Business Planning in Omaha – January 2023

The first month of a new year is full of hope and motivation to make a change, whether it be in your own life or for your business. In Omaha, we are lucky to have many local businesses and professionals dedicated to helping you navigate all of the twists and turns that come with making a plan that will survive and thrive throughout the New Year. Keep reading to hear some invaluable advice from the experts around our city!

Leave Your Worries Behind

Going into the New Year feels a lot better without any extra baggage from the previous year weighing you down. This includes unfinished projects, postponed events, and unpaid debt. AR Solutions is a full service collection agency that is licensed, bonded, and insured in Lincoln ready to help you and your business transition into 2023 with nothing holding you back. Aaron Newell, president and CEO of AR Solutions, shared some advice on tackling debt and creating a positive plan for the year.

“Really evaluate your business financials from the prior year(s),” shared Aaron. “Are you scaling as projected? If not,
why and what can you do to change it? How does your percentage of accounts receivables compare to your industry standards geographically? Have your accounts receivables changed, remained the same, or grown in comparison to your gross revenue? AR Solutions can provide an analysis of your data and customer intake process to accelerate the payment of your past due receivables.”

AR Solutions has a division that specializes in medical collections, as well as other divisions that specialize in consumer collection and commercial collections. All fees from AR Solutions are contingent so there is no cost unless they get results for their clients. As Aaron says, “If we do not collect, we do not eat.”

“We often see businesses that assume they will always be paid for their service/product or be paid timely but that isn’t always the case,” Aaron said. “AR Solutions can offer solutions to correct that.”

AR Solutions exists to provide the most professional, ethical, and innovative accounts receivables collection solutions
for their clients. You can count on them to help your business make 2023 your best year yet!

Find People to Lean On

Sometimes the best advice we can get is from people who have experienced the same things we are currently going through. Center Sphere is an established network of business professionals whose mission is to share referrals, ideas, and resources through genuine relationships.

“At Center Sphere we believe that relationships will always be essential in businesses,” said CEO and Co-Founder Brett Boyer. “Those who have built, and are continuing to build, relationships with others always have greater odds of accomplishing their goals. The best time to build a network was ten years ago, the second best time is now!”

While creating a support system and learning from experienced peers can be a great help, the world of business is ever changing. Many obstacles you may run into are products of the time, and many people may be experiencing them for the first time along with you.

“The scope of business has changed dramatically over the past few years, and will always evolve,” Brett explained. “Making sure you understand how those changes have affected your business and your plan for it is important when reviewing and setting goals for 2023.”

As we all have been affected by rapid inflation and rise in cost of doing business, Center Sphere offers an extremely cost effective way to budget your marketing expenses throughout the year. They believe in increasing their value add for members while keeping the point of entry at a minimum.

If you’re looking for a great start to hitting your goals in 2023, take advantage of all Center Sphere has to offer!

Work with Experts Who Care

Getting advice from your peers can be a great tool, but finding an expert that can see your goals and help you realize them takes things to another level.

Fiserv enables money movement for thousands of financial institutions and millions of people and businesses. They help you make smart decisions and set realistic goals financially. We spoke to
Senior Sales Advisor Dan Rau to learn more about the services Fiserv has to offer, and the bits of advice you need to take your business into 2023.

“My greatest value add to a business is my vast network and expertise and experience in Financial Technology
(FinTech) solutions,” explained Dan. “My income and success is directly connected to the growth and success of my clients and portfolio. My network allows businesses easier opportunities to build long lasting partnership and vendor relationships.”

Finding the small ways that could be saving your business money is one of the things Daniel knows best. He shared a tip with us for businesses headed into the New Year that are trying to save an extra buck.

“Businesses now more than ever can gain back all, some, or none of their fees with merchant processing,” Daniel said. “Merchant processing fees are tax deductible operating costs, so passing the 3-4% fee to customers when inflation is set this time at 7.7% allows the business to increase deductions while paying less or zero in merchant processing fees.”

One thing Dan expressed is something that everyone can take with them into the New Year.

“I will end with a quote from Muhammad Ali, ‘Service to others is the rent you pay for your room here on earth,’” shared Dan. Remember to take care of the people around you this year!

Have a Bank on Your Side

We all know that there isn’t a big reset button that starts the New Year off on a clean slate. In order to be truly prepared for the year to come, business owners must start planning before the clock strikes midnight on January 1.

West Gate Bank is prepared to jump into another year helping businesses be successful and achieve their greatest dreams. They can’t do it on their own, though.

