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If you’re planning to buy a home this spring or summer, your first step is to get
pre-qualified. But with so many mortgage options available, how do you know which is best for you?

Two types of mortgages
There are two common types of mortgages you’ll find in the market. Let’s take a brief look at each:

• Fixed-rate mortgage. The interest rate remains the same over the mortgage’s life.
• Adjustable-rate mortgage (ARM). These mortgages have a fixed interest rate for a specific period of time that may change based on your mortgage agreement to reflect market conditions. Typically, your interest rate is based on a market index that may change over time (prime rate, SOFR or T-Bill rate), plus a margin (a set percentage the lender adds to the index rate that doesn’t change).

Fixed-rate mortgage: pros and cons
A fixed-rate mortgage is most popular when rates are low (as is the case in our current market). You can easily budget your monthly payment because your rate doesn’t change throughout the life of the loan.

On the downside, the initial interest rate is generally higher than that of an ARM. Plus, if rates drop in the market, your rate won’t adjust unless you refinance to a new mortgage.

ARMs: pros and cons
The initial rate for an ARM is typically lower than a fixed-rate mortgage — and that means your payments will be lower initially as well. People will often choose ARMs over fixed-rate mortgages when they plan to sell their home before the first rate adjustment or if fixed-rate mortgage rates are much higher than ARM rates.

The most significant risk you take with an ARM is the possibility of a rate adjustment during your loan term. In some instances, you may see your monthly payment increase to an amount that may be difficult to manage within your budget. And if refinancing or selling is not an option, you can be at risk of losing your home.

Learn more about the difference between fixed-rate mortgages and ARMs.

Other factors to consider
But interest rates only tell part of the story. You should also consider whether or not a 15- or 30-year mortgage is right for you. In most cases, you’ll make a higher monthly payment with a 15-year mortgage; however, that also means you’ll pay it off faster, saving money over the life of your loan.

On the other hand, you’ll make lower monthly payments on a 30-year mortgage (although in the long-run, you’ll pay more in interest than a 15-year mortgage) and may be able to get into a larger home because you can spread your payments over a more extended time.

Use this calculator to see which option best fits your budget.

Which mortgage is right for you?
It’s your choice and depends on your situation. Before making your decision, talk to one of our Mortgage Loan Officers. We’ll work with you to find the right mortgage for your financial circumstances and family needs.

Take a look at the mortgage options available at Pinnacle Bank.

If your small business mails letters and ships packages regularly, chances are you’re spending too much on postage. And while you know it’s an issue, other priorities may keep you from addressing postage costs. Consider these simple ways to save money on postage:

1. Use a postage meter. You can then take all the guesswork out of mail weight and help reduce your postage costs. Plus, you’ll never have to buy stamps again. You can find a mail meter online or from a local office supply store.
2. Watch your package and envelope size. Stick to sending letters and packages that are within standard postal sizes. For example, instead of sending materials in a flat-size envelope (9″ x 12”), use a 6″ x 9” or #10 envelope.
3. Use USPS Priority Mail^® Flat-Rate Packaging. That way, you pay a flat rate on your packages for both domestic and international mail. And as long as your parcel is under 70 pounds, the rate remains the same.
4. Compare prices to keep costs down. Whatever you’re sending and wherever it’s going, take a look at the different options available to send your mail — U.S. Postal Service, UPS, DHL or FedEx. Ask your local postal store or USPS office about the best possible way to send mail, such as bulk mail, third-class, among others. You may also consider using an online postal service to help you compare prices and arrange pick-up or delivery.
5. Use light packing material. Everything matters when it comes to sending packages — from the item you’re sending to the material used to pack it. As you can imagine, the lighter the material you use to package the things you send, the better.
6. Find alternatives to mail. Offer e-billing to your customers or clients and use Pinnacle Bank’s online bill pay for your bills. And consider marketing or sending announcements through email instead of mail to save on costs.

Shipping and handling may be unavoidable costs, especially if you have an
e-commerce business. By taking these steps to reduce your postage costs, you may have more money available to help your customers in other ways.

As a small business owner, you have a lot on your plate and you probably have a long list of things to do that may feel overwhelming. Plus, you need to constantly be on the look-out for new and exciting ways to grow your business.

Here are three ways to build a to-do list that will help you stay organized and creative:

1. Keep your task list focused. Whether you like to write things down on a notepad or in a planner, or you prefer an app, making a to-do list of your daily tasks keeps you focused. But don’t go crazy with your list. Focus only on the tasks you need to accomplish that day. People tend to write too many things down to complete in one day. If you’re guilty of this habit, you may find that over time you feel you’re not progressing in the way you desire (both personally and professionally).

Example: One business owner explained that she writes down her to-do list in her planner each day to stay focused on priorities. She enjoys checking tasks off her list — it helps her feel successful. She has also learned to keep her list short and focused on only the priorities of the day.

2. Be intentional with your lists. A to-do list isn’t just about having your task list designed for each day. A to-do list also includes writing down ideas and plans for your future. If you’re not looking forward and being creative, who is?

