Small Business Best Practices

Small steps today. Big success tomorrow.

Your business is on a unique path—following your vision from start-up to success. As you navigate this journey, your passion and dedication keep you moving forward. SunTrust can help you go even further. Our Small Business Best Practices Guide covers six important areas of financial management for small business owners. Each part of the guide includes a straightforward checklist of best practices. Implementing these steps will give you greater confidence and success as your business grows and changes over time.

Starting Your Business

Before starting your business, it's imperative that you create a business plan and a financial plan. Establishing the right financial practices at the outset will form a strong foundation and help you avoid unnecessary expense and hassle down the road.

Controlling Cash Flow

Avoid surprises by staying on top of your business cash flow. Good practices here can lead to positive discussions when you’re working to grow your business in the future.

Increasing Profitability

Even the most experienced business owners should always take the time to evaluate how the business is going. It is likely you'll find something you can change to improve your business.

Growing Your Business

Whether you're ready to grow your business now or in the future, every business owner should prepare for growth and understand financing options.

Protecting Your Assets

Ongoing risk management practices are necessary to protect your business and personal assets. Talk with your CPA, attorney, banker and technology provider to determine which specific steps are right for your business.

Planning for Business Transition

As you think about potential business transition, it's important to have a realistic exit, sale or transition plan well in advance. This will minimize surprises and help you realize the maximum value for your business.

Questions About Running Your Business?

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SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, "SunTrust") are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents, provide legal services and give legal advice. Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. Because it cannot provide legal services or give legal advice, SunTrust’s services or advice relating to “estate planning” are limited to (i) financial planning, multigenerational wealth planning, investment strategy, (ii) management of trust assets, investment management and trust administration, and (iii) working with the client’s legal and tax advisors in the implementation of an estate plan.


Small Business Resource Center

  • Make the Next Downturn Different

    Business cycles progress and downturns happen. Businesses that assess their vulnerable points and prepare will be far more comfortable when the day arrives.

  • Make Your Business a Magnet for Employees

    The drivers for employee engagement and job satisfaction go beyond the pay stub. Here are five strategies to holding onto some of your best employees.

  • Four Steps to Plan for Business Transition

    Business transition planning ensures that when transition time arrives, hard work results in ample financial returns and a new chapter for both business and owner.

  • Purchasing your Business Real Estate

    Business property ownership is a tried and true small business approach to diversify assets, secure a strategic business asset and put your rent to work creating value.

  • Understanding Loan Covenants

    Once a loan is funded, it’s loan covenants that keeps the relationship strong, protecting the borrower’s business and assuring the lender that they will be repaid.

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      Richmond, VA 23261-7572


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