Banknotes Blog
How We Became Lake Ridge Bank
We knew right from the start that one of the most important decisions we would need to make was what to name our new bank.
Focus On What You Can Control
In 2016, several economists, some considered among the brightest in the world, predicted with a high level of certainty that in 2017 the Federal Reserve Board would raise the short term interest rate known as the “fed rate” by .25% no less than 3 times.
These increases did not occur.
More recently experts stated the strong stock market could not last past late summer and a correction would happen before fall.
This did not take place.
I mention these facts because it is my opinion that, in order to ensure continued success and growth, a business is wiser to focus on the things it can control to improve its profits rather than listening to predictions about interest rates, the stock market, etc. from individuals that have proven they can be wrong.
You know of course that controlling your costs of operation is vital to growth and profit. But...
- Have you thought about your banking costs? Reducing the fees paid to your bank for processing your checks, credit card and debit card activity frees up money that will flow right to your bottom line.
- Are you taking advantage of all of the electronic banking services available to reduce trips to the bank, waiting for the checks from your customers to clear the bank, spending time — yes time is money — worrying about and recovering from fraud?
Over time these savings can help fund the purchase or lease of more efficient equipment or provide money to retain your best employees or simply end up in your bank account.