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VIEWPOINT: Bridging the Gap Between Digital and Branch Banking
The pandemic had a lasting impact on consumer behavior, and nowhere more so than in financial services. The financial landscape has shifted dramatically over the past four years, as the adoption of digital banking has accelerated across all generations. When the world shut down in March 2020, essential industries quickly pivoted to serve the needs […]
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The pandemic had a lasting impact on consumer behavior, and nowhere more so than in financial services. The financial landscape has shifted dramatically over the past four years, as the adoption of digital banking has accelerated across all generations.
When the world shut down in March 2020, essential industries quickly pivoted to serve the needs of individuals and households through remote, touchless means. People quickly acclimated to this new reality, embracing work-from-home and Zoom meetings, as well as telehealth to handle their medical needs. As the public grew more comfortable interacting within these virtual environments, that comfort bled into other areas of commerce and life, including banking.
Today, financial consumers are embracing mobile banking, online account opening, and even the use of interactive teller machines (ITMs) to conduct remote transactions that could previously only be done in a branch.
This doesn’t mean the traditional bank branch is going the way of the dodo. Far from it — but banks and credit unions must adapt to their customers’ and members’ desired modes of engagement. In this article, we explore the latest trends in hybrid banking.
The long-anticipated migration of consumer preferences toward the digital realm has finally achieved lift-off. According to a recent study by BAI, bank customers will use digital channels for 65 percent of their transactions by 2026 (up from 56 percent today). The remaining 35 percent of channel usage will be divided among the branch (20 percent), the drive-up (10 percent), and the contact center (5 percent).
Within the digital channel, mobile, and online usage will show the biggest increases, while ATM usage will decline as demand for cash continues to soften.
An October 2023 survey conducted by Morning Consult on behalf of the American Bankers Association (ABA) found that when it comes to managing their bank accounts, consumers are using mobile (48 percent) and online (23 percent) channels far more than the branch (9 percent) or ATM (8 percent).
Although conventional wisdom assumes that younger generations are the most eager adopters of digital, the reality is a bit more nuanced.
According to BAI’s channel usage projections for 2026, Boomers and older consumers will be both the highest users of the branch and the online channel, as compared with their Gen X, millennial, and Gen Z counterparts. But Gen Z and millennials will remain the highest users of mobile banking, employing the channel for about one-third of their total transactions.
Traditional financial institutions (FIs) face an uphill battle to maintain strong, loyal primary financial relationships in an industry increasingly dominated by digital-first competitors.
Yet, despite the pendulum swing toward digital engagement, consumers still prefer visiting their branch for more complex, higher-value financial interactions. According to Accenture’s 2023 Global Banking Consumer Study, in the past 12 months financial consumers used branches more than any other channel to open accounts, get advice, and acquire new products. In addition, 63 percent turn to branches to solve specific and complicated problems.
To adapt to these new consumer preferences, community banks and credit unions must capitalize on their inherent strengths in physical proximity and outstanding service. They should focus on delivering a hybrid banking approach that offers the speed and convenience of the digital channel, supported by the friendly, “everyone knows your name” service culture of the brick-and-mortar branch.
One way in which incumbent financial institutions are adapting is by offering more self-service capabilities in the branch. If your organization tested the waters a decade or more ago with the first generation of ITMs and decided it wasn’t quite ready for prime time, it may be time to revisit this technology.
ITMs combine the capabilities of a traditional ATM with live videoconferencing. When they were first introduced in the early 2000s, ITMs were largely seen as a failure. One reason was that the video-conferencing technology had not sufficiently matured at that time. The other reason was that it was widely viewed as a solution looking for a problem, as the public had not yet fully embraced virtual banking as a viable alternative to live, in-person tellers.
Enter the pandemic.
Post-COVID, the public has grown much more comfortable engaging with service providers in the virtual realm through chatbots, live chats, text, email, and video calls with live representatives. The modern ITM blends the best of the digital and analog worlds, by introducing convenience to face-to-face interactions, while maintaining a personal, human touch. ITMs can perform all the functions of a standard ATM, like cash disbursement, transfers, and check or cash deposits, while also providing enhanced services that could previously only be performed at the teller line, such as cardless transactions, new-account openings and modifications, loan applications, cashier’s-check disbursements, and live, real-time support.
