of the other way around. A plan serves as a roadmap on how you get from where you are to where you want to be.
However, these types of detailed business plans can be difficult to put together on your own. Strategic relationships, whether it’s with your CPA, attorney, or banker, are great resources in helping to pull a plan together.
In my opinion, being a strong leader is not necessarily an authoritative role. The strongest leaders I have been around lead by example and show a genuine interest in those that they are leading. It creates a buy-in from the staff that facilitates bringing out their best. If you’re getting the best from your staff, you are already ahead of the game.
Culture is huge when it comes to businesses that succeed. If you have created a positive work environment and a vision that the staff believes in, your retention level will typically be high. When this is the case, you can spend your days growing the business instead of constantly having to recruit and train new staff members. Having people that are bought in to your vision and involved in company culture will only help with your success.
Being smart about finances
I don’t think you can be successful long term without a budget. There will be highs and lows in any business, but without a plan, managing through those cycles can be almost impossible. The last thing you want is for a great business plan to not work out because of financial mismanagement.
How Bryant Bank can help your business succeed
I think having a relationship with a banker is critical. Every situation is different and most things don’t fit neatly inside of a box. A partner that wants to understand your business and specific situation is a valuable asset to have as a business owner.
This is a strength of Bryant Bank. Our lenders and branch staff want to know the customer. It’s absolutely more than a transaction for us. When we start working with a customer, we stay with that customer through the entire lending process and beyond. We don’t hand a business owner off to someone else in another department. Business banking is personal to us, and we hope to be your partner every step along the way in reaching your goals and achieving success.
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At Bryant Bank, family is at the heart of what matters most. And for us, Alabama is that family. Our vision is to see Alabamians experience a financially stable future and live in a thriving community. To accomplish this, Bryant Bankers put care into action each day to help others invest in their full potential. We are proud to offer Personal, Business, and Mortgage Banking services. Click here to locate your closest Bryant Bank or to open an account with us today.