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Reimagine Banking.
Midwest BankCentre launched its new Innovation Centre in Dellwood, North St. Louis County, this month. Discover how we're piloting innovative products and services to better serve our community, combat predatory lending, and fulfill our Impact Banking mission. Learn more in our latest blog post
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Reflections on Leadership, Faith, and Love.
Explore the symbiotic relationship between love and leadership in Orv's latest blog post. Learn how embracing agape love guides his servant leadership style, fostering trust, empowerment, and compassion. Discover how leading with love can create a more inclusive and impactful world.
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Partnering for Transformation.
Learn how Impact Banking can revolutionize your community by leveraging your company's balance sheet. Discover how depositing capital in locally focused banks committed to shared prosperity can drive responsible investments in underserved areas, creating opportunities for families, bridging health and wealth gaps, and fueling local economic growth.
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Winners and Losers.
In the midst of the ongoing debate surrounding government intervention in the banking industry and the unintended consequences it may bring, it is crucial to recognize the importance of preserving the diversity and resilience of our economic system. A balance between big multinational banks and small community banks is necessary to maintain human connection and foster economic resilience, with community banks playing a vital role in supporting local businesses and individuals who have been traditionally underserved. At Midwest BankCentre, we prioritize making a positive impact on the communities we serve, and we invite you to explore the stable and community-focused approach to banking by reaching out to us or any other community bank in our region.
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Community Banking: It's Not Sexy, But It Does Make Sense.
Amidst the recent concerns surrounding banks, Midwest BankCentre assures its customers of its strong financial position and the safety of their deposits, emphasizing the vital role of community banking in supporting local businesses and families, while prioritizing stability and a personalized approach to meet financial goals.
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Shared Engagement: This Is Profitable To Us All.
In a world where time is a limited and precious resource, it's crucial to understand the concept of stewardship and how it affects our professional lives. As successful individuals, we often feel the need to control every aspect of our environment, but true leaders recognize the value of trust and delegation in scaling their impact. By embracing disciplined decision-making and empowering others, we not only help them flourish but also contribute to the growth and destiny of our businesses and communities. In 2023, let's commit to being intentional with our choices and realize the profitability of shared engagement. Because, at the end of the day, where you bank matters.
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As a small business owner, you may question the necessity of having a dedicated business bank account rather than one personal checking account. The convenience of managing personal and business finances from a single account might seem appealing at first, but a business bank account offers a multitude of advantages that are essential for the success and growth of your venture over having a personal account.
Small Business Banking: Why You Need A Business Bank Account
As a small business owner, you may question the necessity of having a dedicated business bank account rather than one personal checking account. The convenience of managing personal and business finances from a single account might seem appealing at first, but a business bank account offers a multitude of advantages that are essential for the success and growth of your venture over having a personal account.
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Spotlight on Small Businesses: How Midwest BankCentre is Empowering Local Entrepreneurs
In the heart of the Midwest, where small businesses are the backbone of the community, one bank stands out as a trusted partner for local entrepreneurs. As a locally owned and operated financial institution, Midwest BankCentre is dedicated to helping small businesses not only survive but thrive. Let’s explore how Midwest BankCentre is making dreams a reality for countless entrepreneurs in the region.
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Unlocking Business Growth: Leveraging HR to Drive Success.
HR isn't just an administrative burden – it's a vital asset that can drive your company's growth and success. Discover how HR can help build a winning culture, attract top talent, boost employee engagement, maximize productivity, and leverage technology. Learn how to harness the potential of HR in our latest blog post.
Unlocking Business Growth: Leveraging HR to Drive Success - Full Article.
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What should small business owners do?
Navigating economic challenges as a small business owner? Learn valuable lessons from history to secure your path for growth. Discover the importance of liquidity, assessing lines of credit, and finding a trusted financial partner. Read our latest blog post for insights on thriving in uncertain times.
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How to Attract and Retain Talent in a Tight Labor Market.
Struggling to find and keep talent in a competitive labor market? You're not alone. Discover proven strategies for attracting and retaining top talent, from promoting your company's purpose to prioritizing development and embracing diversity. Learn from Midwest BankCentre's success as a Top Workplace in our latest blog post by Chief Human Resources Officer, Julie Tuggle-Nguyen
How to Attract and Retain Talent in a Tight Labor Market - Full Article.
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What are the risks of check fraud, and what can I do about them?
