Like many growing regions, Montgomery is home to small and micro businesses that drive the economy. From lawn care services and local bakers to solo practice physicians, lawyers or CPAs, these solopreneurs bring life to the local economy, but they aren’t doing it alone.
In my 20 plus years in the industry, I’ve seen firsthand how critical strategic partnerships are to their business success. Solopreneurs often rely on a team of trusted advisors who offer both guidance and reassurance during challenging times.
Based on my experience, there are three key ways strategic partnerships can contribute to small business success:
Involve your micro business with the Chamber of Commerce.
The Montgomery Area Chamber of Commerce is a vital resource for solopreneurs. It provides resources and a network of peers and professionals to partner with, acting as a think tank for ideas and learning. Joining the Chamber or other civic organizations fosters a sense of community and shared purpose, enhancing the overall support system for small businesses. In addition to networking with other local companies, they also provide volunteer opportunities and community involvement, which can build relationships while you give back to the community.
Leverage financial opportunities designed for small business. Securing financing is one of the most common pain points for solopreneurs. Fortunately, there are government programs and local resources available to help.
- Community Development Financial Institutions (CDFIs) provide credit or financing to underserved populations with more flexible requirements than traditional lenders.
- Small Business Association (SBA) loans offer alternative financing options when traditional financing may not suffice. Valley Bank has experienced bankers who can help businesses secure SBA loans and facilitate access to these resources.
- Local governments often provide resources specifically for small, minority-owned businesses, such as Montgomery County’s Minority, Female and Disabled-Owned Businesses (MFD) Program.
These resources and programs provide valuable support for solopreneurs helping them overcome financial challenges and achieve growth.
Build a team of financial advisors. Small businesses require a team of trusted professionals, including an attorney, a certified public accountant (CPA) and a trusted banker to effectively manage their finances and support their growth. As businesses expand, they encounter banking needs, risks and financial obligations that require access to resources. Your banker should live, play and serve in the community in order to offer on-ground insights and knowledge related to the daily challenges solopreneurs face.
A common challenge I see among small businesses today is fraud protection. Every penny counts as you grow, so protecting that money is a major concern. A financial institution with strong anti-fraud measures will help keep money safe and demonstrate commitment to its clients’ best interests.
At Valley Bank, we believe in the importance of building strong relationships to help your small business succeed. No matter the industry, leveraging local resources, engaging with community organizations and forming strategic partnerships can help you overcome challenge to achieve lasting success.
If you’re unsure where to start, reach out and let our team help you get the ball rolling.
Jason Gardner Email:[email protected]
Phone number: 334-233-3882
~ Jason K. Gardner is SVP, Market President at Valley National Bank and hasbeen in the industry for over 20 years.
This article is intended for educational purposes only. Statements of fact and opinions expressed are solely of the writer and, unless expressly stated to the contrary, are not the opinion or position of Valley Bank. Additional terms and conditions apply for certain products and services mentioned. All loans products are subject to credit approval. You should consult your own tax, legal and accounting advisors before engaging inany transaction.
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