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General News

Meet Holli Gailey, One of Our Pinnacle Bank Mortgage Lenders

HolliHolli Gailey got her start in banking 2005 and gained experience in the front lines of banking as a Personal Banker. In 2010, Holli became a Mortgage Lender and has enjoyed her job ever since.

Holli enjoys servicing areas including Royston, Elberton, Lexington, Hartwell and Lavonia. From VA and USDA loans to new construction, she’s enjoyed helping many customers navigate the mortgage process and get into their new homes as smoothly as possible. To Holli, each customer’s situation is a like a puzzle and she finds it fun to put the right pieces together to make their mortgage work. She particularly enjoys the excitement of new homeowners after the process, or those that have been able to refinance to lower rates.

With Pinnacle Bank’s goal of being the best community bank in Georgia, Holli has a sincere appreciation for the small town atmosphere, where team members feel more like friends and family.

Holli is a member of the Young Professionals Hospital Board at Elbert Memorial, a member of the Delta Zeta local sorority and a member of her Church Board.

Originally from Muscle Shoals, Alabama, and a graduate of the University of Alabama, Holli moved to Georgia 12 years ago and loves this area. Outside of the bank, Holli enjoys spending time at the lake with her husband and young son and daughter. They also enjoy traveling abroad when possible, including trips to Venice, Switzerland and Austria.

familyIf you are interested in meeting Holli Gailey to discuss your mortgage needs, she can be reached at 706.213.3329 or via email.

Categories
Blog Business

3 SBA Tips on Growing Your Small Business Staff

With Q2 just around the corner, you may be thinking of all the Spring cleaning needed around your office — closets, windows, and junk drawers, of course — but what about your hiring process? As many small businesses are ramping up for the busiest part of the year, owners everywhere are wondering “Do I hire?” When the answer is yes, there’s always the inevitable follow-up: “Well, how?”

If you’re wondering how to grow your small business staff, and how to manage it effectively, the U.S. Small Business Administration has those answers. From streamlining your hiring with a task list, to defining roles and setting new boundaries as The Boss, these tips will help you staff successfully. Take a coffee break and read these top tips for hiring your small business staff.

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Blog Business

FDIC News: Cybersecurity for Your Small Business

By now we’re all fairly savvy shoppers when it comes to making personal purchases online. You know to look for the secured URL address before entering any payment information. You’ve also created an easy-to-remember but hard-to-hack password; but what about when it comes to protecting your small business online?

cybersecure

A recent FDIC Consumer News update included eight ways to better manage the cybersecurity of your business — ranging from your software to the soft skills of your employees. Ready to learn how to reduce risk, increase data defenses, and stay vigilant in the digital age? Read these top tips for small business cybersecurity.

Categories
General News

Watch Our New Small Town Stories Video — Why Bizzy Bee Relies on our Mobile App

We’re excited to announce the next installment of Small Town Stories – our video series that showcases how small business owners are using Pinnacle Bank every day.

Today’s video highlights Bizzy Bee Exterminators. Headquartered a couple of hours outside of Atlanta, Georgia, this second-generation owned company relies on our mobile app to better manage cash flow across their 38 employees. Now with more than 1,500 customers per month in residential and commercial facilities, Bizzy Bee has helped protect Georgia homes, offices, food, and health since 1972.

Watch the video below to learn how the Pinnacle Bank mobile app helped owner Brook Collins modernize the Bizzy Bee operations with on-demand deposits and real-time cash flow management.

Ready to write your own Small Town story? Contact us today for more information on the small business banking services we offer and let’s get started.

Categories
General News

Meet Betsy Jourdan, Pinnacle Bank Mortgage Lender

Betsy Jourdan has been involved in banking since 1990, working as a teller, loan processor and eventually a management trainee. However, she moved into the mortgage side of banking in 2000 and continues to be fascinated by the process of helping someone into their new home. She joined the Pinnacle Bank team two years ago, and we feel fortunate to have her unique point of view on the staff.

Betsy JourdanWorking primarily on Athens and Monroe mortgages, Betsy loves the small town atmosphere in these communities. She feels she has the opportunity to truly connect with customers and successfully guide them through what can otherwise feel like a complex and stressful process.

Betsy and a real estate agent were recently featured in an Atlanta Journal Constitution article highlighting their dedication to pleasing mortgage customers.

