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Despite the popularity of our mobile and online banking, many of our customers prefer to handle financial business at our branch locations.

While there are several reasons that support this finding, it’s interesting to note that the draw to a physical location can most notably be attributed to the friendly and talented people who work inside them every day. Ask any Pinnacle Bank branch manager what differentiates Pinnacle Bank from other financial institutions and you’ll hear, “Our associates.”

Even before COVID-19 affected the world and left its impact across the financial industry, we recognized how technology and other trends reduced the need for trips to the branch. In fact, some studies suggest that as much as 50% of in-branch transitions had declined due to alternative channels and payment options. The trends were clear.

As a result of all of these changes, Pinnacle Bank realized that the role of the branches must change and that we must focus on helping existing customers and meeting new customers face-to-face. At the end of the day, branches remain the most visible representation of our institution and what makes it unique. Our branches still matter and are at the heart of successfully serving you. After all, the overwhelming majority of account openings at banks and credit unions happen at branches.

Investing in technology and branch transformation will always be important to us, but the proximity to our branches remains the top criterion for meeting your banking needs.

The Pinnacle Bank branch is a true manifestation of our brand. It’s a fixed, long-term investment in the community it serves. We thoroughly research the location of each current and future branch. This upfront work helps support our broader, more cohesive strategy to expand our network and brand across Georgia.

Bank Where You Live
Regardless of where financial technology takes us, our customers will always want to meet face to face about their money. Whether you’re opening a new account, need cash, need to speak to someone about a serious matter, or have a significant life event coming up, we’ll be there – at the branch.

To find out the closest location to you, please call us at 877.759.7939, email us at customerservice@PinnacleBank.com or just enter your address online at locations.

An employee handbook gives your team a clear picture of your company’s guidelines, policies and expectations. And while you aren’t required to have an employee handbook, it’s an excellent way to communicate the ins and outs of your company and may help mitigate any legal issues you encounter.

An employee handbook gives clear guidelines of behavior that is expected and enforced at your company. It allows you to share your company’s vision, mission and general code of conduct with your employees from day one. A good employee handbook is a living, breathing document that your employees regularly reference—anything they want to know about working at your company should reside in the handbook.

What should you include in an employee handbook?
The following are six essential elements you should consider including in your employee handbook:

Company Overview.
Share how your company was founded and clearly define your mission, vision and purpose for being a company. You should also discuss which values you use as guiding principles to make decisions.

Employee Compensation, Benefits and Perks.
Explain how employees will be compensated—from payment frequency to available paycheck options (such as checks or direct deposit) to alternative compensation (bonuses or commission). Next, define your overtime policy (if applicable) and clearly explain what benefits (including insurance) your company offers. Finally, discuss any perks employees get from working at your company, which may include flexible schedules, remote work options, education reimbursement, a company car or cell phone and more.

Code of Conduct.
Thoroughly describe the conduct you deem acceptable at your company—how you expect employees to handle themselves while at work. Be as specific as you can, including such things as customer service, dress code, phone, computer and Internet use during work hours, breaks and rest periods, customer privacy, substance abuse, smoking guidelines, conflict resolution and more. Share what the expectation is and what disciplinary procedures are in place relating to each code of conduct violation.

Anti-Discrimination and Equal Opportunity Policies.
The law requires that you explicitly state how your company adheres to anti-discrimination and equal employment opportunity laws for hiring and promoting employees (under the Equal Employment Opportunity Commission or EEOC). Additionally, it would be best if you address your compliance with the Immigration and Nationality Act (INA), which prohibits unfair hiring, firing, promotion and recruitment practices related to an employee’s citizenship status, national origin and eligibility verification process.

Family and Medical Leave Policies.
If more than 50 employees work for your company, you should have a Family and Medical Leave Act (FMLA) policy in place and clearly outline it in your handbook. For more information, check out the FMLA Employer’s Guide or talk to your attorney or Human Resources consultant.

Workplace Safety and Security.
Clearly outline what steps you take to ensure a safe work environment at your company, whether physical or non-physical. And make sure you understand workers’ compensation rules and procedures to help your employees better should the need arise.

