Business Advice From Aluria

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Advice for Small Businesses

One of the things I strongly recommend to my clients when they are first starting up their own business is to start a business banking relationship with a trusted, small-town banker BEFORE they need money. There will be instances when you will need to access a banker, sometimes after hours, to complete transactions, move money from one business account to another, set up lines of credit, etc. under sometimes severe time constraints. They will need someone reliable to call on. I strongly recommend local credit unions, community banks, small to mid-sized banks such as RBC Centura, BB&T, Bank of North Georgia, etc. as I have found these to be more proactive and supportive of the “little-guy” business owner. You want a bank that will grow with you, not against you as I have found some of the big super-regional banks such as Bank of America and Wachovia to do. Not that these banks are not good; they just won’t do as much for you as a small business owner until you get big enough for them to notice; and big is much bigger than you might think no matter what their commercials say.

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I also recommend, from personal experience, to do what it takes—set up a business plan & marketing plan-- to apply for a small business loan early rather than funding your venture with your own personal credit card financing. Although it can be done and thousands do it every day, it is far easier to go this route. There are many consultants available today, some are even for free, to help you through this process. It is well worth the time and energy.

Not to mention, start out with good record keeping. I get called on frequently to fix things that happened three years ago because business owners can’t use their books. Make sure you set up your Chart of Accounts correctly. Look at your Profit & Loss Statement & Balance Sheet at least monthly so you know where you are. Do monthly bank reconciliations- banks make many mistakes even in this day and age of advanced technology. Keep your books as confidential as you can. Do not disclose to anyone not absolutely necessary as they can and will sell your information to the first person waving a dollar. Get a trusted Administrator that can help you run your business. This person is worth their weight in GOLD. Don’t be afraid to hire outside consultants (check references and credentials), and delegate, delegate, delegate. The sooner they realize that they won’t be able to succeed doing everything by themselves, the sooner they’ll get to where they want to go. We’re all here to help each other with our individual, God-given talents. Give others the opportunity to help you.

Bank of America Warning

I’ve never been a fan of big, super-regional banks as a place to house my money or the money of my clients ever; but recently I’ve been compelled to write a paragraph or two about my feelings about this particular bank.

I, personally, have had monies deducted from a 401K plan that I had housed with them. They literally stole over $100 out of my account without my knowledge or consent. After reading their website literature proclaiming their high ideals, core values, ethical morals, etc., etc, I wrote a letter to Kenneth D. Lewis, Chairman, CEO and President of Bank of America asking for the return of my money. He totally disregarded my letter and passed it along to a no-name, lowly VP of Sales and Marketing who promptly replied that this was what they did on a routine basis, and that they would not be returning any of my money- sorry, Chump.

Having helped build this bank from its very roots and foundation (I was the Research Assistant to the Banking and Finance Manager at Robinson-Humphrey who put together the deal with C&S Bank to form NationsBank, now Bank of America), I was very distraught to find out about the monster that I helped create. I now tell all my clients to pull out any money they have invested and housed with them because of the literal danger they present to society.

I have read and heard about many instances where Bank of America managed funds in inappropriate ways and in inappropriate hours (trading after-hours which is against the rules of the Security & Exchange Commission). I have deduced that they absolutely can not be trusted. If you don’t believe me, visit Clark Howard’s website, www.clarkhoward.com, to view the campaign he has undertaken to get people to do the same thing. To date, Bank of America has lost over $7M from people pulling out their funds after hearing about just his campaign.

RBC Centura

BB&T

Bank of North Georgia

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