ITMs, along with mobile and online-banking platforms, constitute the table-stakes technology that can help community financial institutions compete in a digital-first world through a hybrid distribution model.
“Banks and credit unions must focus on building a distribution network that combines the qualities of human interaction with the power of new technologies,” Jim Marous said in a recent article in The Financial Brand. “The result will be new business models that can improve productivity, enhance customer experiences, and deliver new solutions at ‘digital speed.’ “
Steve Johnson is managing partner at Riger Marketing Communications in Binghamton. Contact him at sdjohnson@riger.com.
BGM Supply opens new location, gets state award
UTICA — BGM Supply in Utica was recently honored as the New York State Small Business Development Center Procurement Business of the Year, capping off
Naturally Lewis opens voting for annual membership awards
LOWVILLE — Naturally Lewis, Inc. has opened the public-voting phase of the 2024 Naturally Lewis Membership Awards. It’s a chance for the community to cast their votes and “help recognize the outstanding Naturally Lewis Member businesses and organizations that have made significant contributions to our community this year,” per the Aug. 2 announcement. The nominees
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LOWVILLE — Naturally Lewis, Inc. has opened the public-voting phase of the 2024 Naturally Lewis Membership Awards.
It’s a chance for the community to cast their votes and “help recognize the outstanding Naturally Lewis Member businesses and organizations that have made significant contributions to our community this year,” per the Aug. 2 announcement.
The nominees for this year’s awards have demonstrated “exceptional dedication” to the growth and prosperity of Lewis County. Each nominee has met the criteria set forth by Naturally Lewis, Inc., “showcasing their commitment” to revitalization, job creation, quality of life, and tourism.
All nominees are active members of the Naturally Lewis membership.
To submit your vote for the 2024 Naturally Lewis Membership Awards please visit naturallylewis.com/events/membership-awards-night. Voting will close on Sept. 1.
Naturally Lewis will announce the winners at its Membership Awards Night in November.
The Naturally Lewis Outstanding Business Award is the “ultimate” business award of the ceremony. The winner of this recognition “should contribute to greater economic growth and development in a variety of ways (i.e. increasing the tax base, job creation & retention), practice better business, be involved in the community, and continuously improve itself to remain competitive,” per the Naturally Lewis announcement.
The nominees are Miller’s Meat Market, Omnia Advanced Materials, and Open Sky Wellness Center.
The Entrepreneur of the Year Award will recognize an entrepreneur whose vision and leadership have both achieved substantial business success and significantly contributed to economic growth and development in Lewis County.
The nominees are Christie Andrus-Nakano of The Human Factor, Brandon & Kristin Cunningham of HumbleBee Farms & The Depot Market, and Mark Lemieux of Port Leyden Portal, LLC.
The Community Excellency Award recognizes a standout project or program led by a Lewis County community organization that “demonstrates exceptional commitment to serving and enhancing” the community.
The nominees are Double Play Community Center and its Dare to Dream capital project, Hand-in-Hand Early Childhood Center and its childcare expansion project, and Lewis County Agricultural Society and its grandstand redevelopment capital project.
The Discover Tug Hill Award is for tourism-based businesses and organizations that promote Lewis County to residents and tourists alike as the ideal place to live, work, and play. The winner of this award should bring visitors from more than 50 miles away to Lewis County, provide opportunities for Lewis County residents, and promote Lewis County as a recreation destination.
The nominees are Adirondack Foothills Cycling Club, Kelpytown Kove, and Turin Highlands Lodge.
Venture-capital fund started to help startups on a SUNY campus
SYRACUSE — SUNY has introduced Upstate Biotech Ventures (UBV), a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus. Dr. Mantosh Dewan, president of SUNY Upstate Medical University, announced the fund during a July 15 ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse. “This is certainly
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SYRACUSE — SUNY has introduced Upstate Biotech Ventures (UBV), a “first-of-its-kind” venture-capital fund for startups and small businesses on a SUNY campus.