Example: An owner of a small t-shirt company shared that she writes down quotes and quips she hears each day in an app she has on her phone — at least one or two a day. She uses this list of ideas to create new and unique t-shirt designs for her customers.

3. Get obsessed with essential things. Keep a list of everyone you come in contact with at your company — from customers to employees to vendors. Write down all you can remember about these key individuals and rate them in terms of how critical they are to your business now and in the future.

Example: One local attorney uses a spreadsheet to keep track of clients, including those with connections that may help his business in the future. He also tracks the account representatives he speaks to regularly and rates how responsive they are. And lastly, he keeps track of community leaders that may be helpful contacts in the future.

Digital or manual? You decide.

Every list you keep is different. While you may like the simple approach to maintaining a to-do list in your planner, you should consider using a digital planning app to help when you’re managing a business. Most digital planning apps allow you to:

• • Create and organize multiple lists (not just a task list)
  • Set reminders
  • Sync your apps across all your devices
  • Share tasks with others
  • Prioritize tasks

Example: If you own a restaurant, you can assign a cleaning list to one employee and a sales-oriented list to another employee. As they complete the tasks on their lists, they mark them on the app and you’ll know where everyone stands at any given time.

Make a list (or two) and check it twice.

Review your lists daily to ensure you continue to focus on what’s most important to you and your company. Make adjustments when needed to stay focused on your envisioned future. Your efforts each day will help you feel more accomplished and rejuvenated for the next day (and beyond).

A digital marketing strategy is a critical part of your company’s overall marketing mix, especially in today’s COVID world. In simplest terms, digital marketing is how you connect with your customers using digital technology and media to meet your business objectives. Some standard digital marketing tools include websites, mobile apps, social media pages, search engines, online advertising and email. But, what’s the best strategy to use for your business?

Here’s what you need to know to get started.

Consider implementing these successful strategies as part of your digital marketing plan:

• Search engine marketing. Many small businesses use keywords (words used by people searching for your business or industry) on their websites to create more visibility after a person conducts an Internet search. And while that’s a good strategy, it can be expensive to hire a marketing firm to help you get the keywords you need. 

Alternative: Offer content that answers your customers’ questions and other relevant information people would expect to see on your website. Additionally, create a Google profile and ask your customers to leave reviews. Work with local media and influencers to backlink articles and blog posts to your site. For example, if you own a Mexican restaurant, ask a local newspaper or popular blog if you can include your business in an article about the best places to eat on Cinco de Mayo — or write an article and submit it.

• Content marketing. This strategy focuses on informing, not selling. The idea is that the better you tell prospective and existing customers about your products and services or share ways they resolve a customer’s “pain point,” the more likely they will buy them. People will see you as an expert and feel more comfortable and confident with your brand.

• Social media marketing. How you use this marketing tool is dependent on the type of business you have. The most critical aspect of any social media strategy is strengthening your customer base and inviting repeat business. For example, a local gym may use social media to update clients on class schedules or fee changes. You should also listen and engage with your followers — don’t just sell to them. And finally, the type of social media platform you use depends on your customer base. For instance, if you serve other businesses, you may choose to spend more time and money on LinkedIn.

Warning: You may want to hire a marketing firm to help you get started. Learn what you can and then move things inhouse after you feel more comfortable with the process.

• Email marketing. Promote your products and services electronically in many different ways — newsletters, promotional updates, general messaging and more. The most critical part of email marketing is building a list of existing and prospective customers, which is also the most challenging part of this strategy. Ask customers to use their email to subscribe to your newsletter or require that they use an email address to accept a special offer or order something online. Unfortunately, getting prospective customer emails maybe a little more complicated — you might consider buying a list from a reputable firm. As your list grows, it becomes a more valuable way to reach your customers consistently and inexpensively.

Caution: Buying a list is an expensive way to reach prospective customers and it may not always be what you want. Network with other businesses like yours to see how they’ve successfully obtained emails from prospective customers.

• Pay-per-click marketing. This strategy focuses on paying to target online ads for your company on the Internet, such as Facebook Ads and Google Ads. You only pay if a person clicks on your ad and you control how much you want to invest. Your ads may show up on web pages, browsers, promotions before videos, or mobile apps.

Digital marketing is the marketing of the future.

Don’t limit yourself to one or two types of digital marketing. Instead, try as many options as possible to what works best for your business. Set your budget and work within it to maximize your marketing strategies to achieve your goals. And if you need help developing a digital marketing plan, reach out to a professional for assistance — doing everything in-house maybe a little too overwhelming at first. Track your results so you know what’s working and adjust where necessary.

More than ever before, people use the Internet to find a business, which means your online presence is critical to your success. Most companies today have a website, blog and social media pages. But how can you get people to engage with your online resources? How can you continue to grow your online presence?