“My advice for businesses is to start planning early and check-in often on progress. Running a business requires deliberate planning and getting crystal clear on goals/objectives to accomplish. Know your numbers, be proactive, and surround yourself with the best. Know exactly what you are earning, saving, and spending. Look for ways to improve cash flow, increase savings, boost revenue, and put profit first,” shared Lindsey Kirkendall, assistant vice
president, business banking solutions. “With 18 years banking experience and linking arms with businesses on financial initiatives, it is important to surround yourself with a network of professionals that support current goals or determine next steps on how to get there in 2023. We have several local connections we know, utilize, trust, and can recommend to you!”

As for how 2023 is looking, Lindsey had some knowledge on what to expect and how to handle the upcoming obstacles that the year may bring.

“The rate environment is ever-changing. Secure deposits at a competitive interest rate and understand that lending efforts for banks are likely to be more conservative,” said Lindsey. “Proactively plan, set SMART goals, and have a banker and bank on your side!”

Reach New Heights

Lincoln Federal Savings Bank (Member FDIC. Equal Housing Lender.) provides customers the services that they need to achieve. Derek Wiedenfeld, commercial real estate loan officer, shared his tips for creating a successful year for you and your business.

“Set goals for 2023 that align with your company’s vision and long-term goals. It is important to review those goals quarterly to hold you accountable and make any adjustments that are needed throughout the year,” advised Derek. “Keep yourself and employees motivated while trying to reach those goals and don’t forget to celebrate reaching
milestones along the way.”

Derek’s services can be useful for those looking to expand this year. Lincoln Federal Savings Bank has commercial pad sites for sale, and can assist with the construction and/or permanent financing of the real estate. As the markets continue to change, it’s important that your business is prepared. There are methods and tools that you can use to avoid turmoil down the road.

“Stress test your business! It is important to understand if your business can operate as normal with higher volatility in the market,” said Derek. “Test your business income against higher interest rates which could increase your loan payments and project lower than anticipated sales/rents and higher expenses to see if you would still be profitable.
There may be smaller profit margins in 2023 so make sure to set up a contingency plan.”

While many of your business’s goals may not involve financials, Derek and the team at Lincoln Federal Savings Bank can help you. With anything from securing commercial real estate financing to offering great small business checking and savings accounts!

“Interest rates on deposit accounts have been increasing. Pairing a checking account with a loan at the same bank can have some benefits,” Derek explained. “When you have all of your accounts in the same place then it’s easier to keep track of your assets and manage your accounts. In addition, opening a deposit account may help you qualify for better loan terms.”

Research Your Resources

Setting goals for the upcoming year can only go so far if you are unwilling to accept change. It is important to be committed to your company’s process and environment, but allow some room for innovation and growth. If the way you are doing something is hindering your ability to reach a goal, don’t change the goal. Find a new way to get there.

With FNIC Group, they believe the smallest changes to a process can have the biggest impacts. They will keep a careful eye on your business’s insurance coverage to uncover possible improvements.

“At FNIC, our process is simple. We study your current insurance policies to pinpoint potential gaps in coverage and educate you on how your policy works,” said Sales Executive Ramon Diaz de Leon. “Understanding your policy can help you make informed decisions on risk retention vs risk transfer.”

Ramon also pointed to the option for businesses that may need extra help from a resource like a workers’ compensation carrier.

“Before joining the commercial insurance team at FNIC, I worked for a workers’ compensation carrier that specialized in small to mid-sized, labor-intensive businesses. I have seen the amount of resources available that are often overlooked. Many carriers provide help with weekly safety meetings, ideas for return to work programs, and strategies for experience rating containment to share a few,” Ramon explained. “Spend time with your insurance agent and see how their organization can also help you with these items. Having these types of processes in place will not only help you in controlling insurance costs, but will lead to the development of a culture of safety within your business. The resources are out there. Start today!”

FNIC is ready to help you implement your processes and coverages in 2023!

Keep Track of What’s Important

Forgetfulness is a trait we all can relate to at one point or another. Forgetting your keys before heading out the door, missing a dentist appointment, or leaving an important item for the day at home are all things that can mess up your day, but overall don’t cause much harm. Forgetting to keep track of your business’s financials, on the
other hand, will create a world of hassle for your business and a huge headache for you.