Dr. Mantosh Dewan, president of SUNY Upstate Medical University, announced the fund during a July 15 ceremony at Upstate Medical’s CNY Biotech Accelerator at 841 E. Fayette St. in Syracuse.
“This is certainly a major milestone for us, and there are so many people to thank who’ve been supportive of Upstate in general but to the fund in particular,” Dewan said to open his remarks.
SUNY established the $6 million fund with a $3 million capital investment from Empire State Development’s Community and Regional Partner Fund, part of the State Small Business Credit Initiative through the U.S. Treasury. Upstate Medical University also provided a $3 million allocation through the SUNY Research Foundation.
“With Upstate Biotech Ventures, we’re clearly hanging out a big Made in New York sign right here in the heart of New York. We want our entrepreneurial spirit to accelerate in New York, in Syracuse, and certainly on our campus,” Dewan said. “We want UBV to take every brilliant idea off the pages of a journal and into the real world and save lives. As the only academic medical center in the region, Upstate Medical University’s mission has been to improve the health of the communities we serve through biomedical research, patient care, and education. And now, we can more energetically infuse and fully support the innovation part of our endeavors.”
Excell Partners, an early-stage venture capital fund, will manage Upstate Biotech Ventures and will invest in “high-potential” startups and small businesses affiliated with Upstate Medical University to “drive research and technology innovation,” per the SUNY announcement.
“We have partnered with Central New York Biotech Accelerator since its inception and have been privileged to be a partner with Empire State Development since our inception over 16 years ago,” Theresa Mazzullo, CEO of Excell Partners of Rochester, said in her remarks. “This new Upstate Bioventure Fund brings all of us full circle. Together, we will be actively looking for promising technologies in both life sciences and health tech in all its forms.
She went on to say that investments will range in size from $100,000 to $1 million. Eligibility will require collaboration membership with CNY Biotech Accelerator or Upstate Medical University. Additionally, Excell will be seeking new investors as limited partners in this fund who wish to participate in its success, Mazzullo added.
The initial funding of $6 million is expected to help support nearly 20 companies with investments ranging from $100,000 to $1 million. The fund will give preference to businesses led by founders from traditionally underrepresented groups.
Those attending the ceremony included SUNY Chancellor John King, Jr.
“SUNY plays a crucial role in New York State’s economic development, by educating generations of leaders and professionals, and by supporting business across our state through investment and infrastructure,” King said in the SUNY announcement. “Venture capital provides us with another tool to drive research and innovation, and I am grateful for the partnership with Empire State Development in establishing Upstate Biotech Ventures. As SUNY works to double research across our system of colleges and universities, I hope other campuses have the opportunity to consider the path mapped out by Upstate Medical University.”
Those attending and speaking also included Hope Knight, CEO and commissioner of Empire State Development; and Melur (Ram) Ramasubramanian, SUNY executive vice chancellor for academic affairs and provost and president of the SUNY Research Foundation.
Aging Advocates CNY to buy Senior Home Care Solutions
Deal becomes official in early 2025 MANLIUS — Aging Advocates CNY will be the new owner of Senior Home Care Solutions of DeWitt following an acquisition deal that takes effect at the start of 2025. Aging Advocates CNY of Manlius is a privately owned, care-management practice that provides guidance and solutions to address aging-related
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MANLIUS — Aging Advocates CNY will be the new owner of Senior Home Care Solutions of DeWitt following an acquisition deal that takes effect at the start of 2025.
Aging Advocates CNY of Manlius is a privately owned, care-management practice that provides guidance and solutions to address aging-related needs, as described in the organizations’ July 25 announcement.
Founded by Sheila Ohstrom in 2010, Senior Home Care Solutions has provided support to seniors needing long-term and temporary assistance for non-medical in-home care.
Aging Advocates CNY didn’t disclose financial details of its purchase agreement with Senior Home Care Solutions.
“This acquisition aligns with our mission to promote dignity and independence for our clients while providing peace of mind for their families,” Melissa Murphy, founder and CEO of Aging Advocates CNY, said in the announcement. “We have a great working relationship with Senior Home Care Solutions and deeply respect their service to the community. As our population ages, it’s crucial to maintain quality in-home care providers in Central New York.”
