In a matter of days, 2020 will be behind us, and the next year offers a new opportunity to get your finances in order, and set and reach new business goals. The year 2020 was a unique year for all businesses, but especially those small- and medium-sized.
You may have received a Paycheck Protection Program (PPP) loan or other aid from the SBA or other sources. You may have changed your business model or had to downsize or reorganize your operation in order to keep the business running. Or, maybe you innovated in other ways that you couldn’t have even imagined when you were goal setting for the calendar year in late 2019. Whatever the circumstances, you have learned and grown this year, and you can bring those takeaways with you into the future. As you apply new ideas and methods, you can envision your business’s future with more certainty than was possible a mere few months ago. It is a perfect time to press the restart button and get your finances organized for the new year, while leaving space for flexibility and unpredictability.
In addition to using the new year to refocus and prioritize your business finances for 2021, it’s equally important to organize your personal finances. Your finances are just that—personal and unique to you and your family. Using Personal Finance Management (PFM) tools can help you understand your spending habits, set deadlines to pay off debt and create a realistic budget that empowers you to reach your money goals.
If you have an Enterprise account, you already have access to PFM tools that offer a wealth of data and insight. The PFM tools are available within the online and mobile banking platform and allow you to sync accounts held at other institutions as well, so that you get a 360 degree look at your finances: savings, checking, investments, debt payoff and much more, all in one platform. Understanding where your money goes in the short term helps to make sense of your financial habits and strategize for long-term financial success. With our PFM tools, you can access weekly, monthly and annual reporting within your online and mobile banking platform, without the need to link your accounts to a third-party application. With helpful visualization tools that break down your financial practices, you can plan and prioritize for 2021.
If you’re ready to take the next step and meet with an advisor for a personalized financial plan, contact one of our Client Service Officers to meet with a dedicated banker that knows your business. A solid financial plan requires understanding your spending habits and controlling cash flow, for personal and business banking. Take advantage of the PFM tools offered through online and mobile banking, and see how you can take control of your finances in the new year.