The Financial Fitness Corner with Maryann and Bill

Longtime members Bill Cornelius of M&T Bank and Maryann Lewis of Citizens Bank both focus their work specifically in the food industry. They have teamed up to regularly highlight the issues crucial to our members. Disagree? Have a follow-up question? Maryann and Bill are regular attendees at our On The Road events or email [email protected]. Get financial information you can trust from people you actually know.

Now that you are warmed up, Bill shares tips to keep your company growing: 

1. Hire the right people – harder said than done but this is integral.

2. Focus on established revenue sources – focus on existing core customers. Create strategies based on previous buying behaviors which could encourage repeat business, i.e. loyalty programs.

The Financial Fitness Corner with Maryann and Bill

"Because you want a partner that believes in you and the business, right? I think, unfortunately, banks have become a little bit more commoditized now. As long as this box and this box and this box is checked we'll loan you the money. That's not really a partner, you need to align yourself in a way with whatever the services are, right? Accountants, attorneys, banking, where they see the vision, they can understand where you're headed."

- Dan Kilcoyne, Mini Melts of America
S2E2 Food Forum Podcast

Food processors need to have a true partnership with their banks. Longtime members Bill Cornelius of M&T Bank and Maryann Lewis of Investors Bank both focus their work specifically in the food industry. They have teamed up to regularly highlight the issues crucial to our members. Disagree? Have a follow-up question? Maryann and Bill are regular attendees at our On The Road events or email [email protected]. Get financial information you can trust from people you actually know.

To start, Bill shares a couple of tips on the foundations to make your business Financially Fit! 

1. Set a goal - When you set a financial goal for your business, make sure it’s something you actually can and want to achieve. Consider your current financial situation, what’s possible within your available resources and restrictions, and what opportunities exist to take you one step closer to your goal.
   
   
2. Have a plan - By creating a plan that outlines daily, weekly, monthly, quarterly, and annual actions, it will help you move in the right direction to achieve your goals.
   
   
3. Monitor your progress – Monitor your progress versus your goals. This will give you the opportunity to assess and re-assess and make tweaks along the way.
   
   
4. Outsource to experts when things get complicated – There may be a time in your journey when results begin to plateau. Self-motivation is a plus but you may be able to get there faster with experts. Similar to a personal trainer, they provide guidelines and mentorship and most importantly a view through a different objective lens. All of these could be very helpful.
   
   
5. Prepare for the off-season – “Summer bodies are made in the winter”. For businesses, the winter period includes the Holidays and Jan/Feb can be quiet. So take this time to perhaps set a savings goal through this time period. As well use this time to revisit your plan, change what isn’t working and get ready for the upcoming season.