Ohstrom and Murphy also co-founded the nonprofit Living with Dementia CNY, which provides support, education, and resources to personal and professional caregivers of those affected by all types of dementia in Central New York. Ohstrom will remain involved with Senior Home Care Solutions in a consultant role after the acquisition in 2025 while focusing on her role as president of Living With Dementia CNY.
“This is an exciting time for both organizations and the Central New York area,” Ohstrom said. “By combining our strengths, we can better serve our clients and help more seniors remain in the safety and security of their own homes for as long as possible.”
Through this acquisition, Aging Advocates will absorb 60 employees from Senior Home Care Solutions, including part-time and full-time caregivers, and an office management team. This brings Aging Advocates’ total staff to 70 employees.
Aging Advocates and Senior Home Care Solutions will continue to operate independently but will operate from the same office, along with Living With Dementia CNY.
“We want to extend our heartfelt thanks to Sheila for her dedication to our Central New York clients and for trusting Aging Advocates to carry on the incredible legacy she has built,” Murphy added.
Chat-a-Wyle Restaurant in Apalachin is in the spotlight
APALACHIN, N.Y. — Chat-a-Wyle Restaurant, which dubs itself as the “Home of soup in a bread bowl,” was recently recognized by the Tioga County Chamber
New York SBDC honoring regional small businesses, presentations continue
ALBANY — Businesses in Lowville and Utica have been recognized as winners of awards from the New York Small Business Development Center (NY SBDC). Businesses in Binghamton and Oneonta were also scheduled to be honored on Aug. 14 and Aug. 15 respectively. They’re among 10 award recipients that NY SBDC started recognizing as part of
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ALBANY — Businesses in Lowville and Utica have been recognized as winners of awards from the New York Small Business Development Center (NY SBDC).
Businesses in Binghamton and Oneonta were also scheduled to be honored on Aug. 14 and Aug. 15 respectively.
They’re among 10 award recipients that NY SBDC started recognizing as part of its client awards roadshow that began July 29, per its July 8 announcement.
The NY SBDC’s 2024 Client Awards Roadshow is described as a “[statewide] celebration and acknowledgment of outstanding small businesses throughout New York.”
Each recipient is a client of a regional SBDC, including Onondaga, Mohawk Valley, Binghamton, and Canton.
The 10 award recipients also include those that operate in Jamestown, New York City (two), Staten Island, and Stony Brook on Long Island.
This year’s 10 award winners were selected in several categories and selected from more than 23,000 small-business clients across New York State, NY SBDC said.
“We are excited to continue this tradition of honoring the remarkable achievements of our small business clients,” Sonya Smith, state director of the New York SBDC, said in the announcement. “The Annual Client Awards Roadshow allows us to spotlight the diverse and innovative entrepreneurs contributing significantly to New York’s economic landscape. It’s a testament to the resilience and creativity of our small business community, as well as the dedicated support provided by our SBDC advisors.”
Below is a listing of the award recipient and category under the date of the award presentation.
July 29
NY SBDC recognized Hand in Hand, an early childhood center, in Lowville as the Rural Business of the Year. Jennifer Bleakley is the executive director and, it is an Onondaga SBDC client.
July 30
Shepherd Group LLC d/b/a BGM Supply is a company specializing is heating, ventilation, and air conditioning (HVAC) and plumbing supplies. NY SBDC selected it for the Procurement Business of the Year. Mary Shepherd is the owner, and it is a Mohawk Valley SBDC client.
Aug. 14
Stop, Pop & Roll Boba is described as a “Pop up vendor rolling through the FLX area bringing custom popping fruit Boba Tea deliciousness!” per its Facebook page. NY SBDC was scheduled to recognize operator Greyson Wells as the Young Entrepreneur of the Year. Wells is a client of the Binghamton SBDC.
Aug. 15
NY SBDC was scheduled to recognize Yaks Youth Center, LLC in Oneonta as the Community Impact Business of the Year. Heather Boxill-Yakalis is the owner and a client of the Binghamton SBDC.
