Everyone probably has their budgets in place for 2020 by now. And now comes along the Coronavirus and messes everything up. The Fed has already lowered rates by half a point. So, now you’re scrambling to figure out how this will impact your 2020 plans?
Seems like you have a few choices:
I know my numbers, but how do I communicate them to others within my organization?
It’s a valid question that Plansmith fields regularly from our clients. We’ve got some answers for you.Everyone relates to numbers, no matter who you're talking to, but not everyone reads them in the same way. So, how do you make the most out of your conversations with everyone who needs to relate to the same numbers?
Most of us have been building annual budgets forever. First on paper spreadsheets, then with electronic spreadsheet like Excel, and now with software budgeting tools that amount to little more than more convenient spreadsheets. But a budget is typically all numeric built with trending and last year’s information. Usually the CEO provides a growth and earnings expectation and we build the budget to make the math work. If you have a system that can also provide rate risk analysis and draw detailed data from your core system, you really have a great system. So, what’s the problem?
For almost 50 years, Plansmith has helped financial institutions remove the stress from budgeting and interest rate risk.
As customer preferences and regulatory challenges progress, we create new solutions to complement our core in-house budgeting and IRR solutions.
Are you familiar with all of the ways Plansmith helps financial institutions like yours?
After almost 50 years in the biz, we've learned a thing or two about banking. And since most of our employees have spent time in the industry, we know the heavy hitters that keep bankers up at night.
That's why we designed our business around one specific goal: giving our clients one less thing to worry about.
Running a successful business, like anything worthwhile in life, is difficult. Of course, the same can be said for operating a bank or credit union.
There's never enough time in a day to get everything done. The amount of work per number of hands to accomplish it isn't equitable. The number of new regulations versus training bandwidth is not even close to on par.
For almost 50 years, Plansmith has helped financial institutions become better organizations through improved planning. In that time, we've heard a lot of industry chatter - much of it a load of, dare we say, bologna.
It’s halfway through the year and a great time to prepare for what’s to come. I've picked the top 3 Lunch 'n Learns you should review before heading into the 2020 planning season.