Chronic diseases — such as heart disease, cancer, and diabetes — are the leading causes of death and disability in the United States.

According to 2008 National Vital Statistics Reports, chronic diseases account for 70% of all deaths in the U.S., which is 1.7 million each year. These diseases also cause major limitations in daily living for almost 1 out of 10 Americans or about 25 million people.

In today’s economic world, another form of disease has surfaced for small businesses involving their relationships with financial institutions, causing disabilities for many companies. With the growing cost of supplies and overhead, businesses’ banking needs have diversified and financial institutions may be adding to your daily operating costs.

Learning how to analyze your banking relationship is crucial now more than ever. Through preventive measures, business owners can help fight the war on financial disease, and being educated about your banking choices can help remedy any illness related to your company’s lifespan. By following this checklist, you can help exercise your company’s changing needs to keep healthy and disease-free:

• Cash management — Ask for a cost assessment for online cash management services. Is there a way to reduce costs associated with daily transactions? Are they passing on an FDIC assessment to you?
• ID theft management — Is your company’s Antivirus software most current? How is your bank partnering with you to help protect your company from fraudulent activity? Do they offer any free fraud protection services?
• Deposit fees — What are your charges for ACH, wires and account transfers? Do they offer deposit technology, like remote deposit, to save on personal and deposit costs?

Managing your business’ financial wellness is important. Investing the time to understand banking fees and cost structures could save you thousands of dollars and minimize any financial limitations.

Kurt Lutz is a vice president and Commercial Loan Officer at Westfield Bank’s Akron office.

Be debt free in your business and make it successful

If you want your small business to be debt free, then it is not enough to just manage your debts. You also need to find methods to generate sufficient revenue. Read on to know about the debt management and revenue earning methods that you can apply to your small business.

Negotiate with your suppliers – You shouldn’t hesitate to ask for discounts from your suppliers as when orders are given in bulk, most often you are entitled to a discount. If you have a good payment history then it becomes easier for you to convince your supplier that in return of payment in time, you want a discount. You can even consult with other small business needing similar raw materials as yours and can buy materials in bulk in partnership with them in order to get lower purchasing cost.

Review the interest rates – It is always advisable to take out your small business loan at a low interest rate. This is why you should have your credit score high before meeting a lender. You can do credit repair to increase your credit score before you take out a loan for your business. If the situation is such that you have to take a business loan immediately and your credit score is not too good then you can try refinancing your loan later after doing credit repair in order to get a suitable interest rate.

Reduce business costs – There are a number of daily business costs that you can reduce. You can refrain from making your office space too decorative and classy. In the initial stages of business when you are establishing yourself, second hand furniture in good condition can be used for office furnishing. You can reduce cost on paper, ink and postage by making all your correspondences through email. In that way it is also easier to keep track of all official correspondences.

Stay connected with your customers – You should always stay connected with your customers with the help of social media in order to get their valuable feedback. Dispatch newsletters to them at the beginning of every month by addressing the individual. Such personal attention usually flatters customers and makes them brand loyal. You can also know about their opinion and complaints through discussion forums.

Thus you can see that by managing debt and using revenue generating techniques you can make your business successful. visit www.debtconsolidationcare.com/debt-free.html for more information.