I’m worried about inflation? Should I be?
Industry experts are preaching that the current inflationary situation is temporary, but businesses are feeling the pinch. “The topic of inflation comes up in almost every client conversation,” said Wyatt Dickson, regional commercial banking manager at BOK Financial. “Inflation is having a real impact across the board, not only on the cost of goods and services, but also from a wage perspective.”
The pandemic has changed customer expectations—and business costs. For example, curbside pick-up and the demand for delivery services have compelled many businesses to cover this expense and shift the way they do business.
With insights into multiple industries, your commercial banker is in a great position to spot trends in consumer demand. “As costs continue to rise—from employees to raw materials—businesses will have to consider how much of that added cost they can pass on to customers,” Guest said. Or, he added, if they can pass it on at all.
7. Are There Minimum Transaction Amounts?
Some money market and savings accounts charge extra for transactions below a set amount. That’s because their costs per transaction are largely static regardless of a transaction’s size, so they want transactions large enough to be profitable.
Some banks offer discounts on fees or increased interest on balances if you use more than one service. Don’t sign up for things you don’t need to get this discount, but take it into consideration if you need multiple services.
Fun Questions to ask Business Owners
As an interviewer, all questions don’t have to be serious. If you are interviewing a business owner, be prepared to ask some fun questions. Here’s some fun and insightful questions that are typically in interviews:
32.What are your favorite books?
33.Who are your favorite entrepreneurs to follow?
34. What are some business opportunities today that you wish someone would tackle?
Whether you are an interviewer, business owner, or just a curious person, the world offers so many opportunities to learn from other people. When you see someone offer a service you appreciate, let them know and ask yourself, “How can I apply this to my market?