While this is not an exhaustive list of what to include in your employee handbook, it will give you a good start. Be sure to work with your attorney or a Human Resources consultant to help create a handbook that will clearly explain your company rules and guidelines to employees and protect you and your company from legal issues. Additionally, ask your employees to read and acknowledge receipt of the handbook annually to ensure they understand your company standards, which will further protect your company.

To manage your business effectively, you must understand the difference between making money and managing money. While some may think cash flow and profit are the same, they are very different. And both are critical to your future success.

What’s the difference between profit and cash flow?
A business can be profitable with poor cash flow, while a healthy cash flow doesn’t necessarily mean your business is thriving. Let’s start by defining each:

• • Profit (also known as net income) is your revenue after you subtract costs. Gross profit refers to what your business makes after you deduct direct costs. Net profit is what you make after you deduct all other costs.
  • Cash flow refers to how money flows into and out of your business throughout a given period of time—positive cash flow means there’s money coming into your business and negative cash flow means money is going out.

So which is more critical to your business—profit or cash flow?
Profit will show you the immediate success of your business, but cash flow may be more crucial to your company’s long-term plans. Profit is typically an indicator of financial health; however, cash flow is what keeps your daily operations moving forward. The critical difference between the two is timing. Consider these examples:

If you own a small consulting firm, you may likely collect your receivables on a 30-day or 60-day payment cycle. That means you’ll show a profit on your books, but the cash will not be available until you receive payment. So if you need to purchase something or pay vendors, you may find yourself with low cash flow. Unfortunately, you may have to put off a business opportunity or delay purchasing something you need—or be unable to meet your day-to-day obligations. And at the end of the day, you may not survive if you cannot maintain a positive cash flow.

On the other hand, if you own a local deli, you probably receive payments immediately at point-of-sale terminals through debit cards, credit cards, and cash purchases. In that instance, you will have cash flow immediately; however, you may have to sell much more than the small consulting firm to make a profit each day. And if you can’t regularly show a profit, it can negatively impact your ability to grow.

The importance of generating a positive cash flow.
A positive cash flow is necessary to generate profits. So it’s critical to take a closer look at a few ways to create positive cash flow, especially if you want your business to grow and thrive:

• • Tighten up your receivables window – and if you have customers who don’t pay on time, consider charging late fees or asking for upfront payment for specific products or services you offer.
  • Find ways to attract new business – not necessarily adding new customers, but focusing on increasing business with your existing customer base (as it’s much cheaper to do so). For example, consider offering a promotional special or a VIP program to existing customers to drive repeat business and potentially an influx of cash.
  • Get a short-term business loan – there are many available, including our business loans at Pinnacle Bank. Be sure to look for a loan that will help you meet your immediate cash flow needs without causing you to land in too much debt in the long run.

Next step: Discover more ways to optimize your cash flow.

Get the help you need.

Managing a business is challenging—there are many things to do on any given day. But it’s vital to look at how cash flow impacts your bottom line consistently. If you need assistance finding ways to maximize your profitability or improve your cash flow position, we can help you. Contact one of our business experts at 877.759.7939

Over the past several years, work habits have significantly changed. Many people work remotely and conduct business wherever they may be—and that includes small business owners. So, for example, instead of being tied to an office to manage your books or run payroll, you can now do what you need to do using an app.

Since the pandemic, improved mobile products and services have emerged to make business operations more manageable than ever. And while a mobile app can’t do everything you need, it can do quite a bit.

Let’s take a look at some of the operational tasks you can now do using an app:

Accounting/bookkeeping.
You can use mobile devices to generate estimates, send invoices, manage expenses, bill time and even scan and save your receipts. Some of the more popular accounting apps include QuickBooks, Quicken, NetSuite and FreshBooks.

What to do: Whatever accounting mobile device you use, be sure to link it to your Pinnacle Bank business checking account to manage your funds quickly and easily 24/7.

Mobile banking.
Using a mobile banking app, you can conduct nearly all of your banking business wherever you are and whenever you have the time. Here are just a few of the many things you can do:

• • • • Deposit checks
      • Pay bills
      • Transfer funds
      • Check your balance
      • Set up fraud alerts

With a Pinnacle Bank mobile app, you’ll experience increased security with multi-factor authentication and secure login.

