--- title: Plansmith Blog (6) description: (6) --- [CALL TOLL-FREE 1-800-323-3281](https://www.plansmith.reachproductions.net/project/call-toll-free-1-800-323-3281/) [![Plansmith](https://blog.plansmith.com/hs-fs/hubfs/Plansmith-Logo.png?width=764&height=135&name=Plansmith-Logo.png "Plansmith")](https://www4.plansmith.com) - Solutions - [Budgeting](https://www4.plansmith.com/budgeting/) - [ALM](https://www4.plansmith.com/alm) - [ALM Advisory Services](https://www4.plansmith.com/alm/advisory-services/) - [CECL](https://www4.plansmith.com/cecl/) - [Strategy](https://www4.plansmith.com/strategy/) - [Market Intelligence](https://www4.plansmith.com/market-intelligence/) - Products - [StrategyGPS](https://www4.plansmith.com/strategygps/) - [Compass](https://www4.plansmith.com/compass/) - [BankersGPS](https://www4.plansmith.com/bankersgps/) - Resources - [Blog](https://blog.plansmith.com/) - [Videos](https://plansmith.wistia.com/projects/7qemazkqii) - [Compass Tutorials](https://info.plansmith.com/compass-tutorials) - [Lunch N’ Learn](https://info.plansmith.com/lunch-n-learns) - [Webinars](https://www4.plansmith.com/webinars/) - [About](https://www4.plansmith.com/about/) - [Schedule A Discovery Call](https://www4.plansmith.com/contact-us/) - [CALL TOLL-FREE 1-800-323-3281](tel:8003233281) # Plansmith Blog ## [Planning Doesn’t Stop At 5:00 On Friday](https://blog.plansmith.com/planning-doesnt-stop-at-5) Posted by [David Schwieder](https://blog.plansmith.com/author/david-schwieder) on 8/4/21, 12:59 PM - [Tweet](https://twitter.com/share) [![reforecasting](https://blog.plansmith.com/hubfs/Concert220.png)](https://blog.plansmith.com/planning-doesnt-stop-at-5) At Plansmith, we focus on not only helping our clients with preparing an annual budget, but identifying the action items involved in making the plan come to fruition. When you work all week helping banks and credit unions do a better job of planning, it’s probably not uncommon to take a step away on the weekend and refresh the batteries. But do we ever really stop planning? Last year, shortly before COVID hit, I was making plans (there’s that word again) to attend a concert at Chicago’s Thalia Hall. Since this was a general admission show, my goal was to arrive early in order to be relatively close to the stage. If you’re a bank or credit union CFO, think of this as my ***desired ROI***. [Read More](https://blog.plansmith.com/planning-doesnt-stop-at-5) ## [What Your Board Needs to Know and How to Train Them](https://blog.plansmith.com/what-your-board-needs-to-know-and-how-to-train-them) Posted by [Dave Wicklund](https://blog.plansmith.com/author/dave-wicklund) on 6/2/21, 9:51 AM - [Tweet](https://twitter.com/share) [![board-training](https://blog.plansmith.com/hubfs/workshop-2209239_1920.jpg)](https://blog.plansmith.com/what-your-board-needs-to-know-and-how-to-train-them) Regulatory guidance states that the board of directors has the ultimate responsibility for the risks undertaken by an institution – including interest rate risk (IRR) and liquidity management. The board is typically made up of a diverse group of individuals from varying backgrounds and career paths. Unlike most positions within a financial institution, a board member does not necessarily come from a banking background. One board could easily include a local entrepreneur, a farmer, a financial planner, a retired financial institution CEO, and a local insurance agent; while another board could be comprised of almost all former bankers. It’s often the most differing group in a similar role across financial institutions – so, since one size does not fit all, how do you train directors for their position on the board? [Read More](https://blog.plansmith.com/what-your-board-needs-to-know-and-how-to-train-them) ## [PPP Loans: Your Top 3 Questions Answered!](https://blog.plansmith.com/ppp-loans-your-top-3-questions-answered) Posted by [Jennifer Mello](https://blog.plansmith.com/author/jennifer-mello) on 3/4/21, 3:00 PM - [Tweet](https://twitter.com/share) [![ppp_loans](https://blog.plansmith.com/hubfs/laptop-3196481_1920%20(1).jpg)](https://blog.plansmith.com/ppp-loans-your-top-3-questions-answered) Due to the COVID-19 