Recession concerns, rising interest rates, and attracting and retaining valuable employees keep many business leaders up at night. Here are a few ways to ease your worries and stay prepared for what lies ahead.
Regional Strength Helps Weather Recessions
Despite global economic challenges, many businesses in our region had a solid year in 2022 and most remained profitable. The current strength of our regional economy will help cushion against potential recessionary impacts. The question of whether we are already in a recession or heading that way this year remains debatable, but our region historically fares better than most during recessions, as do other smaller economic areas with diverse industries throughout the Midwest. We aren’t as vulnerable to the dramatic economic highs or lows that impact large economies on the East and West Coasts. Current local economic indicators suggest our region will experience continued overall steady economic performance in 2023.
Need Financing this Year? Lock in Rates Now
The Federal Reserve is projected to continue raising short-term interest rates this year, which means short-term, and potentially long-term, borrowing costs will rise in 2023. In a rising-rate environment, businesses planning capital expenditures are wise to lock in interest rates now. This will eliminate cost uncertainty and enable more accurate profitability forecasting. It is also a good time to evaluate cash flow plans with a financial advisor and review lines of credit to ensure there is sufficient capacity to meet the company’s anticipated needs.
Win the Workforce War with Competitive Retirement and Benefits
A robust retirement and benefits package can contribute to a company’s success rate in attracting and retaining talent—and there are more options available than you may realize. Company leaders and human resources teams should review their packages to ensure they are providing competitive retirement savings plans and additional benefits (such as health savings accounts and flexible spending accounts) that empower their employees to plan and prepare for long-term financial wellness.
The recently enacted SECURE (Setting Every Community Up for Retirement Enhancement) Act 2.0 provides dozens of provisions that will impact employer plans and individuals beginning this year. A retirement plan advisor can help make sense of what is changing and where there may be opportunities to further enhance retirement and benefits offerings.
Deposits products are offered by Alerus Financial N.A. Member FDIC.
Investments and insurance products are: 1) Not FDIC insured 2) not guaranteed by bank 3) may lose value.
The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Need Business Finance Advice? They’ve Got the Answers
Bill Carlson
Commercial Market Manager
Email: [email protected]
Phone: 701.360.2591
Industries served:
Manufacturing, wholesale, transportation, contractors, agribusiness
How Alerus adds value:
On any given day, you might find Bill Carlson working on a new client’s business plan, helping a company develop its employer-sponsored benefits plan, meeting with a client’s employee to answer their 401(k) plan questions, or providing wealth management guidance to a business owner after completing a successful succession. “My role is to be involved at every level, wherever my clients need me to provide guidance,” he said. “That’s what makes Alerus different—we focus on the entire life of the business and provide help at each new point along the way.”
Cole Keney
Senior Business Advisor
20 years with Alerus
Email: [email protected]
Phone: 701.280.5136
Specialty areas:
Mid-to-large businesses, construction and industrial firms, professional services, industrial and multi-family commercial real estate
How Alerus helps business owners for the long term:
Cole takes a vested interest in his client’s business and works to understand the industry nuances and unique situations each business owner faces, serving as a true partner to provide the products and services they need at the right time. “Your business plan will change, and we expect your goals and needs to evolve,” he said. “A good business financial advisor helps you identify issues and plan ahead so you can focus on running your business.”
Blaine Anderson
Senior Business Advisor
16 years with Alerus
Email: [email protected]
Phone: 701.280.5119
Specialty area:
Agriculture and agribusiness
What makes Alerus different:
Blaine guides his clients with their best interests in mind. From production costs, to breakeven, to working capital, he helps them understand the impacts of big decisions for the short-term and long-term. “Everything we do is centered around the client,” he said. “The advice and service we provide is driven by one mission: to do the right thing for our clients.”
Deposits products are offered by Alerus Financial N.A. Member FDIC.
Investments and insurance products are: 1) Not FDIC insured 2) not guaranteed by bank 3) may lose value.
The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Personalized Service Expert Advice
Brad Loween
Senior Business Advisor
3 years with Alerus
Email: [email protected]
Phone: 701.280.5061
Industry focus:
Commercial/industrial sectors, real estate.
Why Alerus provides clients with personalized guidance:
There’s nothing Brad likes better than sitting down with a business owner to find out what makes them tick, and then helping them reach their goals. “As the main point of contact, we meet more often with our clients and get a clearer view of their financial picture, which allows us to provide better service,” he said. “We have the depth to provide all the products they need, but we’re still able to provide personal service. Clients aren’t just a number and don’t get shuffled around.”
Caileen Heuertz
Business Advisor
15 years with Alerus
Email: [email protected]
Phone: 701.280.5103
Client focus:
Small, mid-size, and large businesses and professional services
How Alerus helps businesses grow:
Caileen pulls from experience gained through serving a variety of businesses, from the inception of a business idea all the way to selling the business and planning for retirement. “Building that relationship as their trusted single point of contact and delivering comprehensive financial advice to help them achieve their financial success is always our goal,” she said. “The better we both understand your business and finances, the more successful your business can be.”
Jessica Jackson
Senior Business Retirement Advisor
4 years with Alerus
Email: [email protected]
Phone: 701.280.5108
Client focus: Businesses seeking to add and refine retirement plans
How Alerus helps businesses grow:
Employee recruitment and retention is critical to business success, and a competitive retirement and benefits plan can help attract and keep valuable talent. “There are many options, and they can be customized for a specific business to ensure you are providing a benefit that works for you and your employees,” she said. “Retirement plans can be confusing—we work with you to identify the right plan, and then we work with employees to help them save for long-term financial security, which benefits them and your company.”
Cary Parkinson
Senior Business Advisor
21 years with Alerus
Email: [email protected]
Phone: 701.280.5171
Clients served:
Small to large businesses, professional services, construction firms, commercial real estate, agribusiness, and ownership transitions.
Why businesses choose to work with Alerus:
Knowing they can trust advisors to work in their best interest and make decisions for long-term well-being is why many clients choose to work with Alerus. “We treat our clients as partners and do everything we can to help them meet their goals and set them up for success,” he said. “We consider the lasting impacts of every decision so clients can achieve lasting financial wellness.”
Deposits products are offered by Alerus Financial N.A. Member FDIC.
Investments and insurance products are: 1) Not FDIC insured 2) not guaranteed by bank 3) may lose value.
The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
