How to Create Your Personalized Path to Financial Success


Every business owner views financial freedom differently. For some, it may mean having the ability to work whenever and however they want. For others, it’s saving for a rainy day and making sure retirement is clearly defined. And still, for others, it’s being able to work as long as they want, doing what they love.

Whatever financial freedom means to you, there’s no one-size-fits-all solution to reach your goals. Instead, begin with a financial plan that focuses on your business needs and your personal financial goals. Without the right focus on proper financial management, your small business may never get where you want it to be — and you may not ever achieve financial freedom.

Tailor Your Financial Plan to Meet Your Needs.
Your financial plan must focus on your business and your industry. For example, if you sell insurance, you won’t have similar financial needs as restaurants or local clothing shops. Consider your specific needs, which may include:

    • The number of employees you have
    • Your company size
    • Whether you own or rent your building space
    • What you sell
    • How you receive payments from customers 

Choose the Right Banking Accounts and Use Them Wisely
The banking accounts you choose to run your business can make or break your financial plan. Learn what’s available to help you conduct daily transactions or save money appropriately for your business. For example, you may consider Pinnacle Bank’s free business checking account if your company conducts a limited number of transactions each month. Or, if you’re a sole proprietor, you may opt for an interest-bearing checking account to earn more daily.

Tip: Talk to a Pinnacle Bank business expert to help you find the best checking and savings accounts for your business.

Save Money and Cut Costs with Smart Business Services
Without full knowledge of the latest banking services, you may be missing out on how to make the most out of your dollar. Here are just a few of the many options available to you:

      • Merchant Capture — get paid fast because you’ll deposit checks on your time electronically.
      • Positive Pay — monitor and detect unusual or unauthorized disbursement activity by comparing paid items against issued information to identify discrepancies.
      • Merchant Services — use only the payment system you need for your customers.
      • Payroll Processing — shop around to find the suite of payroll services to process your payroll effectively and efficiently while staying compliant with Human Resource laws.
      • Credit Cards and Business Loans — when you need a loan, you need it quickly, so it’s important to find options where you can easily apply for and receive safe, secure and competitive funding.
      • ACH (Automated Clearing House) — allows you to get paid sooner and is safer than receiving checks through the mail.
      • Online and Mobile Banking — gives you 24/7 access to your business accounts, so you’re always in the know.

Tip: Pinnacle Bank has all these options and more to help your business move forward. See what’s available.

Set the Right Course with Financial Strategies Designed to Make a Huge Impact
Once you get your basic banking needs on track and the right services to drive your business, you need to focus on the following:

      • Investment Management — create an investment strategy that works with your risk level.
      • Estate Planning — determine how to factor your business into your estate plans.
      • Tax Strategy — develop strategic, proactive and timely tax planning to keep you and your business in the best financial situation possible.
      • Employee Retirement Plans — decide what retirement plans are best for you and your employees, such as IRA or SIMPLE 401(k) plans.
      • Business Succession Plan — create an exit strategy to protect you, your family, your employees, your customers and all other stakeholders in the business. 

What to do: Talk to an expert to set up a comprehensive financial plan to include every element needed for success. Start by making an appointment with our partners at Highland Trust Partners.

Get the help you need from Pinnacle Bank.
More than anything, our bankers are here to help you with any of your financial needs. We always put our customers first, and that means giving you the best banking has to offer. We go above and beyond to help your money work for you, giving you the financial freedom you desire.

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