Tip: Find out more about Pinnacle Bank’s mobile app by watching this short video.

Payroll.
Most small businesses depend on payroll services to help manage employee payroll, make tax payments and do other related business. Now you can manage payroll using an app — imagine clicking a few buttons to approve payroll from wherever you are. Keep track of employee hours, manage your tax payments and pay employees on time at your convenience.

Helpful: Talk to your payroll processor about the mobile app options available to you.

Customer payment management.
You can use a portable card reader and an app to turn your phone into a mobile point-of-sale system, accepting credit card, debit card and mobile wallet transactions. Additionally, you can receive payments from clients using Zelle® or other peer-to-peer payment systems (such as PayPal) to get money faster and safer.

Smart idea: Learn more about the payment processing services available at Pinnacle Bank with next-day funding, breach protection, and fast transaction processing.

Communicate with customers and employees.
You can use your mobile phone to talk to employees and customers wherever you are. But if they aren’t available, you’ll resort to leaving a message, which may or may not get returned. For quick and easy messaging, texting is the answer. And while a follow-up phone call may be required, it’s good to know you can text someone wherever you are. For example, you may see that someone has called you, but you cannot talk at that time. Simply send a text to let that person know you received the call and provide a time to call back. Or maybe you just want to check in on a customer or employee quickly — sending a text message is a great way to do so.

Another option: If you’re in a location where texting is unavailable, or you don’t have a person’s mobile phone number, you can use apps, such as WhatsApp or Facebook Messenger, to communicate with customers or employees.

Project management.
One of the significant challenges business owners face each day is project management. How do you keep projects moving along and ensure everyone working on the project is updated regularly? Using a cloud-based project management app, you can upload files, share due dates for deliverables, manage the workflow, keep track of project hours and discuss the project in a controlled and secure environment.

Try this: Many project management apps are available, but Microsoft Office Planner, Trello and Google Workspace are a few good options to consider.

Social media management.
As a small business owner, you know the value of social media marketing to connect with your customers. While all social media platforms have tools to help improve customer engagement, managing your social media with each app can be time-consuming and cumbersome. Instead, consider using a social media dashboard app, such as Hootsuite or Buffer. That way, you’ll have all your social media channels in one place. You can reply to customers, generate reports, monitor campaign performance and more.

Bonus: Get the tips you need to create a robust digital marketing strategy for your business.

Managing your small business from a mobile device may take time to get used to, but it is well worth the effort. You’ll find you’ll have more time to do the things you need to do in the day. And you’ll likely communicate more effectively (and more regularly) with customers and employees.

Most people look forward to the holiday season. It’s a time for many to reflect on the past year and celebrate new beginnings with family and friends. But, unfortunately, it’s also a time when people may feel more financial stress than at any other time of the year.

What is Holiday Financial Stress?

Financial stress is often associated with economic issues, such as job loss or an unanticipated change to your circumstances. And while that type of financial stress can be overwhelming, our focus is to address the more self-imposed holiday financial stress, including social expectations, overcommitting, lack of planning and trying to keep up with your neighbors and friends.

For example, you may feel this year’s holiday celebration must be better than last year’s experience, which may drive you to spend unnecessarily. Or maybe you get carried away every holiday season, trying to find the best gift for each family member or friend, which leads to spending more than you should.

The fact is, if you can control your expectations, you can begin to eliminate the stress and anxiety you may feel during the holiday season.

Tips to Reduce Financial Stress

The following are some helpful tips to reduce financial stress during the holidays:

