Planning for growth: Regional Bank survey finds companies to increase investments in key areas

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BIRMINGHAM, Alabama – (COMMERCIAL THREAD) –Bank of regions announced the results of a new business survey on Monday that found that an overwhelming majority of business owners and senior executives are focusing on business investments to drive growth in the coming year . The survey was conducted by Regions Next step, the bank’s free financial education program.

According to the survey, around nine in ten companies (89%) plan to increase their investments in a key business area over the next 12 months. When asked to select all the areas in which companies plan to increase their investments, the top two responses were technology or e-commerce platforms (63%) and sales, marketing and advertising (54% ).

The results highlight a significant change in business confidence. A small business Regions Next Step survey in 2020 showed that only 46% of small business owners surveyed plan to increase their investments in a key business area in the coming year, likely due to the economic uncertainty associated with COVID-19. When asked to select all of the areas in which they plan to increase investment during this period, only 18% reported technology or e-commerce platforms, and 12% reported sales, marketing or advertising.

“The 2021 survey confirms what our Commercial Banking teams at Regions Bank are hearing from customers: Companies are planning to grow,” said Joye Hehn, Next Step Financial Education Manager for Regions Bank. “We know COVID-19 has impacted many businesses, but it’s 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 helpful advice to help them work. towards and achieve their business growth goals.

The 2021 survey also found that nearly two in three companies (61%) plan to seek additional financing to cover a major investment or expense in the next 12 months. Additionally, about one in three businesses said access to capital would have the most significant impact on the success of their business.

“At Regions, we know our business customers and we know their unique business needs,” said Brian Willman, Manager of Commercial Banking Services for Regions Bank. “With many business owners strategically planning for 2022 and beyond, our commercial bankers are ready to provide personalized advice and guidance to help clients plan for growth. The resources provided by Regions Next Step are just one example of how Regions helps its clients manage and grow their businesses. From providing financial wellness resources to client employees to managing payroll and all points in between, Regions are here to support stronger businesses, every step of the way.

While many business owners and executives seek financing, the 2021 survey also found that they may need advice on how to do so. The results show that about half of the respondents said they were unfamiliar with the business loan application process (50%) and the various types of business loans available (54%). In addition, 40% did not feel very well informed about creating business credit or managing cash flow. Companies with fewer than 50 employees were the least knowledgeable about these topics, according to the survey.

The other main findings of the survey are as follows:

  • According to respondents, the quality of the workforce (35%), access to the workforce (34%) and inflation (20%) should have a significant impact on the success of companies over the next 12 months.

  • In addition to the increase in technology spending, almost a quarter of companies (23%) predict an increase in spending on materials.

  • Just over half of those surveyed (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 (40%) felt somewhat prepared when it comes to mitigating the risk of commercial fraud.

Regions Bank makes free resources available to help business owners and policy makers meet the above needs while also working towards growth goals. This includes a special webinar titled “How to Grow and Fund Your Business,” which regions will host on October 5th. With Bobby Hoyt, known as Millennial silver man, and Rokki Coleman, Head of Business Solutions for Regions Bank Branches, this webinar will provide innovative ideas for marketing a business, tips from a banker for a successful business loan application, and advice on how to market a business. strategic creation of a commercial network. Registration is available on this link. It will also be available on request at Regions.Com/NextStep.

Regions Next Step also recommends the following for growth-oriented companies:

  • 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. to listen this podcast to know what to consider in today’s competitive environment.
  • Prepare for the loan process. Seeking financing from a bank is all about having the right documentation, as well as establishing a relationship with a strategic business partner, like a lawyer, business advisor, etc., as well as a commercial lender who understands the goals. and business needs. To verify This article what to expect and how to prepare.
  • Figure out how much a business can afford. When working for a business loan, make sure that the monthly payments can be covered. Free from regions 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 view it. Watch the webinar “Lead your business to success in the “new normal””For powerful promotional ideas.

For more tips on growing a business and obtaining 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 August 9, 2021. The survey reached 1,024 US business owners and senior executives.

About the Régions Finance Company

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 personal and commercial banking services, wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and approximately 2,000 ATMs. Regions Bank is an equal housing lender and member of the FDIC. Additional information about Regions and its full range of products and services can be found at www.regions.com.


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