“I 100% believe that we would not be in our home had it not been for Janice and Betsy. It didn’t matter what time of day it was, whether it was the weekend or a weekday, I could call, text and email them, and I had an answer,” the homeowner said.

With a background in the building industry, Betsy has strong experience in new home construction loans that turn into permanent financing.

Betsy and other members of our mortgage lending team were recent recipients of the 2015 O.W.L. Awards, recognizing their exceptional service.

OWL Awards 2015 mortgage
(Betsy Jourdan, third from right)

Living in Georgia since the age of 9, Betsy is a die-hard UGA fan. When she’s not cycling, swimming, running or rooting for the ‘Dawgs, she loves spending time with her husband and her two sons.

boyscoutsShe is an avid fan of Disney, and one of her sons has the pleasure of working there and keeping the magic alive for visitors to the park.

Betsy is also a supporter of the Boy Scouts (this photo is from a recent hike up and around Stone Mountain with the local boy scout Troop 81 from Monroe), Boys & Girls Club, a Walton County Chamber Ambassador, a member of the Pilot Club of Monroe, and Finance Council Chair at St Anna’s Catholic Church.

If you are interested in meeting Betsy Jourdan to discuss your mortgage needs, she can be reached at 770.464.4684 or via email.

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Blog Business Managing Your Business

9 Lessons from a Small Business Owner

By Becky Brown, Consultant, UGA SBDC at Georgia Southern University

There is certainly no shortage of business advice out there, and I read just about everything I come across. But sometimes it leaves me scratching my head and wondering who exactly is the person giving the advice and have they ever actually owned a small business.

So as my gift to you, I am not going to give you advice. I am going to share some things I have learned as a small business owner for more than 20 years.

1. Activity does not equal profit.
Have you ever had a customer or employee say “wow, you are so busy, you must be doing great,” when in reality you are not making money? Unchecked activity can make your expenses soar to the tune of a loss. Specific areas to look at are payroll and cost of goods sold.

2. Deal with problems immediately.
Do not stick your head in the sand and ignore problems. This has always been difficult for me since I really don’t like conflict or confrontation. If you ignore a problem, it will get worse. This applies to employees, customers and suppliers. Hit it head on so you can quickly resolve it and move on.

3. Look for funding when times are good.
All businesses go through cycles, and the time to get a loan is when you don’t need it. Yes, it will cost you interest money, but it is difficult to find funding when you are showing a loss or having critical cash-flow problems.

4. Don’t skimp on professional advice.
Unless you are an attorney or an accountant, you will need one. I always thought I was smart enough to review and understand most legal documents, but I did not go to law school and I am not. Likewise with accounting. Tax laws change so frequently it is impossible for a regular person like me or you to keep up.

5. Positive net income doesn’t always translate into cash.

Your P&L looks great from an income side but you have no money. Dig deeper and look at your balance sheet and cash flow statement. Your cash could be tied up in inventory or accounts receivable.

Also look at your terms with suppliers. Many owners like to pay for goods up front. Don’t do it. Having net 30 or 60 is like having a short-term interest-free loan.

6. Do not hire yourself.
People gravitate to people who are similar to themselves. You need to hire people who have talents you do not, especially when filling key positions such as managers. I am a big picture kind of girl who doesn’t like to be bothered with too much detail or actual follow through once I have created something.

Know who you are and hire to complement, not duplicate, yourself.

7. Familiarity can breed contempt.
Small businesses often have a family feel between employers and employees. That is fine as long as everyone understands that at the end of a day it is a business. Due to lower wages, lack of benefits or other reasons, many owners just feel grateful to have any employees they can find.

Don’t be held up by your employees. No one is irreplaceable.

8. Take a breather when you can.
Whoever said “if I am going to work this hard, I would rather do it for myself than someone else” is crazy. You will never work as hard in your entire life as you will as a small business owner.
Take advantage of calm times to restore your sanity. I had an epiphany one day as I stood in my business and realized all was good at the moment and that I was only there because I felt obligated, not because they needed me.

If you need it, I give you permission to take the day off.

9. Think about your end game.
Clients think I am crazy when I ask about their exit plan as they are starting a business. I had an end strategy for every business that I started, and none of them included passing it on to my kids.

I realized they would probably not be interested, and guess what? They weren’t.