Consider these seven tips to help you get started:

1. Develop an email list. Your email list will enable you to engage with existing and potential customers regularly. And continue to fine-tune your email list so you can target customers in a way that personalizes their experience with you. Require an email address to purchase an item in your online store, or use the tools in your content management system (CMS) to create forms or pop-up call-to-action requests designed to help you gather email addresses.
2. Learn all you can learn about SEO. Search engine optimization, or SEO, is one of the best tactics you can take to build your online presence. Find out what keywords you should use on your website, blog, or social media sites to engage customers so you can move up when people search for businesses on the Internet. Be sure you sign up for local directories like Yelp, YellowPages and Google My Business and use directories that list your services, such as Angie’s List or Houzz. Keep an eye on what your competitors are doing to see what SEO keywords they may be using or how they engage with customers — you can learn a lot from your competition.
3. Produce content for free. Make a list of the “pain points” your customers experience. Then write content to answer questions or resolve issues they may have — and push it free to your customers through email, your blog, social media, or other online resources. You can also broaden your reach by sharing your content on sites where your customers may be active, such as Facebook, Instagram, Pinterest, Goodreads and more.
4. Try online advertising to get your message out. The fastest way to build your online presence is to use online advertising. Remember, if your ad shows up in the top search results, you’ll quickly build brand awareness and increase visibility. Consider advertising on Google, Yahoo, or Bing, as well as your social media sites.
5. Experiment with influencer marketing. Who are the most notable figures in your market? Can you advertise on their website or social sites? Many consumers look to these “influencers” for reviews and promotions before buying something. Using influencers, you can get the word out about your company and get people talking about you. The more often people talk about you, the more prominently you’ll appear in any Internet search.
6. Develop relationships with others in your industry. If you have a relationship with blog writers or podcasters in your industry, you can work with them to feature your content or appear as a podcast guest. For example, you can partner with an industry association or the local chamber of commerce. Be creative as you forge relationships and keep your growth goals top of mind.
7. Show up where your customers are looking. Be smart with where you spend time and money online. If your customers are Instagram users, don’t put as much effort into Twitter. You can also take advantage of remarketing tools to guide your ads to locations where your customers will likely look.

Stay safe while online.

While growing your online presence may be vital for your survival, it also may put you at more risk for fraudulent activity. Take a few minutes to review these simple online safety tips from the Consumer Financial Protection Bureau (CFPB). When you take extra care to protect you, your business and your customers, it’s ultimately a win-win for everyone.

Be patient.

Above all else, building an online presence requires time and effort. Be patient and review every action you take to ensure it’s doing what you want it to do. Some marketing strategies will work better than others — don’t get discouraged if something doesn’t work right away. The key is to keep trying and over time you’ll see that it will all pay off with improved brand awareness and a healthier bottom line.

It’s a known fact that if you want to make your customers happy, you need to start with your employees. And that doesn’t necessarily mean giving them more money or time off. Here are five ways you can keep your employees happy and fulfilled at work:

1. Communicate, communicate, communicate. In this time of COVID-19, it’s more vital than ever to be fully transparent with your employees. That means, meet with them regularly (whether virtually or in-person) to let them know how your company is progressing and where you stand in achieving your goals. Additionally, remember that communication is a two-way street. It would help if you listened to your employees any chance you get. Find out what they need, and make your response to those needs a priority.

Advantage: Besides building a better relationship with your staff, transparent communication will not cost you a thing. You may find that implementing new ideas will streamline processes and create more long-term creativity for your company.

2. Provide opportunities for career and employee development. Brainstorm ways you can help your employees develop in their jobs. You should also find ways to expand your employees’ understanding of your field — doing so can potentially help you learn new and unique ways to grow your business as well. Maybe it’s as simple as designating time to watch webinars or pay for them to attend conferences or trade shows. Whatever the case may be, get creative and be open to ideas your employees bring to your attention.

Smart idea: Sit down with each employee to map out their path within your company. Then discuss how to reach the goals you establish together.

3. Encourage work-life balance. No one wants to work for a taskmaster. Be sure your employees aren’t taking work home or becoming burdened with assigned projects. If your employees work virtually, don’t call or text them when they’re supposed to be taking a break or done working for the day. And be as flexible with their time as possible.

Tactic: Implement a wellness program — healthy employees take fewer days off and are more productive.

4. Ask for and implement employee suggestions. When people are spending so much time at work, it’s important they feel part of the bigger picture. Consider starting a suggestion box and discuss ideas given regularly. If you only have a few employees, spend time with each person to see what insights he or she may have about your company and your customers.

Another option: When you’re looking to add something new to your business, talk to your employees to learn things you may have overlooked.

5. Show gratitude for your employees. A simple “thank you” can make a difference on any given day. Send an email to an employee or leave a post-it note sharing your appreciation for a job well done. Or, buy breakfast or lunch for your employees “just because.” And if they’ve achieved goals or smashed through a particularly challenging project, consider rewarding them with a half-day off.

Try this: Make it a goal to thank your employees regularly in some way. Implementing a culture of appreciation will wear off on your employees over time.

Always remember, your employees are your greatest asset. The more you invest in their happiness, the more likely you’ll see increased customer satisfaction and improvement to your bottom line.