• • • Set a budget and stick to it – Determine how much you can spend on gifts or celebrations and don’t deviate from that amount. The closer you stick to your budget, the less stress you’ll feel.
    • Make a list and check it twice – Write down all the gifts you anticipate buying and start early. Then, take advantage of any deal you can find for gifts, party supplies, food and holiday décor.
    • Use cash for purchases – The more you can avoid using credit for purchases, the better. And it will also help you avoid the “after-holiday blues” as you begin to pay off the debt you incurred.
    • Practice self-care often – Do whatever it is that helps you relax, including exercise, massage therapy, taking a bath, reading a book, etc. Take the breaks you need to focus on improving your well-being to enjoy those around you better.
    • Ask what people want – There is no harm in asking what someone wants for the holidays. While some may think this takes away the surprise, if that’s a source of stress for you, ask anyway.
    • Be creative – You may need to give homemade gifts to family and friends, and there’s no harm in that. In fact, many will find them to be more heartfelt and appreciate them more than a gift you buy from the store. Remember, a plate of homemade cookies will go a long way with your neighbors and friends.
    • Create a plan – Start planning for next year now. Keep track of what you spend and begin to set aside money for next year. Consider opening a Christmas Club account at Pinnacle Bank or enroll in our Saving Cents program so you can save money as you spend.

While you may not eliminate all the stress you feel during the holidays, taking these steps will help you gain more control of your finances. Focus on what matters most and allow yourself to adopt new celebratory traditions if the old ones require too much time or money.

If you need assistance setting up a holiday budget or would like to set up other savings options, don’t hesitate to get in touch with us.

Risk is an everyday part of owning any business — you’ll never eliminate it. The challenge is finding the right balance between profitability and peace of mind, often referred to as risk management. While risk management can be complex, it doesn’t have to be at first. Follow these five steps to get you moving in the right direction: 

Step #1: Identify your business risks.

Some risks are common to every business, while others will be specific to your business. Some initial risks include the following:

• • External environmental risks include market changes and economic issues that may affect your business.
  • Property losses are caused by physical damage, loss of use, or criminal activity.
  • Business interruption losses occur when you stop selling (or producing items to sell) for one reason or another — for example, a natural disaster like a fire or hurricane or a major technological-related issue.
  • Liability losses refer to the legal liability you have for any damage or injury caused to another person by your company.
  • Employee morale includes losing a key person to your organization due to a new job opportunity or retirement.
  • Employee injury occurs when one of your employees is hurt or injured while at work.

Step #2: Determine your risk level for each identified area of risk.

Consider your vulnerability within each risk and decide which ones are worth taking. For example, if you identify a risk that has a low probability of occurring and could potentially cost your company about $40,000, but you could protect against this loss for $35,000, it may not be worth it for you to use your resources this way.

During this step, you want to be as specific as possible — don’t leave anything out. That way, you can better protect yourself from a loss.

Step #3: Buy insurance to protect your business from loss.

Buying the right insurance is a central part of proper risk management. Here are some common types of business insurance you should consider:

• • General Liability Insurance: covers any expense due to injury to a third party, including property damage, bodily injury, medical costs and attorney fees (to represent your company).
  • Product Liability Insurance: covers any expenses due to injury or damage caused by a defective product you sell.
  • Professional Liability Insurance: covers any expenses due to injury or damage caused by services you provide, including malpractice, negligence and errors.
  • Commercial Property Insurance: protects your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. It’s important to point out that you will likely need to purchase separate earthquake and flood insurance.

Step #4: Prepare a contingency plan for your business.

In addition to buying insurance, you should create a contingency plan to protect yourself from other identified risks that may not be covered by insurance. Here are a few ideas to consider:

• • Install a security system to guard against theft and property loss.
  • Maintain an equipment maintenance schedule to ensure it is safe to use.
  • Update your computers with the latest protective software, such as anti-malware, anti-virus, etc.
  • Establish policies that protect your company from transactions with high-risk customers.
  • Implement policies that value employee safety over speed.
  • Train “high potential” employees and allow them to take on more responsible roles to keep them from leaving.

Step #5: Monitor and adjust your risk management plan.

You should review and update your risk management plan at least every six months. Often, insurance companies will provide advice on how to mitigate new risks you encounter. And if you’re looking to participate in new business opportunities, having a structured and updated risk management plan will help you get the investors you may need for success.

Where do you start?

We recommend discussing your business needs with a trusted insurance agent to ensure you get the right coverage at the best price possible. As your business expands, you may require more protection; therefore, review your coverage annually to ensure you have the best coverage available. Additionally, it may be a good idea to discuss your risk management plan with your business’s financial planner or a risk management consultant.