Categories
Blog Business Fraud & Security

Protect Your Business From Check Fraud

Positive Pay for Precision® from Pinnacle Bank is the most effective method available to protect your business against financial loss due to check fraud. As the fraudulent production of checks becomes increasingly easy, positive pay and automated account reconcilement services are critical to protect against fraud.

Overview

Positive Pay increases both the effectiveness and timeliness of fraudulent check detection over traditional systems, which rely almost exclusively on posted proof files to identify fraudulent checks.

With Positive Pay, we can better monitor and detect unusual or unauthorized disbursement activity by comparing paid items against issue information to identify any discrepancies. Our business customers can send us a file of their issued checks each day. In turn, they receive a daily notification of exception items, either by fax or through your online business banking solution. This enables them to send handling instructions and import new issues notifying us of possible fraud.

Business banking customers also enjoy the capability to download a paid item file on a daily basis, as well as provide us with a daily issue file detailing outstanding items. This helps control which checks are paid against their accounts, and guards against losses due to altered and counterfeit checks, as well as unauthorized items.

Key Features

  • Reduce fraud: Timely notification of suspect items reduces the chance of fraud
  • Streamline the process: Online posting and the Internet enable a more efficient process for handling fraudulent checks
  • Gain control: Customers gain increased control over the payment of checks
  • Provide reports: Enjoy convenient and extensive reporting capabilities

For more information on Positive Pay for Precision or other business banking services, please contact us.

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Blog Investment Services Saving & Budgeting

7 Financial Tips for Military Families

We are often reminded of the many sacrifices service members and their families make to protect our nation. Pinnacle Bank has highlighted seven financial tips to help make the lives of these cherished military families a little easier.

“Military families do an incredible service for this country,” said Jackson McConnell, Pinnacle Bank President. “The nature of their jobs is inherently stressful – but financial stress shouldn’t be part of it.”

These 7 tips will help service members pave the way toward a strong financial future:

• Contribute to a Thrift Savings Plan. Military members have access to the Federal
Thrift Savings Program, which offers the lowest-cost retirement-savings plan available.
Have automatic contributions withdrawn from your paycheck.

• Plan for deployment. Before deploying, have a conversation with your family about
managing the household budget. Consider granting power of attorney to your spouse, should they need to make any urgent financial decisions while you are gone. Check with your bank to see if they have pre-printed forms you can use for bank accounts. Military personnel also receive additional funds while deployed. Decide on the best use for that extra cash, whether it be paying off debt or additional Thrift Savings Plan contributions.

• Meet with your banker before active duty. The Servicemember Civil Relief Act offers all military personnel entering active duty a variety of financial protections. The SCRA covers issues ranging from interest rate reductions to limits on debt accrual. Ask your banker about the key provisions of this law and how they can help you.

• Consider housing options. With mortgage rates at notably low levels, homeownership can seem like a no-brainer. However, servicemembers should consider their options. Frequent relocations and deployments can make owning a home challenging and expensive. Renting may be a smart option for short-term assignments. Decide what’s best for your family and your finances.

• Consult a financial advisor. Schedule a visit at a Personal Financial Management Program (PFMP) office, located in your military and family support centers. They offer free one-on-one counseling, as well as other financial education resources.

• Budget for a single-income household. Frequent moves are an inevitable part of military life and can make it difficult for spouses to establish stable careers. As a precaution, make plans to operate on a single-income household budget. That way, should your spouse’s employment status change, your family will be prepared.

• Set up automatic bill pay. Whether you’re stationed state-side or overseas, automatic bill pay will give you and your family one less thing to worry about each month. It can be particularly helpful during deployments in regions where internet access is unreliable and mobile banking isn’t an option.

Know a military family? Share these tips with them and help them have an easier financial life!

Categories
Blog Business Cash Management Managing Your Business

10 Truths that all Small Business Owners Should Know

By Lynn Vos, area director of the Georgia SBDC Network

Last week a new business owner asked me what ten things would I tell a family member who was starting a business. This was an intriguing question and one that I pondered. At first, I thought of the standard things such as write a business plan, know your break-even point, know your target market, etc. Then I realized that you would pick that up in any literature on starting a business. It’s the other little nuggets that you need to know that you won’t necessarily find in a business book.

These “points to ponder” are really for all business owners, not just those who have recently started. As we know from recent economic conditions, all businesses can stray from the fundamentals.

