A new year brings good news for the Mississippi economy.
A survey by Regions Bank Next Step, the bank’s free financial education program, recently found an overwhelming majority of business owners and C-suite executives are focused on investments that drive growth opportunities in 2022 and beyond.
The challenges of COVID-19 made operations challenging. From restaurants and hotels to entertainment venues and manufacturing, all industry sectors have been impacted by the pandemic.
With the virus better controlled, the survey results highlight an important shift in business confidence and confirm what our Commercial Banking team has been hearing in the Metro Jackson market. Businesses are planning and positioning to grow.
According to the survey, 89% of respondents plan to increase investments in key business areas like technology, e-commerce, marketing, and advertising in the next 12 months.
The survey also found nearly two in three businesses plan to seek additional financing to cover a major investment or expense in the next 12 months. Additionally, approximately one in three businesses said access to capital would have the most significant impact on their company’s success.
Across Mississippi, our team at Regions knows our clients and can help with financial solutions. Regions Next Step provides free resources, including recommendations, best practices, and quick tips online to help business leaders focused on growing their companies. A few tips include:
• Adopt cash-management strategies. It’s important to have a cash-management strategy that adapts to times of stability or disruption – and positions a business for growth.
• Prepare for the loan process. Seeking financing from a bank is about having the right documentation, as well as starting a relationship with a strategic business partner, like an attorney, business advisor, etc., as well as a commercial banker who understands your unique goals and needs.
• Determine how much a business can afford. Just as you would a personal loan, when seeking financing for a business, consider all expenses and even think about unexpected expenses that may pop up. This can help you better determine the types of payments you can afford while positioning your business for long-term growth. Regions has a free business loan calculator to help assess how much businesses can afford to borrow.
• Promote the business. Promoting a business affects how both banks and customers perceive it. If they know you’re positioned to reach more customers, they can see stronger potential in your plans.
We’re ready for the new year and the growth opportunities for businesses in the area. At Regions, our teams are committed to providing guidance and solutions. For more information, visit Regions.com/Next-StepforBusiness..
Robert Leard is Regions Bank Metro Jackson Market Executive