Omaha Bookkeeping is ready to help your business succeed in 2023 by keeping your business organized throughout each month with the financial transactions that occur. With their help, your business will be able to see a good financial picture and performance of the company at any given time throughout the year. Outsourcing bookkeeping duties may also save money in the long run by finding the partner that fits your business culture. Bookkeepers may also find ways to improve your process and identify areas where you may be overspending. They may also help to take advantage of bookkeeping software to help automate tasks, again saving time and money.

“I would make sure your business communicates with a tax professional and their accounting/bookkeeping department to make sure all of your tax-related expenses are accounted for,” said Jeff Doering, owner of Omaha Bookkeeping. “It is important to stay on top of account reconciliations and recording and classifying every financial transaction of the business. That’s where my services come in. Keeping and logging the proper backup documents of each financial transaction will make tax process go a lot smoother.”

You want to be ready for tax season when it rolls around, and there is no better way to ensure your business is prepared than with the help of Omaha Bookkeeping. They are dedicated to keeping you on track financially, so that you can reach your goals with ease.

Make Things Simple

EServ improves a company’s profitability. EServ is a Small Business Operations Software™, providing a unique, simple-to-use single platform solution that delivers a wide range of capabilities. EServ includes functions that help you simplify running your business on a day-to-day basis: including, single-entry lead management contact, scheduling, routing, projects and estimates, team and equipment management, inventory/purchasing including reporting, and being able to utilize one time data entry through the entire process. EServ enables a company to maximize its potential and create an environment that is not only transparent, but also allows your team to realize goals and incomes they are proud of.

“Eserv is an Omaha locally-based company. After 35 years of working and operating in the service industry we realized the need for software technology to help grow and automate our business,” said Todd Rannals, president and founder. “We tried other software programs; however, finding them too complicated or lacking, we created Eserv.”

When it comes to making a positive plan for your company in the New Year, Todd had some advice.

“Choose your biggest pain or challenge and make it your number one goal to fix. For example, team retention, culture, organization, production, or transparency to your team,” said Todd.

EServ’s operational software can help you iron out the kinks of your business plan. This will help you identify what needs improvement, what is working, and what should be left out entirely.

“Too often business owners settle for operating software that cannot meet their needs. Common results include the use of multiple programs, increased errors, user confusion, and overall lack of production. Choosing a Small Business Operation Software™ is a big decision. Eserv will improve your customer experience and increase your net profit.”

Courage is the Currency to Success

In the current competitive environment, you need the courage to build a business and earn profits. With the constantly changing dynamics of the economy, it requires a considerable amount of courage to battle all the urgent changes within the market, while trying to keep your company stable against the strange tides of the industry.

If you lack courage, then it means that you may lack the drive to do whatever is necessary to save your business. A business needs to keep itself updated with the latest developments and technologies within the industry, otherwise, it will become outdated. Adapting to change is necessary and to implement the required steps to make change a success, courage is needed!

“The worst thing you could do is to do nothing, especially during these complex times. Take Action! Owning a business can be one of the most exciting, rewarding, and enjoyable challenges in life. Far too often the challenge of business ownership overshadows the positive aspects we hope to achieve,” said ActionCOACH ExcelEdge Owner Linda Krei. “Protecting time for self-reflection and personal discernment allows you the opportunity to stay aligned or get re-aligned with where your business needs to grow and, it allows you to discover any limiting beliefs or limited thinking that might be getting in the way of positive growth.”

At ActionCOACH ExcelEDGE, they guide people and businesses to work through these kinds of issues to get real results for real people. The knowledge, systems, and tools developed and available bring significant improvements to hundreds of thousands of businesses around the world. As a master global trainer and a master coach, they stay current with proven strategies and effective methods to address the evolving needs through business education.

“Coaching is not just for sports. Just like professional athletes, you can achieve more when you use our unique blueprint backed by proven tools, methods, and systems,” explained Coach Carter Krei who is also a high school basketball coach. “At ActionCOACH we have tested and perfected the recipe with tens of thousands of businesses worldwide over three decades, so you don’t have to. Simplify your path to whatever you want out of your business with a coach on your team.”

Contact ActionCOACH for your free copy of 12 Essential Characteristics of an Entrepreneur. If you are ready to set or reset your business on a course for success, then consider ActionCOACH ExcelEDGE today.

Annual business planning is essential to the health of any company or organization. It’s more crucial than ever that you have a strong base and mission from which to plan, as well as access to the expertise to help ensure you’re on track for success. We encourage you to reach out to the experts featured here to plan in a timely, meaningful, and successful way!