Ask Vikki: Four Financial Fitness Resolutions for Entrepreneurs in 2022

Question: As an entrepreneur, I’m hoping to make smarter financial choices in 2022. Any advice on where to start?

For business owners and entrepreneurs looking for financial resolutions, we went to Brandon Box, Southwest Market president for Cogent Bank. Under his leadership, Cogent opened more than 600 business accounts with over $100 million total deposits and completed $75 million in loan closings during its inaugural year in Fort Myers last year.

Here are his four finance resolutions:

1.     Review all of your deposit and loan accounts and see if they are set up efficiently, or if some consolidation makes sense. Doing so can definitely put you ahead as you kick off the New Year.

2.     Schedule a meeting with your banker to review all the products and services you are currently using. Check to see if anything changed over the last year without your knowledge. This can happen and it includes rates and fees. Staying in the know is always a best practice when it comes to managing finances for a business.

3.     Talk to your banker about what tools they offer which may make you more efficient. For example, is it remote deposits and increased mobile deposit limits? Know what you need and what can help you and your company in 2022. Don't be afraid to ask questions.

4.     Review your payment procedures with your banker to see where you might be exposing yourself to fraud and tools they may have to help prevent fraud in the future. It’s going to be a great year, so make sure you do your part in thinking smart and being responsible.

My final thoughts… as the world hopes to rise from the pandemic ashes this year, let’s all take a little time to recharge, reboot, remember to occasionally unplug, and just…breathe.