Your company’s credit report is just as important as your personal one. Credit bureaus keep records of debt payments and other credit information on your business, and lenders use that information to evaluate a credit or insurance application.

Why Does Having a Good Business Credit Score Matter?

• • It’s easier to qualify for a loan. As a business with excellent credit, you’ll likely get the loan your business needs quickly and painlessly.
  • You should receive better loan terms. In most instances, lenders will offer more favorable terms to a business with a positive credit history — and lower interest rates will save your business thousands of dollars each year.
  • It protects your personal finances. When you separate your personal and business financial obligations, you keep your personal credit rating from being impacted by any issue your business faces (and vice versa). However, in some instances, lenders may want to review your personal credit score in addition to your business credit report, so be sure you check both regularly for accuracy.
  • You may receive better rates and terms from suppliers. When you’re ready to purchase equipment and inventory and need to use credit, your suppliers will trust that your business is financially stable and capable of repaying debts.

Getting Started with Business Credit

Here are some steps to follow when you’re trying to build business credit:

• • Obtain an Employer Identification Number. A federal Employer Identification Number (EIN) is like a Social Security number for your business and is used for tax reporting purposes. It’s easy to apply for your EIN online. Get one here.
  • Get your business listed. Once your business is official, it’s a good idea to list your business phone number and location in a local online directory (or two). Additionally, open a business checking account in your legal business name and regularly use it to pay your bills.
  • Establish and maintain vendor credit. The better your relationship with your vendors, the more likely you can avoid paying upfront for the things you need. Consider securing net-60 or net-90 payment terms with a few of your vendors or suppliers who report payments to business credit reporting agencies. That way, you can begin to establish a positive business credit history.
  • Keep business and personal expenses separate. Make sure you only spend money from your business checking account to pay for business expenses. And when you apply for credit, do so with your business’s legal name. Keeping your business and personal expenses separate helps protect your personal finances and makes it easier to manage taxes.
  • Open a business credit card. You should have at least one business credit card to help with business expenses. Plus, it’s an easy way to begin to establish credit for your business. However, use caution and only use what you need. For example, just because you have a credit limit of $25,000 doesn’t mean you should use all of it.
  • Pay your debts on time. When you pay your bills on time, you show that you’re reliable and can effectively manage your debt. Conversely, a late payment history (especially severely delinquent payments) may negatively impact your credit rating.
  • Regularly monitor your credit. Review your credit report at least annually. If you find an error, let the credit bureau know immediately. If the error is in a Pinnacle Bank account, contact us immediately as well.

Get the help you need from Pinnacle Bank.

We know your business is your livelihood and want to ensure you have the tools and resources you need for success. We’re happy to discuss any questions you may have about establishing and maintaining credit for your business.

 

Social responsibility is how businesses make a concerted effort to enhance society and the environment where they live and serve. For example, some larger corporations use renewable energy resources for their manufacturing plants or find ways to divert waste from landfills. Others focus on charitable giving campaigns that give back to the community (or globally) in different ways.

But whether you’re big or small, when you practice authentic social responsibility, you have the opportunity to move your brand forward, increasing profits over time and simultaneously make changes where needed in your community. Furthermore, as a small business, you’re perfectly positioned to help in more specific ways within the community you serve than a larger corporation — you can genuinely make a difference.

Here are a few ideas to consider:

• • Get engaged with your community. Take some time to see what’s happening in your local area to find opportunities to pitch in and make a positive difference. Start with the non-profit organizations in your area. Assess their needs and reach out to those that pique your interest or make sense for your business. For example, if you’re a restaurant owner, consider ways to dispose of leftover food responsibly to local shelters or homeless centers. Additionally, you should participate in local events and collaborate with other businesses in the area to make an even more significant impact on your community.
  • Start small. You may not be able to make a huge impact today, but you can over time. For example, suppose you recycle or find other ways to minimize the waste of resources at your company (such as green marketing). In that case, you can take a significant step toward being socially responsible in your community. And if you add a recycle logo to your tagline, you then let others know what you’re doing, which may encourage them to do the same.
  • Offer your time or knowledge if you can’t offer money. As a small business owner, cash flow may be tight; however, money isn’t the only resource you can offer. Invest your time or expertise in an area of need in your community. For example, adopt a school in your area and teach students and teachers basic business skills they can use to enhance their future — and encourage your employees to do the same.
  • Make it personal. As a small business, the advantage you have is that you’re likely your company’s founder. That means everything you contribute (whether locally or globally) reflects your ethical compass and strategic direction. And that makes any contribution you make feel more authentic to the community you serve.
  • Give employees time off to contribute. Create a policy at your company that encourages employees to contribute time and other resources to local causes. You can adopt a cause as a company (using feedback from your employees) or allow them to pick and choose. But encourage participation and help them find ways to contribute. You’ll find that, over time, your employees will be happier and more committed to your company.

