Planning for the New Year: A Guide for Small Businesses

Home Blog Planning for the New Year: A Guide for Small Businesses

Posted On: November 11, 2024 by Peoples Bank of Kankakee County in: business

As the year comes to a close, it's the perfect time for small business owners to reflect, strategize, and prepare for the year ahead. Proper planning can set the tone for success and help you tackle the challenges that may arise.

Here’s how you can make the most of your planning process with the support of Peoples Bank!

1. Review Your Financial Health

Before you dive into new goals, take a moment to assess your current financial situation. Look at your income, expenses, and profit margins. Use this information to create a comprehensive financial overview for your business.

How Peoples Bank Can Help:

Consider meeting with a member of our Business Banking Team. We can help you analyze your current financial standing and guide you in making informed decisions for the coming year.

2. Set Clear Goals

Establishing clear, measurable goals is essential for driving growth. Whether you're aiming to increase sales, expand your product line, or enhance customer service, having specific objectives will keep you focused.

How Peoples Bank Can Help:

Explore our business loan offerings to fund your initiatives. Whether you need capital for new equipment, marketing efforts, or hiring additional staff, we can assist you in securing the necessary financing.

3. Budget Wisely

Creating a budget that reflects your goals and projected expenses is key to maintaining financial health. Factor in seasonal fluctuations, upcoming projects, and potential emergency funds.

How Peoples Bank Can Help:

Utilize our business savings accounts to set aside funds for unexpected expenses or future investments. With competitive interest rates and easy access to your funds, our savings options can support your budgeting strategy.

4. Invest in Technology

The right technology can streamline operations, actively prevent check fraud, and improve efficiency. Whether it’s upgrading your software, taking advantage of online banking tools, or exploring new marketing platforms, technology can give you a competitive edge.

How Peoples Bank Can Help:

Our online and mobile banking solutions are designed to simplify your banking experience and keep you safe. From managing accounts on-the-go to making remote deposits, our tools can enhance your productivity and keep your business running smoothly.

5. Review and Adjust Your Marketing Strategy

With the new year approaching, it’s time to evaluate your marketing strategy. What worked this past year? What could be improved? A well-thought-out marketing plan can help you reach new customers and retain existing ones.

How Peoples Bank Can Help:

Our team is here to help you navigate the financial aspects of your marketing efforts.

6. Stay Compliant and Plan for Tax Season

Tax season can be daunting, but planning ahead can help ease the burden. Ensure that you are aware of all regulations, deadlines, and potential deductions.

How Peoples Bank Can Help:

Consider opening a business account with us to keep your finances organized.

The Bottom Line

Preparing for the new year requires careful planning and consideration. By taking the time to review your financial health, set clear goals, and utilize the services of Peoples Bank, you can position your business for success in the upcoming year.

If you’re ready to take the next step, reach out to us today and let’s work together to achieve your business goals!

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.