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Blog Business

Has Your Workday Gotten Longer? You’re Not Alone.

Since the COVID-19 lockdowns went into effect, you may feel like you’re working more hours — and you’re probably right. Consider your workday before lockdowns. You likely worked pretty long hours, but were able to leave your office or store at a reasonable hour, go home and spend time with friends or family.

Once COVID hit, though, your life probably changed quite a bit. You may have had to work remotely or manage your staff from afar. On the other hand, if you weren’t working remotely, you had to make changes to your office or store staying in line with COVID protocols — cleaning, contactless ordering options and more. During this time, you may have worked long hours to help your business run smoothly while continuing to give customers a high level of service. In fact, some studies show many people added one to three hours to the workday.

Since things are opening back up, will this habit of working longer hours continue? Will your workday return to pre-COVID hours, or will you do more remotely? Will that save time in your day or add work hours to it? If you’re working too many hours now, what can you do to create more work-life balance?

Here are some things indicating you’re working too many hours — and how to correct them:

    • You’re gaining weight. When you work too much, you tend to forget about exercising or watching what you eat. Take time out of your day (even if only 30 minutes) to do something to better your health, such as walking around your neighborhood, doing an at-home workout program, or eating healthy snacks.
    • You’re missing important events because you’re overbooked. If you always feel like you have something going on or have to cancel activities too often with friends or family, you’re overbooked. To help eliminate this problem, you must learn to say “no” to the right people. Everyone has limits, and you need to enjoy life, not just work in it. You may also consider how you can streamline the chores you have to do regularly, like grocery shopping or cleaning the house.
    • You’re filling your free time with work. It’s essential to keep your work-life balance in check. Fill your downtime with things you enjoy outside of work. Take up a hobby or activity you enjoy. Contrary to some work cultures in our country, you don’t have to work 24/7 to get ahead.
    • You’re unable to keep your workplace organized. A little bit of clutter in your workspace is normal, but too much clutter can be a sign something’s wrong. And when you combine that with long hours and stressful workloads, you can burn out quickly. The best way to combat this issue? Throw things away, and consider hiring a professional organizer to help you set up a filing system you’ll actually use.
    • You’re angry more often. When your life is out of balance and you’re working too many hours, you may feel more emotional and lose your temper more often. Consider having an occasional “venting” session with a friend, family member, or therapist to help relieve your stress.
    • You’re not sleeping well. If you have trouble falling asleep (or you don’t sleep at all), you need to make some changes quickly. Lack of sleep can cause severe issues with your physical and mental health. Develop and stick to a sleep routine. If you need to calm your mind, consider yoga, meditation, or stretching before going to bed. Consider seeking help by speaking with a professional.

As a small business owner, you put in many hours to keep your company running smoothly. And as COVID restrictions are beginning to lift, be sure to stay in tune with the hours you work. Now’s a great time to make changes and stick to them for a better work-life balance.

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Blog Business

Reduce Your Financial Stress: Here’s How

As a business owner, you’ve likely experienced some level of financial stress — especially over the past year. And because financial performance is most often the primary source of your livelihood, any time internal or external factors threaten your monetary security it can become overwhelming. But there are many ways you can control your financial stress. Consider the following factors to get started:

  1. Educate yourself. Learn as much as you can about the various factors playing a role in your fiscal success. Fortunately, you can find many different resources to help. For example, enroll in an introductory financial management course (or advanced if you’re ready) or attend a free webinar about digital marketing. You can read blogs or watch free videos about nearly every topic imaginable, but you have to do the work. As with anything else in life, the more you learn about something, the more prepared you’ll feel.

Solution: Ask a Pinnacle Bank representative any question you may have about your circumstances. We’ll help you find ways to make money and time work in your favor. Contact one of our Business Bankers here.

  1. Get organized. You have a lot on your plate, which is likely contributing to some of your financial stress. But organizing your finances will not only reduce the risk of cash flow problems but will also give you a better view of where your company stands at any given time. Find a system to track and pay bills that works for you. Work with your clients or vendors to automate as many things as possible.

Smart idea: Pinnacle Bank offers many resources to help you manage your finances and stay organized. Find out more here or talk to one of our Business Bankers at 877-759-7939.

