As the economy weakens, inflation creeps higher, and prices continue to increase – small businesses are feeling the strain. For many, issues with the supply chain and facing a shortage of skilled workers has added to an already challenging time as they recover from the impact of the COVID-19 pandemic.

At Cogent Bank we have tangible ways to help small business owners weather the financial storm.

How is the current economy affecting businesses?

The biggest issues that businesses of all sizes are facing right now all come down to two critical areas: inflation and supply issues. 

Prices of products and services rose dramatically in 2022 as inflation continued to increase, leading to problems gaining and keeping customers.  With fewer customers walking through the door and expenses going up, many businesses have been forced to make serious cuts to their business or even shut their doors for good. 

As a business owner there are clear ways  that you can start to prepare for a recession. Managing your business debt and cutting unnecessary expenses are both crucial places to save money. Don’t wait until you’re forced to make cuts or add additional debt to your plate. Prepare ahead of time by critically evaluating where you could reclaim funds in your business budget.

One of the biggest areas that businesses struggle with is managing cash flow. This is where we can step in to help. With effective guidance and support from a Cogent Bank Commercial Relationship Manager, a small business may be able to overcome many of the current issues they’re facing and survive a recession.

How can Cogent help?

1. Deliver comprehensive advice

Running a small business is hard work and you already have enough on your plate to think about in the best of times. But during economic struggles, trying to run your business smoothly becomes even more challenging. Having expert guidance from financial professionals with a deep understanding of the local market is incredibly valuable.

Cogent Bank is uniquely positioned to help small businesses this way, thanks to our knowledge of the local geographic area. Our Relationship Managers and associates are residents of the local community ourselves, so we have a vested interest in wanting to see your business succeed.

Using our network of business owners and local market knowledge, we can provide tailored, comprehensive advice to small businesses who are looking for guidance and support. We are not limited to just transactional information, like opening new accounts or taking out loans. Instead, Cogent Bank provides high-touch service that begins with a dedicated Relationship Manager. Your Relationship Manager is there to help you make market-driven decisions that make a real difference to how your business operates day-to-day.

2. Build a connection with your Cogent Relationship Manager

When you’ve invested so much into your small business, you want to ensure that the people giving you advice are trusted professionals you can rely on. Working with a Cogent Relationship Manager means you’re more than just a number.  We will work with you to proactively find solutions to your problems that will ultimately help your business grow.  Through our deep understanding of your business goals and current financial status, your dedicated Cogent Relationship Manager will be able to recommend products and services that best fit your situation.

We want business owners to think of their Relationship Manager at Cogent as their primary financial advisor. The longer you work with your Relationship Manager, the stronger your relationship will be and the more effective their advice will be for your business. 

A good Relationship Manager should be able to tell you when the right time is to upgrade to a different commercial credit card or fill you in on the tax credits you could get by leasing equipment rather than buying something new. By building a longstanding connection with a Cogent Relationship Manager, you’ll be able to benefit from their experience with both your business and others like it in the local market.

The diverse team of Relationship Managers at Cogent Bank have experience in a range of industries and business sizes. Our aim is to build a partnership with you to ensure that, whatever financial challenges your business is facing, you have someone on your side who has your long-term interests in mind.

3. Discuss the key pain points with business owners

Once a trusting relationship has been established with a Cogent Relationship Manager, open and honest communication is essential. It may feel difficult to talk about the struggles you’re facing but laying these out on the table is the only way that our Relationship Managers can provide the best recommendations to help you.

Many small businesses are looking for practical advice from their banking provider, on how to reduce bank fees and the ways that technology and digital products can make their business more efficient.

Tools like Cogent Bank’s online banking via Cogent Connection are ideal solutions that our Relationship Managers can discuss with you as a small business owner. You can easily check your account balance from your mobile device when you’re on the go, along with depositing checks or transferring money between accounts. 

This can be particularly useful if you spend your days meeting customers, or vendors, and aren’t necessarily sitting in your office. Having access to your business finances when you’re away from your desk can be an essential part of keeping your business running smoothly.

For businesses that deal with foreign currency and transactions abroad, our  team can help you process these transactions safely and securely. We can even work with you to run your ACH payments more efficiently and have the money deposited into your business account as quickly as possible.

By working with a dedicated Cogent Relationship Manager and having frank conversations, business owners can benefit from the wide range of products and services we offer, which could make the biggest difference when it comes to surviving through a recession.

Cogent Banks Supports Local Small Businesses

As a small business owner, finding the right commercial bank to be your financial partner is essential. With banking centers throughout Florida, the team at Cogent Bank is here to help you streamline your business operations and find financial services that will help your business thrive. Contact us today or visit us at one of our Florida banking centers to meet with a Relationship Manager.

The information contained herein is for informational/educational purposes only.  The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.