NewHavenBIZ

B usiness owners across industries were forced to adjust parts of their busi- ness model or to pivot to offer products and services to customers in a different way when the pandemic began. And two and a half years later, the amount of creativity, innovation, planning, and demands on business owners hasn't let up. Business owners are facing challenges related to supply chain, fraud prevention, hiring and retaining talent, and so much more. "Bankers and lenders, along with attorneys, accountants and other professionals, have a real pulse on the challenges businesses in many industries are going through be- cause we're hearing about similar circumstances from so many cli- ents," shared Rich Balestracci, SVP, Commercial Lending Department Manager at Chelsea Groton Bank. "When we speak with business owners, we remind them to lean on us and other professionals in their network as they're working to make adjustments to current financial and business plans that will best suit a business today and in the long-run." Keep an Eye on Capital Balestracci shared that a critical aspect to successfully running a business in the current environment is to preserve capital. He reminds businesses to look at their balance sheet to determine payables and re- ceivables. Think about if you current- ly have the right amount of inventory, or if you could scale back so you can be more flexible about where money is allocated. Capital needs to be a focus to manage cash flow and handle curve balls from supply chain issues, shifts in demand, or potential new opportunities. While business owners deal with the challenges related to market uncer- tainty, they also must be on high alert when it comes to potential scams and fraud. Monitor for Fraud "One area we're continuing to see plague small business owners is, unfortunately, business fraud," shared Alexis Kahn, Vice President, Cash Management Sales Manager at Chelsea Groton Bank. "Each year seems to be worse than the year pri- or as scammers get more intelligent. We're seeing a broad array of fraud cases too – everything from altered and counterfeit checks to electronic manipulation of account informa- tion. The good news is, there are many online cash management tools nowadays that can help businesses safeguard their accounts and man- age payment processes in a much safer and more efficient way." Positive Pay, ACH Origination, Online Entitlements, Smart Card and eAlerts are just a few of the services offered by Chelsea Groton Bank to promote efficiency and help protect busi- ness accounts from potential fraud. Chelsea Groton advises that busi- ness owners should take advantage of setting online and mobile banking alerts and push notifications for high risk or high value transactions as an additional safety measure. Kahn also advises businesses, "Be sure to monitor your bank account activity daily. Don't just verify that a check has cleared. Instead, look at the front and back of the check im- age to ensure it was delivered to and deposited by the intended recipient. Unfortunately, business accoun- tholders have only 24 hours to catch and report fraud to their bank, so it's critical that accounts are monitored closely and reconciled daily." In a similar vein, wiring instructions received through email shouldn't be trusted. Cyber criminals hack email accounts and send convincing and sophisticated emails with fake wiring instructions. "It's so important to always independently confirm wiring instructions in person or by phone with a trusted and verified phone number," recommended Kahn. Richard Balestracci SVP, Commercial Lending Department Manager Lori Dufficy EVP, Chief Experience & Engagement Officer Alexis Kahn VP, Cash Management Sales Manager www.chelseagroton.com Taking Care of Business Sponsored Content Hire the Right Team Hiring and retaining the right team of trusted employees can also be a huge challenge. Chelsea Groton has begun to hire people from other industries and encourages others to do the same. "An employee whose soft-skills made her a star at a retail shop will likely be successful in any customer-facing position with the right hard-skills train- ing," shared Lori Dufficy, EVP, Chief Experience and Engagement Officer. "Looking to other industries for people with transferable skills can help bring in new talent and a fresh perspective." Retention of team members mat- ters too. Dufficy shared, "Traditional salary and medical benefits are important, but nowadays, employee wellness and educational opportu- nities could be big time differentia- tors. A few additional days off each year, mental and physical wellness programs, and a commitment to offering educational opportunities are a few perks that may help your offer stand out." There are countless issues on the minds of small business owners. Ensuring the right support team has been selected, the proper tools have been put in place, and a committed team is working toward a common goal will help to ease some of the burden and allow a business owner to spend more time on the reason he or she opened shop in the first place. About Chelsea Groton Bank Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.5 billion in assets. Chelsea Groton Bank's prod- ucts and services include consumer banking, business banking, mortgage and business lending, cash manage- ment, financial planning and financial education programs. With 14 branch locations throughout New London County and a Loan Production Office in Hartford County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone bank- ing, and nationwide ATM banking for individuals, families and businesses. To learn more, please visit www.chel- seagroton.com. Member FDIC. Equal Housing Lender. NMLS ID 402928.

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