  1. Delegate and outsource tasks. Make a list of all you do on any given day. Identify what responsibilities you don’t enjoy or feel someone else could do better. Then, determine things you think about doing for your business but never have the time to do them. From that list, you can decide whether to delegate tasks to your employees or outsource something to an expert. For example, hire a freelance marketing or HR professional, accountant, or IT guru. Many experienced professionals are looking for work right now, so you may be able to find more talent than ever before to help you.
  2. Prioritize your mental health. One of the best ways to ease the burden of running a business is to practice self-care — and everyone is different. For some, taking a 20-minute walk during the day is helpful, and for others, a hardcore workout after a long day relieves stress. You may consider practicing yoga or learning how to meditate. And if you find you’re carrying too much anxiety or stress in your life, it’s wise to talk to a professional to help you manage your day better and create more work-life balance. And while you may be thinking you don’t have time for self-care, it will improve your productivity and give you more clarity for the future. Start by dedicating an hour of your day to self-care, and you’ll see the difference it can make in your life.
  3. Hire a financial manager or accountant. Unless you’re an experienced accountant or financial manager, some of the fiscal responsibilities of managing a business can be challenging. Hire a financial manager or accountant to help keep your books in line, create accurate financial statements, and give you general advice about growth strategies. While it may be a little costly at first, it’s an excellent option to help you stay on track and eliminate stress.

Most industries have been affected by the pandemic in one way or another, causing increased financial stress for many business owners. Depending on your situation, one or more of these recommendations might help manage the pressure of your day and create more work-life balance.

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Blog Business Managing Your Business

How to Expand Your Marketing Efforts with Limited Resources

If you’re like most small business owners, you have limited resources to market your company. Even when you have a marketing plan, your budget is usually meager and is the first thing you cut when you need cash flow. But not all marketing is expensive. You can market your small business effectively with these low-cost, high-impact marketing strategies:

  • Send emails regularly. While this is not a new tactic, it’s a very effective way to improve brand awareness and develop a relationship with your customers. You can send information about specials being offered or provide relevant information through articles or blog posts. Plus, you can implement simple ways to build your list to reach as many people as possible, such as pop-up messages on your website, employee requests at your store or office, or a note on your invoices. Start with sending an email monthly and go from there.
  • Optimize and go mobile. Search engine optimization (SEO) is still the cornerstone of increasing visitors to your website. Make your content relevant to your ideal customer and align that with keywords or phrases. You can find keywords on the Internet for little to no cost. Additionally, design your website so customers can load and read it easily on any mobile device.
  • Get local. Many people will search local first when searching for a product or service. Take advantage of local searches by promoting your business on apps and websites, such as Yelp, Foursquare, the Yellow Pages, and even your local chamber of commerce.
  • Be social. Social media is one of the most cost-effective and quickest ways to create brand awareness, develop a rapport with your customers, and even turn your customers into your advocates. Facebook, Twitter, LinkedIn, Google+, Pinterest, Instagram, and Tumblr can all be used to market your business at little to no cost. But it’s best only to use the social platforms your customers use most often. Try a few options and see where you get the most engagement.
  • Create an event. Offer a free event to the community to spread the word about your business. For example, if you own a yoga studio, offer free a class on how to de-stress. Additionally, you may even offer to use your office or store for a networking event through the chamber of commerce.

You don’t need a large marketing budget to get the word out about your company. Be smart and intentional in your approach and use the right tools. And use these strategies to help you move your business to the next level.

Categories
Blog

Which Mortgage is Right for You?

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.

Categories
Blog

How Your Small Business Can Save on Postage

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.

Categories
Blog

How to Build a To-Do List That Works

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.

  1. 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.

  1. 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).

Categories
Blog

Got a Digital Marketing Strategy? Here’s What You Should Know.

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.

Categories
Blog Saving & Budgeting

5 Ways to Help Your Kids Learn About Money

Responsible spending habits will help your children learn how to make the right choices. You can do many different things to get your children on the right track to a bright financial future. Check out a few ways to get started:

