I am fortunate to have worked with many small businesses here in Wilmington and across North Carolina over the last 25 years. I have watched many of them grow and prosper, some far beyond what they ever could have imagined when they started out.
When a business really takes off, it’s easy for the owner to get wrapped up in the excitement, as well as the increasing demands on their time. But as a business grows, its financial needs do too, so it’s important to stay in touch with your banker, who can make sure your financial services are keeping pace with your growth.
Oftentimes, the financial tools you used to start your business are not as appropriate or helpful once your business is well-established and growing. For example, many small business owners I’ve worked with have used their personal checking account or line of credit to get their business up and running. However, once the business has established its own track record and credit history, there are other options available that can save the owner money and time.
A few of those considerations include:
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