Year-end planning doesn’t need to wait until December. In fact, small business owners who start the process in the summer or fall give themselves an edge that can set them up for stronger performance in the new year, said Hank Koehly, small business banking sales manager for Commerce Bank. “Around this time of year,” Koehly said, “it’s good to sit down with both your CPA and your banker to say, ‘These are the goals we set early in the year. Where are we toward those goals? What can…

As Commerce Bank proudly sponsors the 25th anniversary of Kansas City Business Journal’s Women Who Mean Business awards program, we reflect on the remarkable women driving progress and innovation in Kansas City. This milestone celebration not only honors the outstanding class of 2024 but also highlights the broader impact of female leadership. In this article, we explore how women are paving the way for future generations, exemplifying excellence and shaping a brighter future for our community. In…

In today’s rapidly evolving digital landscape, the shift toward cashless payments has been nothing short of revolutionary. From contactless cards to mobile wallets, the efficiency of cashless transactions is reshaping the way we do business. For small businesses, adapting to this trend is not just a matter of convenience, but a strategic imperative for staying competitive in an increasingly digital marketplace. Commerce Bank recognizes the significance of this transition and remains committed…

Business leaders are contending with a host of challenges in today’s dynamic economic environment. The labor market remains tight. Interest rates are staying high longer than many anticipated. Fast-evolving technologies are changing customer and employee expectations and putting pressure on companies to innovate quickly. Maintaining a focus on growth and profitability requires juggling numerous responsibilities and making wise decisions. The market leaders at Commerce Bank have experience navigating…

While the backlog of construction projects has begun to ease, builders and contractors continue to expect the industry to grow over the next six months. Associated Builders and Contractors surveyed its members in late February/early March and reported a Construction Backlog Indicator of 8.1 months in February, a decrease of 1.1 months from February 2023. Meanwhile, its Construction Confidence Index began to dip, but still showed expectations for growth in sales, profit margins and staffing levels.…

Your company likely has a detailed growth strategy that covers everything from marketing and sales to product development and strategic partnerships. But do you have a payments strategy? You might approach accounts payable (AP) and accounts receivable (AR) as a necessary part of doing business, with little innovation or strategy required. Perhaps you receive a bill, wait 30 days, then mail a check. Or maybe you send out an invoice and hope to get paid as soon as possible. If so, then it might…