pandemic, Paycheck Protection Program (PPP) loans are a strange new addition to every banker’s reality. The role of the community bank and credit union has always been to serve customers and local businesses with compassion and trust. This responsibility has only been amplified by the current situation. PPP loans help ensure businesses have funding to stay open and continue to pay their employees through the uncertainty of the crisis. Financial institutions play an essential role by assisting in creating, processing, approving, and allocating these loans. [Read More](https://blog.plansmith.com/ppp-loans-your-top-3-questions-answered) ## [Fresh Tips for Successful Budgeting](https://blog.plansmith.com/fresh-tips-for-successful-budgeting) Posted by [Megan Plis](https://blog.plansmith.com/author/megan-plis) on 2/2/21, 12:09 PM - [Tweet](https://twitter.com/share) [![successful-budget](https://blog.plansmith.com/hubfs/woman-5932291_1920.jpg)](https://blog.plansmith.com/fresh-tips-for-successful-budgeting) Plansmith is a planning company, as our name implies. For 50 years, budgeting has been what we’re known for. We get a lot of questions about our top budgeting advice, and as we kick off a new year, it’s the perfect time to offer some fresh tips for successful budgeting. Though we certainly suggest using a robust budgeting solution like our Compass software, this advice applies to any process. We understand many organizations still use spreadsheets or outdated software, and that may work for them because they’re used to it. However, quality planning software makes budgeting much easier, more accurate, and more approachable for all parties involved – including the board during presentations. So, what are some realistic tips for effective budgeting? [Read More](https://blog.plansmith.com/fresh-tips-for-successful-budgeting) ## [Turn Your Budget into a Plan](https://blog.plansmith.com/turn-your-budget-into-a-plan) Posted by [Craig Hartman](https://blog.plansmith.com/author/craig-hartman) on 1/15/21, 12:04 PM - [Tweet](https://twitter.com/share) [![budget](https://blog.plansmith.com/hubfs/savings-2789112_1920.jpg)](https://blog.plansmith.com/turn-your-budget-into-a-plan) During the Middle Ages the town controller or accountant would show the citizenry how much was in the town’s “bouge,” a leather bag or wallet. With this knowledge, they would decide how best to spend it to cover the town’s expenses. Eventually, the term became the “budget” and was adopted by various enterprises to control expenses. Since not all expenses are immediate, the idea of forecasting revenues and expenses slowly entered the picture. However, expense control remained the primary objective. Hence the saying familiar to all of us: “That’s not in the budget.” [Read More](https://blog.plansmith.com/turn-your-budget-into-a-plan) ## [Looking Forward to 2021: Happy New Year](https://blog.plansmith.com/looking-forward-to-2021-happy-new-year) Posted by [Sue West](https://blog.plansmith.com/author/sue-west) on 12/28/20, 10:17 AM - [Tweet](https://twitter.com/share) [![newyear2021](https://blog.plansmith.com/hubfs/happy-new-year-1063797_1920.jpg)](https://blog.plansmith.com/looking-forward-to-2021-happy-new-year) Quick, what pops into your mind when I say, Budget? Oh… I hear a lot of groans, but nothing specific. When I hear Budget, I feel the same way. Now, I know as the president of a planning software company, I shouldn’t have that reaction, but I am human. Even with the best tools, the fact remains that all businesses struggle with the same issue: balance. How do you maintain balance between growth and earnings given the costs associated with obtaining new business? [Read More](https://blog.plansmith.com/looking-forward-to-2021-happy-new-year) ## [The Outsourcing Dilemma: Time, Cost, and Control](https://blog.plansmith.com/is-irr-and-liquidity-cash-flow-model-outsourcing-right-for-you) Posted by [Dave Wicklund](https://blog.plansmith.com/author/dave-wicklund) on 12/1/20, 10:58 AM - [Tweet](https://twitter.com/share) [![irroutsourcing](https://blog.plansmith.com/hubfs/money-2696229_1920%20(1).jpg)](https://blog.plansmith.com/is-irr-and-liquidity-cash-flow-model-outsourcing-right-for-you) Is