Ultimately, these authors cautiously conclude that "There is a positive (although small) and significant relationship between the level of SBA-guaranteed lending in a local banking market and future per capita income growth." Cocheo (2006) posits small business lending at a number of banks in California, as in other states, constitutes "big" business. Stephen H. Wacknitz, president, CEO, and chairman of Temecula Valley Bancorp, a small bank located in Temecula, California, with just over $1 billion during 2005, which finished as the 16th-largest Small Business Administration lender in the U.S. during 2005, contends, "Much of the business comes down to people." (Ibid.) a big part of the banking equation in regard to small businesses, Wacknitz stresses, consistes of customer service quality. In addition, "hiiring and training people who can navigate the often complex SBA process makes that service better for borrowers." (Cocheo, 2006) a not too often noted "perk" small businesses contribute, according to Fuller (2003), is that they provide employment for individuals in society and also an alternative career choice for owners. "They are needed by citizens-as-consumers who demand customer service and choice that requires niche-oriented suppliers." (Ibid.) Whether he/she chooses to be an artisan, innovator, specialist, entrepreneur or family business owner, individuals may utilize small businesses as vehicles for their entrepreneurial activities in an economic context. (Fuller, 2003) Fuller (2003) presents the following questions and answers to relate concerns an individual may want to know about the future of small business.
How important to society are personal relationships in business transactions? Small business is personal. It is the result of personal relationships between stake holders. In a landscape where personal relationships take precedence over regulated contracts, small business will thrive.
How important to society is the personal commitment of business owners to the solution of its customers' problems and needs? Personal commitment transcends economic constraints. In a landscape where both buyer and seller recognise each other's real needs, the small business will thrive. Large businesses cannot do that.
For how long will consumers crave the brand rather than the personality of the individuals that create the service? The brand is the soul of corporate business. In a society that adopts the human spirit as the manifestation of good, rather than iconic symbols of constructed value, small business, as an embodiment of human spirit will thrive.
How important to society is the individual's personal control on their work and careers? An entrepreneurial approach is to commit to a socio-economic goal, in whatever landscape supports that commitment. Small businesses and small enterprises are often the result of that commitment.
Who will invest their savings directly in the activities of people they know, rather than in market valued institutional funds? Institutional funds can only operate with large sums, as so much is in the hands of so few. The small business will thrive in a landscape where the purpose of the use of money takes precedence over the financial return from the use of power.
Will societal regulation allow us the freedom to decide our own work and enable us to exchange our efforts in flexible ways? Unregulated economies lead to crime and monopoly, so forms of 'regulated freedom' are necessary.
When will monopolistic power be seen as the unwanted outcome of individual greed? Diversity is a natural hedge against risk, economic mono-cultures are a high risk for humanity. Small business landscapes are diverse. (Fuller, 2003)
Financial Management
Along with stressing that smaller, community banks can increase profits by reducing operating cost, Valentine (2007) also emphasizes the value of ensuring customers' are met. "Few things are easy," she notes, "but it's clear from the success of several small and midsize banks that cash management -- and winning customers -- is worth the effort." (Valentine, 2007)
According to Jeff Dick, president and CEO of a Herndon, Virginia-based bank, because they offer customers extras, their bank successfully competes with the biggest and the best banks in the metro D.C. off area. Their sophisticated services include an automated escrow management, image-based lockbox, and remote deposit capture, along with traditional cash management services, including wire transfers and the capability to download banking transactions into accounting software. Bulk check deposit ATMs, another new tool being incorporated banking, permits consumers or businesses to simultaneously deposit up to 50 checks without having to fill out the deposit envelopes. Some pertinent advantages for small business owners include real-time access to deposited funds, after-hours convenience, and an accompanying imaged receipt of the checks customer deposits. (Valentine, 2007)
Currently, "fraud costs the...
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