  1. Shop with your children. When you go to the store, talk to your children about what you’re buying and why. Teach them how to compare prices and explain why it’s not always the least expensive item that’s the best deal.
  2. Open a youth account. Visit any Pinnacle Bank branch or go online to open a Captain Summit Savings Account. Use this account to help your children learn how to set and achieve savings goals. As your children mature, you should consider opening a joint checking account with them. That way, you can teach them about fees, overdraft protection, how to use a debit card safely and the benefits of using online and mobile banking to manage their account.
  3. Plan vacations together. Children love vacationing. Instead of having to say “no” more than you’d like during your getaway, let your children help you plan your trip. Talk to them openly about your budget and ask them to develop ideas for lodging, activities, food and even souvenirs that will stay within your budget. Not only will you be teaching them how to plan using a budget, but you’ll have a fantastic vacation as well.
  4. Talk about credit with your teenagers. Your children must understand what credit is and how it works before leaving home after high school. Consider co-signing on a credit card with them to allow them to use credit responsibly under your direction and, at the same time, begin to establish credit. Discuss how credit works and the ramifications of using credit unwisely.
  5. Promote the entrepreneurial spirit. Allowing your children to start a business may help them feel more comfortable and confident with money. For example, maybe your younger children want to sell lemonade on your block, or your older children want to start a lawn care business in the neighborhood. Whatever the case may be, you can help them decide how much to charge (adding a premium for their time and profit) and how to manage their schedule.

While each family is different, the most important thing is to teach your children about money as early as possible. You’ll find that it’s not as difficult as it may seem, and your children will likely enjoy the education.

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Blog Saving & Budgeting

Six Ways to Help You Save More This Year

Saving money is a critical part of any financial strategy – whether building an emergency fund or saving for your future retirement. And while some may think they can’t save money, the reality is that everyone can save. By following these tips, you’ll learn ways to save money that you may not have imagined:

  1. Monitor your budget. Once you design a reasonable budget, you’ll need to track where you stand monthly. Take a look at how much you’re spending, where you may be able to cut expenses and how you may add income each month. Make adjustments where needed to try to save as much money as possible.
  2. Set up automatic deposits to your accounts. Many financial experts recommend saving 20% of your income each month. For some, this may seem to be an impossible task – especially if you’re living paycheck-to-paycheck. So if 20% is a little high for your budget, start with what you can afford. Even if your budget only allows $20 a paycheck, that’s better than nothing – and you won’t ever see it if you automatically transfer your funds to a savings account. Using Pinnacle Bank’s Systematic Saver is a great way to build your savings each month.
  3. Negotiate better deals for services used. Your monthly bills can add up, so review your recurring bills to see where you can make changes – cell phone, streaming services, subscriptions and more. For example, contact your cell phone provider and ask what specials are available. If you can’t negotiate a better deal, shop around. Spending $50 less on recurring monthly bills can add up over time and allow you to save more money in the end.
  4. Use gift cards and points to purchase essential items. Instead of spending your birthday gift card on something you really want, maybe reconsider and spend it on something you need. For example, use cashback rewards to pay for groceries or use gift cards to purchase essential items you need at home. And never allow your loyalty points or other perks to expire. Take advantage of the free money you can spend on the things you need. Check out these benefits of a Pinnacle Bank MasterCard®.
  5. Eat at home more often. When you cook most of your weekly meals, you’ll save hundreds of dollars each month and you’ll likely eat healthier as well.
  6. Use coupons and buy items on sale. Coupons may sound “old school,” but they can still save you money and that never goes out of style. You should always have a supply of easy-to-prepare items on hand to help in any emergency. It’s never a bad thing to keep your pantry stocked with the stuff you need.

Saving money is a commitment, but you can do it. As you start to achieve some of your savings goals, you’ll begin to see how easy it is – and it will become a habit. You’ll then experience the true financial freedom you desire.

To learn more about how we can help you save at Pinnacle Bank click here, or call 877-759-7939. We’re here to help you achieve your financial goals.

Categories
General News

Employee Insights – Bryan Montgomery

Bryan Montgomery recently joined the Pinnacle Bank team as the Deposit Operations Manager.

Bryan grew up in Elberton, Georgia, and served in the U.S. Navy for 22½ years. He received his Bachelor’s Degree in Nuclear Engineering Technology at Thomas Edison State College and earned an MBA from Trident University International.

Coming from a Naval background, Bryan understands the value of working together as a team to make the customer experience at Pinnacle Bank a great one — and he has already found that to be the more enjoyable part of his job. His background in management, leadership, budget tracking, strategy and project management has allowed Bryan to step into his new role and immediately make a difference.

When he’s not working at the bank, Bryan is exercising, practicing karate, bicycling and doing DIY home projects.

We’re glad Bryan is a part of the Pinnacle team and look forward to great things happening in the future.