Concerned about check fraud? Learn how criminals are exploiting mailbox drop-offs and what you can do to safeguard your business. Discover the power of services like Positive Pay and ACH fraud protection, and explore best practices to keep your funds secure. Read more in our latest blog post.
What are the risks of check fraud, and what can I do about them - Full Article.
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Seizing Opportunities Amid Economic Uncertainty
Discover how Midwest BankCentre helps businesses seize opportunities amid economic uncertainty. With over a century of experience, we serve as trusted advisors, enabling smart decisions and fueling long-term growth. Learn how to navigate the changing financial landscape and position your business for success!
Seizing Opportunities Amid Economic Uncertainty - Full Article.
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HR & Marketing: A Key Partnership for Success.
Discover how a collaborative approach between HR and Marketing can elevate your small business as a desirable workplace, attracting and retaining top talent while fostering a strong company culture. Learn how marketing techniques can showcase your team, position your organization as a top workplace, manage employee reviews, reinforce your culture, and effectively onboard new employees.
HR & Marketing: A Key Partnership for Success - Full Article.
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Do I Need a Line of Credit?
Discover the importance of having a line of credit for small businesses and how it can provide reliable liquidity during uncertain times, along with tips on obtaining, managing, and maximizing the benefits of a revolving line of credit secured by various assets.
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Why & How to Stay HR Compliant.
Maintaining human resource compliance is crucial for small businesses to avoid potential lawsuits and mitigate risks. With a focus on three key areas - a policy book or employee handbook, employee training, and proper employee records - business owners can safeguard their company and demonstrate their commitment to legal and ethical practices. Implementing these practices is not complex or expensive but is essential for running a successful business and ensuring protection for both employers and employees. Remember, a solid paper trail is vital for accountability and compliance.
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How Do I Choose A Banker?
When selecting a banker, prioritize three essential factors: reliability, responsiveness, and reputation. A reliable banker is someone you can trust and who acts in your best interest. They should be responsive to your business needs, knowledgeable about your industry, and available when you need them. Additionally, consider the reputation of the bank behind your banker. Look for a bank that is actively involved in your community and has a track record of supporting businesses through all economic cycles. If your banker doesn't meet these criteria, it may be time to find one who does.
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Building A Championship Team.
Building a successful business is akin to nurturing a championship baseball team. Just as baseball teams rely on specialized coaches, business owners need a team of trusted advisors to optimize performance. Selecting a commercial banker requires careful consideration. Midwest BankCentre, a trusted advisor since 1906, understands the region and is dedicated to the success of local communities. They prioritize their clients, offering personalized solutions and quick responses. Additionally, they facilitate valuable connections and partnerships, opening doors for business growth. Choosing the right banking partner is crucial for the prosperity of your business and the community as a whole.
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The Critical Link Between Work and Wellbeing.
The COVID-19 pandemic has highlighted the importance of supporting employees' mental health in the workforce. Global studies reveal the staggering impact of stress-related issues on productivity and the economy. To address this, companies must prioritize mental health initiatives as a business imperative and attract younger talent who prioritize mental health support. Implementing Employee Assistance Programs (EAPs) can provide confidential counseling and support without significant cost. Other strategies include offering fitness opportunities, promoting remote and flexible work options, establishing diversity and inclusion committees, and fostering a positive work culture. Prioritizing mental health not only boosts engagement and productivity but also contributes to individual, family, and community well-being. Ultimately, creating a supportive workplace environment benefits both employees and the organization as a whole.
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How Should I Prepare For My Meeting With My Banker?
As tax returns are filed and meetings with bankers become prevalent, it's essential to approach these discussions with a forward-thinking mindset. Prepare by presenting budgets and projections focused on your cash needs for the next 12 months, emphasizing new projects and opportunities. This allows your bank to respond promptly as possibilities turn into realities. Remember, plans may change, but having a roadmap and the ability to adapt is crucial. Additionally, engage in a two-way conversation with your banker, seeking their insights on current risks and how others are addressing them. Open communication fosters long-term partnerships and ensures alignment between your business and the bank, promoting resilience in ever-changing times.
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How Can We Support Small Businesses?
Small businesses are the backbone of the American economy, accounting for the majority of firms and job creation. At Midwest BankCentre, we recognize the vital role of local businesses in sustaining communities. Since our inception in 1906, we have been a trusted partner and advisor to entrepreneurs, providing support as they start or grow their businesses. Recently, we expanded our SBA commercial banking team and were honored with Preferred Lender status by the Small Business Administration, enabling us to offer efficient funding solutions. We remain dedicated to the resilience and prosperity of our region, emphasizing our commitment to support local business owners on Main Street.