IRR and Liquidity Cash Flow Model Outsourcing Right for You? That is a question a lot of CFOs and Presidents struggle with. Here at Plansmith, it really doesn’t matter to us whether you run the model yourself, or you outsource it to us. In fact, we have many clients on both sides of that fence, and even some that do a little of each. We just want you to be comfortable with whichever option you choose, be confident in your model results, and be sure your ALM process will pass the test at regulatory exams. [Read More](https://blog.plansmith.com/is-irr-and-liquidity-cash-flow-model-outsourcing-right-for-you) ## [Virtual Compass Roundtable](https://blog.plansmith.com/virtual-compass-roundtable) Posted by [Jennifer Mello](https://blog.plansmith.com/author/jennifer-mello) on 11/12/20, 2:08 PM - [Tweet](https://twitter.com/share) [![](https://blog.plansmith.com/hubfs/computer-1185567_1920.jpg)](https://blog.plansmith.com/virtual-compass-roundtable) Times are strange. We haven’t been in our Plansmith offices together since March 16th. That’s over a hundred and sixty days – it feels crazy. But like with anything else, we adjust and move forward to reach our goals, but the plans for getting there have definitely changed. We still want to get together with everyone. We still want to talk about what works, what doesn’t, and how things are going. Even though we can’t meet face to face at our Schaumburg offices this year, we can still come together virtually! [Read More](https://blog.plansmith.com/virtual-compass-roundtable) ## [Negative Interest Rates Explained](https://blog.plansmith.com/negative-interest-rates-explained) Posted by [Dave Wicklund](https://blog.plansmith.com/author/dave-wicklund) on 11/2/20, 9:14 AM - [Tweet](https://twitter.com/share) [![](https://blog.plansmith.com/hubfs/stock-1863880_1920%20(1).jpg)](https://blog.plansmith.com/negative-interest-rates-explained) Given the current low-rate environment, I’ve again been getting some questions on “negative rates” and the impact they would have on financial institutions, and more specifically interest rate risk modeling. We’ve all heard about negative rates in Japan and parts of Europe, so it would seem reasonable to wonder about the impact that negative rates could have here in the U.S. [Read More](https://blog.plansmith.com/negative-interest-rates-explained) ## [NEW! Client Spotlight Episode 1: Richwood Bank](https://blog.plansmith.com/new-client-spotlight-episode-1-richwood-bank) Posted by [David Schwieder](https://blog.plansmith.com/author/david-schwieder) on 10/21/20, 10:05 AM - [Tweet](https://twitter.com/share) [![](https://blog.plansmith.com/hubfs/light-300431_1920.jpg)](https://blog.plansmith.com/new-client-spotlight-episode-1-richwood-bank) We have some exciting news! Our first installment of Plansmith’s Client Spotlight Series is here. Our intimate spotlights are designed with you in mind. You’ll hear firsthand from our guests as they share their real-life experiences with planning, budgeting, managing risk, and making strategic business decisions. [Read More](https://blog.plansmith.com/new-client-spotlight-episode-1-richwood-bank) [Previous](https://blog.plansmith.com/page/5) [All posts](https://blog.plansmith.com/all) [Next](https://blog.plansmith.com/page/7) ### Subscribe Now! ### Posts by Tag - [community bank planning (54)](https://blog.plansmith.com/topic/community-bank-planning) - [community bank strategy (52)](https://blog.plansmith.com/topic/community-bank-strategy) - [community bank (49)](https://blog.plansmith.com/topic/community-bank) - [credit union planning (46)](https://blog.plansmith.com/topic/credit-union-planning) - [community bank budget software (45)](https://blog.plansmith.com/topic/community-bank-budget-software) - [community bank budgeting (42)](https://blog.plansmith.com/topic/community-bank-budgeting) - [budgeting (41)](https://blog.plansmith.com/topic/budgeting) - [interest rate risk (35)](https://blog.plansmith.com/topic/interest-rate-risk) - [community bank interest rate risk (33)](https://blog.plansmith.com/topic/community-bank-interest-rate-risk) - 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