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.
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.
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.
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.
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.
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.
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.
Take a look at your current budget and follow these nine suggestions; you may be surprised by how much you can save for your business.
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A Federal Employer Identification Number (FEIN), also known as an Employer Identification Number (EIN), is used to identify a business entity. Here’s what you should know.
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As you get your business up and running, avoid these 7 mistakes to improve your chances of achieving long-term success.
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