For many small business owners, securing financing is more than just getting approved—it is about finding a financial partner that understands their goals, believes in their potential and can help them grow with confidence.

While the path to business ownership can be daunting, preparation and the right financial guidance can make all the difference. According to the National Business Association, small businesses face early challenges with 50 percent of them closing within the first five years and about 20 percent closing within their first year.

The good news is that many common challenges, such as ineffective marketing strategies, decreases in cash flow and lack of financial knowledge, are avoidable and fixable when business owners have a clear plan and a trusted financial partner on their side. Credit unions are uniquely positioned to offer small business owners' valuable resources and guidance, starting with these simple tips to help them avoid common financial mistakes:

  • Build a budget: This is a good first step as it helps business owners not only develop a strong foundation, but it will also assist them in making sound financial decisions and keeping their finances organized.
  • Track expenses and cash flow: Understanding how much money is moving in and out of a company helps business owners maintain good financial standing, analyze their profits and avoid financial shortfalls.
  • Understand funding and investment options: When business owners know their funding and investment options, they have the opportunity to make the best financial decisions for their company to grow and succeed.

Members 1st Federal Credit Union, takes a concierge approach to financial services by offering assistance with checking and savings accounts, loans, lines of credit and cash management tools so small businesses can establish a footprint, grow their business, and make a lasting impact on their community and the people they serve.

When a small business owner turns to a credit union for guidance, they gain more than financial assistance—they gain a trusted partner and a true relationship.

For more tips, visit Member 1st’s website.

Federally Insured by NCUA.