Why does social responsibility matter?

It can be challenging to compete with larger chains on price alone. But if your business is more socially conscious and engaged in your community, consumers will buy from you instead. As time progresses, you’ll experience more sales, happier employees, and a more substantial competitive advantage, no matter how large or small you may be.

Casey Bramlett joined Pinnacle Bank in July 2021 as an AVP, Government Lending Support, bringing over 19 years of banking and SBA industry experience. Casey started in the banking industry as a teller and quickly moved up the chain to loan processor. After graduating from Georgia State University with an Associate of Science in Business Administration in 2011, Casey returned to banking as Government Guaranteed Lending Administration Officer II.

Casey loves having a small part in helping entrepreneurs achieve their dreams of owning businesses and achieving success. She thrives on watching her clients achieve their financial goals and does anything she can to help them.

When she’s not working at the bank, Casey enjoys relaxing at the beach and working on her photography; her work has even been featured in Mexico Beach, FL’s Annual Photography Calendar in 2018 and 2021 as well as being displayed in the Habersham County Medical Center as a part of the Foothills Photography Group.

We welcome Casey to Pinnacle Bank and look forward to seeing her contributions to our team.

Small business owners are always looking for innovative and cost-effective ways to market their business. And while it may seem a little overwhelming at first, there are plenty of free, low-cost options available to promote your business. Here are a few:

1. Set Up Your Google Listing. Put your business on the map by visiting google.com/business to set up your Google My Business listing and choose various promotional options for free.
2. Create a Website. Every business needs a website — and you don’t have to be a designer or copywriter to get started. You can quickly and easily create a website for free or a small monthly fee (depending on the online tools you desire to use). Most online web design services will walk you through each step of the process, including domain registration.
3. Get Social. Your business must have a social media presence for real success. Social media is a free-to-cheap way to get the word out about what you offer and develop a deeper connection with your customers (and potential customers). As you build a following, you’ll begin to have more fun interacting with customers and provide different ways to increase engagement, such as surveys, special offers and more.

Tip: Keep your business and personal social media accounts separate.

4. Start a Blog and Write Relevant Content. You want people to look to you as the expert in your field. So speak from the heart (it’s your business) and provide relevant information about your business and industry. For example, if you own a local restaurant, share unique recipes you’ve developed from scratch. Or, if you’re an organization consultant, show a before-and-after post from your latest project. Then, push your content on your blog (which should be connected to your website).

Do this: Share your blog posts with local newspapers or industry associations regularly to see if they’ll feature them. Additionally, subscribe to “Help a Reporter Out,” where you can respond to reporters or other media sources looking for story ideas and resources.

5. Join Groups on Social Media. Join communities or groups that are relevant to your business or industry on Facebook and LinkedIn. Offer advice and suggestions when people have problems or questions. And make sure your profile links back to your website.
6. Teach a Class. Whether done in-person or online, offer a free class in your area of expertise. For example, if you’re a yoga instructor, offer a class that discusses different ways to manage stress or give a free class at a location away from your studio. And video or record your class so you can use it in the future on your website or other social media channels. Get creative – there’s a lot you can do to share your knowledge without spending a lot of money.
7. Ask for Referrals. Don’t be shy about asking your customers for referrals — and make it as easy as possible for them to do so.

These inexpensive marketing strategies will help you engage customers, build relationships and improve your brand image. Remember, it’s not always about how much you spend on marketing that matters, but rather what relevance your efforts have on your customers.