Why You Need to Update Your Business Plan

July 10, 2020 by First Federal Bank

When you drafted your business plan, you outlined your goals and the path you’d take to achieve them. Now that your company is up and running, your business plan might not be an accurate representation of your new goals, the state of the market, or your enterprise’s worth. Your business is a living, breathing entity that is constantly changing....

Topics: Business Banking, Small Business, Financial Education, Entrepreneurship

Consider Peace of Mind with Valuable Items Insurance

July 08, 2020 by First Federal Bank

Do you own any jewelry, antiques or other valuables? If so, you may need to purchase additional insurance for these items, as their full value may not be covered by your regular policies. To help you determine whether extra coverage is right for your situation, consider these questions:

Topics: Insurance, Home Owners

How to Analyze Your Profit Margins

July 06, 2020 by First Federal Bank

When you’re a busy entrepreneur it can be easy to get lost in figures like expenses, sales, and earnings. However, these numbers don’t paint the whole picture of your company’s health. That’s why it’s important to understand your company’s profit margins, which show you the proportion of how much profit you’re actually earning when compared to...

Topics: Small Business, Financial Education, Entrepreneurship

Protect Your Assets during Hurricane Season

July 02, 2020 by First Federal Bank

Recent events have made it clear that businesses can live and die on preparedness for disaster. According to the Federal Emergency Management Agency, between 40 and 60 percent of all small businesses succumb to disasters like fire and burst water pipes, not including a far-reaching health crisis or major weather catastrophe. When uncertainty is...

Topics: Trending, Insurance, Home Owners

Is 2020 the Year of the Staycation?

July 01, 2020 by First Federal Bank

You may have had to cancel or put off a planned trip due to restrictions in place as a result of the Covid-19 pandemic. And the near-term future of travel is very uncertain. But there is no reason you can’t enjoy a much-needed vacation. Have you considered taking a staycation? After weeks of parents working from home, with kids engaged in...

Topics: Trending, Saving Money, Home Owners, COVID-19, Community, Think Local

How to Protect Your Financial Information Before a Computer Upgrade

June 30, 2020 by First Federal Bank

Your old computer may still contain sensitive data like financial information, your Social Security number, passwords and personal files. If you’re planning on getting rid of your old computer, you should first take precautions to protect that data.Back up your filesBefore you throw out or sell your old computer, think about what information it...

Topics: Online Banking, Technology

Do Bathroom Remodels Increase Home Value?

June 28, 2020 by First Federal Bank

Deciding what home improvement projects to invest in can be tricky. You don’t want to pour money into a renovation or remodel that won’t pay off when you go to sell. If you’re eager to increase your home’s value, consider starting in a small, but essential part of your home — your bathroom.“On average, homeowners spend just over $20,000 on a...

Topics: Home Owners, Home Improvements

Focus on Your Customers in 2020

June 26, 2020 by First Federal Bank

The retail industry never stops evolving, and as a business owner, it’s important to keep up with consumer habits. From putting your values at the forefront to giving your customers more ways to shop, there are plenty of ways to show your customers that you care. Here are a few strategies for adapting to what modern shoppers want from their...

Topics: Small Business, Marketing

Should You Buy a Rental Car?

June 24, 2020 by First Federal Bank

If you’re in the market for a used vehicle, you can choose to purchase a former rental car or a privately-owned car. Buying a rental car has its own set of positives and negatives that are worth thinking about before going car shopping.The latest featuresRental car companies tend to have fleets comprised of newer vehicles to attract customers....

Topics: Saving Money, Auto Lending

What Are Marketing Moments That Matter?

June 22, 2020 by First Federal Bank

When it comes to marketing, there are many ways to reach your audience. Website content, social media and advertisements can all help your business succeed, but you need to make meaningful connections with customers to create a bond of brand loyalty. Consider the moments that matter in your business and what you can do to make them memorable. ...

Topics: Small Business, Marketing