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Fixed vs Floating Interest Rates: Should I lock in interest rates now?
With the prime rate climbing to 7.75% and further increases anticipated, businesses are evaluating whether to lock in fixed interest rates. While fixed rates provide certainty, they eliminate the potential benefit of future rate decreases. A balanced approach involves hedging by allocating a portion of debt to a fixed rate term loan for protection and keeping a portion on a floating rate to take advantage of potential rate declines. Businesses can also use excess cash flow to pay down higher-interest debt. Consult with your banker to understand terms and make informed decisions that align with your business's needs.
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Making Your Money Work For You.
As interest rates reach a 15-year high, businesses face increased borrowing costs and lower demand. To optimize cash flow, consider setting up a sweep account. This treasury management tool automatically moves excess funds between accounts, earning higher interest or paying down loans. Sweep accounts offer convenience, higher earnings, and potential savings on interest expenses. Discuss sweep account options with a trusted advisor to make the most of idle funds and maximize financial resources in a rising interest rate landscape.
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Build Your Bench Through Mentoring.
Mentorship programs have a significant impact on career growth, retention, and promotion rates. Engaging employees through mentorship is crucial in a competitive labor market, as it directly influences employee satisfaction and reduces costly turnover. The pandemic has highlighted the need for intentional mentorship efforts, especially for early-career employees in remote or hybrid work environments. Midwest BankCentre's successful formal mentoring program, supported by senior leadership, has led to significant employee promotions and business impact. Key factors for success include buy-in from leadership, a rigorous selection process, formal pairing, and goal-driven structures. The bank has expanded its program to include a broader range of employees and introduced mentoring circles for additional growth opportunities. Implementing mentorship programs not only fosters professional development but also cultivates future leaders, contributing to the organization's bottom line.
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Ask The Banker.
As interest rates rise and the risk of economic slowdown looms, businesses need to plan and prepare for the potential challenges ahead. Midwest BankCentre emphasizes the importance of taking a disciplined, longer-term view and strengthening balance sheets to maintain flexibility when opportunities arise. Understanding indicators like the inverted yield curve can help anticipate economic trends. Establishing strong relationships with knowledgeable bankers and closely monitoring inventory, backlogs, and liquidity positions are crucial for navigating uncertain times.
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The 6 Best Money Management Tips for Personal Finances
Effective money management is crucial for achieving financial stability and security. By adopting smart money management practices, individuals can reduce financial stress, make the most of their income, and work towards their financial goals. This article presents six essential money management tips that can help you take control of your personal finances and pave the way for a brighter financial future.
The 6 Best Money Management Tips for Personal Finances - Full Article
Effective money management is crucial for achieving financial stability and security. By adopting smart money management practices, individuals can reduce financial stress, make the most of their income, and work towards their financial goals. This article presents six essential money management tips that can help you take control of your personal finances and pave the way for a brighter financial future.
The 6 Best Money Management Tips for Personal Finances - Full Article
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Demystifying Credit Scores: What You Need to Know
Understanding credit scores is essential for making informed financial decisions. In this comprehensive guide, we will demystify credit scores and provide you with valuable insights to help you navigate the world of credit. Whether you're a first-time borrower or a seasoned credit user, this information will empower you to take control of your financial future.
Demystifying Credit Scores: What You Need to Know - Full Article
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Teaching Teenagers About Money: A Practical Guide for Parents
In today's rapidly evolving financial landscape, imparting essential money management skills to teenagers has become a crucial aspect of their upbringing. As parents, fostering a strong foundation of financial literacy equips your children with the tools they need to make informed and responsible decisions as they navigate their way through high school and beyond.
Teaching Teenagers About Money: A Practical Guide for Parents - Full Article
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Understanding Different Types of Mortgages: Which One is Right for You?
Acquiring a home is a significant life achievement, and selecting the right mortgage is a crucial step in this journey. With an array of mortgage options available, it's essential to comprehend the various types to make an informed decision that aligns with your financial circumstances and homeownership aspirations. At Midwest BankCentre, we're dedicated to providing insights into the realm of mortgages, helping you identify the ideal choice for your needs.
Understanding Different Types of Mortgages: Which One is Right for You? - Full Article
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