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

Add These Business Newsletters to Your Inbox

June 08, 2020 by First Federal Bank

Want to improve the success of your business? Start by learning from other business owners and market experts. By subscribing to communications from these companies and news outlets, your email inbox will be loaded with tools to give your company a leg up.

Topics: Resources, Business Banking, Small Business, Entrepreneurship

What is Business Valuation?

April 30, 2020 by First Federal Bank

A business valuation appraises the monetary value of your company. While a business valuation is an essential part of selling a company, it can be useful even if you aren’t looking to sell your small business. An accurate, up-to-date business valuation can enable you to quickly respond to an unexpected opportunity or setback. For instance, if...

Topics: Business Banking, Small Business

How to Make a Loan Against Your Retirement Accounts

December 23, 2019 by First Federal Bank

Saving for retirement is meant to help you finance your future, improving your quality of life after your work years. The more you are able to set aside and the longer you allow that money to accrue, the more cash you’ll have to live on. Because of this, it’s recommended to defer taking funds from your retirement savings as long as possible —...

Topics: Small Business Lending, Business Banking, Small Business, Retirement, Entrepreneurship

Insurance Policies Every Small Business Should Have

November 12, 2019 by First Federal Bank

Obtaining the proper insurance coverage is one of the most important steps you can take to ensure the success of your small business. No matter what products you sell or services you provide, carefully assess all the risks your business might face and consider purchasing these key policies to preserve your peace of mind — and your profits.

Topics: Business Banking, Small Business, Insurance

Methods to Decrease Costs Within Your Business

October 08, 2019 by First Federal Bank

For as much as you focus on increasing revenue to maximize your profits, you should put an equal amount of attention on reducing your operating costs. Unchecked overhead can quickly add up and undermine the sales you’ve worked hard to make. Take time to evaluate your business costs, particularly in these areas, to determine how you can reduce...

Topics: Business Banking, Small Business

Opening a Business Credit File

September 04, 2019 by First Federal Bank

If you hope to secure loans for your business and build a trustworthy reputation, it’s wise to establish business credit history separately from your personal credit. One of the most important steps you can take toward this is opening a business credit file.

Topics: Business Banking

Best Tools for Accepting Mobile Credit Card Payments

August 26, 2019 by First Federal Bank

There are a lot of things to consider when you open a small business. One of the essential tools you’ll need is a way to accept payment. If you’re not ready to purchase or lease a whole register system, consider mobile credit card payment processing from one of these vendors.SquareProbably one of the most well-known names in mobile credit card...

Topics: Business Banking, Technology, Small Business, Entrepreneurship

What to Know When Buying a Franchise

July 22, 2019 by First Federal Bank

Buying a franchise is an attractive business option for entrepreneurs seeking to capitalize on an existing brand. But if you’re thinking about becoming a franchisee, you need to prepare yourself — it won’t be as easy as simply finding a well-liked brand and putting down some cash.Your personality mattersBefore you buy a franchise, you should...

Topics: Business Banking