Planning for Growth: Regions Bank Survey Finds Businesses Will Increase Investments in Key Areas
04 Ottobre 2021 - 10:30PM
Business Wire
Regions Next Step offers guidance and resources as businesses
eye expansion
Regions Bank on Monday announced the results of a new business
survey that finds an overwhelming majority of business owners and
C-suite executives are focused on company investments to drive
growth in the coming year. The survey was conducted by Regions Next
Step, the bank’s free financial education program.
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Regions Bank announced Monday the results
of a new business survey that finds business leaders are focused on
company investments to drive growth in the coming year. (Photo:
Business Wire)
According to the survey, roughly nine in 10 businesses (89%) are
planning to increase investments in a key business area in the next
12 months. When asked to select all areas in which companies plan
to increase investments, the top two responses were technology or
e-commerce platforms (63%) and sales, marketing and advertising
(54%).
The results highlight an important shift in business confidence.
A Regions Next Step small-business survey in 2020 showed only 46%
of small-business owners surveyed were planning to increase
investments in a key business area in the coming year, likely due
to economic uncertainty associated with COVID-19. When those
respondents were asked to select all areas in which they expected
to increase investments during that time, only 18% said technology
or e-commerce platforms, and 12% said sales, marketing or
advertising.
“The 2021 survey confirms what our Commercial Banking teams at
Regions Bank are hearing from clients: businesses are planning for
growth,” said Joye Hehn, Next Step financial education manager for
Regions Bank. “We know COVID-19 impacted many businesses, but it is
encouraging to see planning underway for growth in 2022. As
business owners and executives plan for the year ahead, Regions
Next Step is committed to providing free tools and useful guidance
to help them work toward and achieve their business growth
goals.”
The 2021 survey also found nearly two in three businesses (61%)
plan to seek additional financing to cover a major investment or
expense in the next 12 months. Additionally, approximately one in
three businesses said access to capital would have the most
significant impact on their company’s success.
“At Regions, we know our business clients, and we know their
unique business needs,” said Brian Willman, head of Commercial
Banking for Regions Bank. “As many business owners are
strategically planning for 2022 and beyond, our commercial bankers
are ready to provide customized advice and guidance to help clients
plan for growth. The resources provided by Regions Next Step are
just one example of how Regions helps clients manage and grow their
companies. From providing financial wellness resources to clients’
employees to managing payroll and all points in between, Regions is
there to support stronger businesses, every step of the way.”
While many business owners and executives are seeking financing,
the 2021 survey also found they may need guidance on how to do so.
Results show approximately half of respondents said they were not
very knowledgeable about the business loan application process
(50%) and various types of business loans available (54%).
Additionally, 40% did not feel very knowledgeable about building
business credit or cash flow management. Businesses with under 50
employees were the least knowledgeable on these topics, the survey
showed.
Other key findings of the survey included:
- According to those surveyed, quality of workforce (35%), access
to labor (34%) and inflation (20%) are expected to have a
significant impact on business success in the next 12 months.
- In addition to increased technology expenses, nearly one
quarter of businesses (23%) anticipated expenses will increase for
materials.
- A little more than half of respondents (54%) did not feel very
prepared when it comes to disaster planning and recovery.
- While at least three in four businesses have various fraud
prevention measures in place, only one in four respondents (40%)
felt somewhat prepared when it comes to mitigating the risk of
business fraud.
Regions Bank makes free resources available to help business
owners and decision-makers address the above needs while also
working toward growth goals. This includes a special webinar called
“How to Grow and Finance Your Business,” which Regions will host
Oct. 5. Featuring Bobby Hoyt, known as the Millennial Money Man,
and Rokki Coleman, branch business solutions manager for Regions
Bank, this webinar will provide innovative ideas for marketing a
business, tips from a banker for successfully applying for a
business loan, and guidance on strategically building a business
network. Registration is available at this link. It will also be
available on demand at Regions.Com/NextStep.
Regions Next Step also recommends the following for businesses
focused on growth:
- Adopt cash-management strategies. It’s important to have
a cash-management strategy that adapts to times of stability or
disruption – and positions a business for growth. Listen to this
podcast to learn what to consider in today’s competitive
environment.
- Prepare for the loan process. Seeking financing from a
bank is about having the right documentation, as well as starting a
relationship with a strategic business partner, like an attorney,
business advisor, etc., as well as a commercial lender who
understands business goals and needs. Check out this article for
what to expect and how to prepare.
- Determine how much a business can afford. When working
to secure a business loan, make sure the monthly payments can be
covered. Regions’ free Business Loan Calculator can help assess how
much a business can afford to borrow.
- Promote the business. Promoting a business affects how
lenders, banks and customers perceive it. Watch the webinar
“Steering Your Business Toward Success in the ‘New Normal’” for
ideas for powerful promotion.
For more guidance on growing a business and securing financing,
visit Regions.com/NextStepforBusiness.
The Regions Next Step omnibus survey questions were part of a
national online survey that took place between July 23 and Aug. 9,
2021. The survey reached 1,024 U.S. business owners and C-suite
executives.
About Regions Financial Corporation Regions Financial
Corporation (NYSE:RF), with $156 billion in assets, is a member of
the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves
customers across the South, Midwest and Texas, and through its
subsidiary, Regions Bank, operates more than 1,300 banking offices
and approximately 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
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Media Contact: Jennifer Elmore Regions Bank
205-264-4551
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