So here are some tips to keep in mind as you go about your daily business:

1. Don’t ever forget that nobody will look after your money like you do. It’s okay to seek advice on investment strategies, tax savings, and other vehicles to make money. It may also be okay to let others keep your books, make deposits, and ring up sales. But at the end of the day, you need to know how much money you have, where it is, and if it is at risk.

2. There is always competition. No matter what product you sell or service you provide, your customers can find someone else to do it or they can just put their money in the bank. So never think that you are the only game in town.

3. There is no standing still; if you are not improving you are losing ground. I was at a seminar a few years ago and one of the speakers made an interesting point. He suggested that we as people were “depreciating.” The point made was that if you are not improving and learning new skill sets on a regular basis, you will become like old inventory…obsolete. This also holds true for businesses.

4. Just because it’s new technology doesn’t mean you need to have it. So many times I see business owners buy very sophisticated and expensive technology to do a job where a much less expensive and simpler technology would have been sufficient and easier to use.

5. It’s what the customer wants not what you want that counts. I think this speaks for itself. Stay focused on what the customer wants and don’t forget that customers vote with their wallet.

6. The time to seek legal advice is before you sign on the dotted line. All I can say is don’t be so in love with any piece of property you want to lease, any business you want to buy or sell, or any contract that you want to obtain that you don’t take the time to have it reviewed by your attorney before you commit to the deal.

7. Without revenue, nothing else matters in business. Don’t forget the basics of making sure your cash register rings. It is so easy to get distracted by administrative issues, but you must always remember that without sales there is no business.

8. Without performance, image means nothing. You can have the greatest marketing effort in the world but if you don’t have the ability to deliver the product or service, you’ve wasted everybody’s time and your money.

9. Get to know your banker before you need them. If you have a long-standing relationship with your banker before times get tough, it is easier for them to go to bat for you. They already understand your business and know your strengths.

10. Always have an exit strategy. You need to know how you plan to exit the business on both the winning side and losing side of the game. If your business is failing, how much can you afford to lose and when do you need to pull the plug? If your business is successful, how much do you want to sell the business for and what does it need to look like to get that price?

For more tips on better running your business or to speak with one of our business banking specialists, please send us a note or call 706.283.2854.

Categories
Business Cash Management

5 Tips for Tightening Up Your Cash Flow

By Michelle Wright, business consultant for the Georgia SBDC Network

Today, many small businesses face the daunting task of taming their expenses in challenging economic times. Here are some tips to remember that may make tightening up those purse strings a little easier:

1. Be aware of all overtime. Make sure on a daily basis that time is being checked and resources are being utilized efficiently. Not only do you pay time and a half, but you pay the social security and Medicare on the higher wages. Trying to keep overtime to a minimum will keep the wages and taxes in check.

2. If employees use company vehicles, check mileage. With the price of fuel being high, keeping a close eye on the number of miles that are driven will help ensure that you are not paying for personal errands with the company’s car.

3. Company cell phone usage should be reviewed. Is there a more efficient plan available for the number of minutes the company is using? Or, maybe the employee is making too many personal calls. Having the employee reimburse the company for minutes over the allotted plan could help keep your rates lower.

4. Shopping your suppliers. Have you checked to see if you can get better deals on your merchandise or services? When is the last time you did some shopping around? It may be time to look at insurance policies as well. Many business owners get so caught up in the day-today operations, they do not take the time to look at areas where they may be able to save a little money.

5. Review your marketing program. Are you tracking how new customers find out about your business? If not, you may not be utilizing you marketing dollars efficiently. Track where your customers are from and how they hear about you. Then, look at the information and see if you are paying for advertising that is not bringing in results. You should not cut out marketing. You need to make sure that people know you are still there. But you definitely want to make sure dollars going out are bringing dollars in.

Finally, while reviewing these expenses, you also need to review your sales prices. Small businesses will have to raise their prices to keep up with the increase in the cost of doing business. It is hard for the customer to take a huge increase, so a plan should be in place to raise your prices incrementally. Not only have fuel and many other products gone up tremendously in the last year, but the minimum wage is increasing each year also. Employers must plan ahead for these increases and not be taken by surprise.

Check out the competition. Make sure your prices are still competitive and you are covering your cost. By taking some time to review your expenses, watch your employees and monitor your prices, you should be swimming, not sinking.

For more cash flow tips or to speak with one of our business banking specialists, please send us a note or call 706.283.2854.