Sept. 5
AM Equipment NY of Hogansburg is the Growth Business of the Year. Andris White is the owner and a client of the Canton SBDC in St. Lawrence County.
NY SBDC financial impact to counties surpassed $300M in 2023
ALBANY — New York Small Business Development Center (New York SBDC) generated a financial impact surpassing $300 million for counties across the state during its 40th anniversary year in 2023. New York SBDC provided direct support to more than 23,000 small-business clients, SUNY Chancellor John King, Jr. said in releasing the SBDC’s 2023 annual report
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ALBANY — New York Small Business Development Center (New York SBDC) generated a financial impact surpassing $300 million for counties across the state during its 40th anniversary year in 2023.
New York SBDC provided direct support to more than 23,000 small-business clients, SUNY Chancellor John King, Jr. said in releasing the SBDC’s 2023 annual report on Aug. 7
The center helps entrepreneurs through one-on-one individualized advisement grants, specialized education, and business research that “fuels economic growth.”
The Onondaga SBDC, located at Onondaga Community College in the town of Onondaga, serves counties in both Central and Northern New York.
SUNY administers the New York SBDC, which is primarily funded by the U.S. Small Business Administration (SBA). The program is “committed to fostering a diverse and inclusive business landscape across the state,” SUNY said.
The 2023 annual report indicates more than half of SBDC clients (53 percent) were women-owned small businesses; 41 percent were minority-owned; 15 percent were from rural counties; and clients were provided with more than 84,000 hours of free counseling.
“Economic development and upward mobility are fundamental to who we are at SUNY, and our Small Business Development Centers put these principles into action,” King said in the announcement. “…our SBDCs impact thousands of New Yorkers every year. Together, we will set new standards of how dynamic networks of learning and entrepreneurship can powerfully support and enhance one another, while championing a future where every entrepreneur has the tools to realize their dreams.”
“In 2023, we continued to reset, modernize, and build on the many successes of our almost 40-year-old state network,” Sonya Smith, state director of the New York Small Business Development Centers said in the SUNY announcement. “We are evolving and bringing big systemic change, building consistency across the state, and setting a solid foundation for growth and what we hope is long-lasting, impactful change.”
Throughout their 40 years of service, Small Business Development Centers have assisted more than 580,000 small-business clients, created and saved more than a quarter-million jobs, and injected over $8.5 billion into New York state’s economy, SUNY said.
The New York SBDC works closely with other state economic development agencies, faculty, and students at host institutions, as well as representatives from private industry and business to focus resources on assisting small businesses and entrepreneurs.
The SBDC emphasizes counseling and training services to women, veterans, people with special needs, and minority clients, per its description in the SUNY news release.
Its work also includes connecting potential employers with job placement offices on SUNY campuses. This effort links SUNY students and alumni to jobs in the community.
The New York SBDC’s full-time professional business advisors undergo professional certification to keep their business and technical knowledge up to date.
Their efforts are augmented by the New York SBDC Research Network — described as “one of the most advanced” business-information resources in the country.
Located in Albany, the Research Network provides New York SBDC business advisors with the latest economic, demographic, regulatory, and other data that can have an impact on small-business success.
Homer spa and salon focuses on wellness
HOMER — For Heather Malchak, opening Kallos Body Bar allowed her to combine her experience and knowledge as both a cosmetologist and a nurse together in one place that provides aesthetics (both cosmetic and medical), wellness and full-service hair salon services to Homer and surrounding communities. Active as a cosmetologist since 1999, Malchak says she
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HOMER — For Heather Malchak, opening Kallos Body Bar allowed her to combine her experience and knowledge as both a cosmetologist and a nurse together in one place that provides aesthetics (both cosmetic and medical), wellness and full-service hair salon services to Homer and surrounding communities.
Active as a cosmetologist since 1999, Malchak says she learned first-hand after becoming a single mother how important self-care is for overall wellness.
The more she learned about wellness, the more interested she became. Recently, Malchak graduated from the College of Nursing at SUNY Upstate Medical University in Syracuse, with her master’s degree as a nurse practitioner.
Kallos Body Bar is Malchak’s first venture running her own business. The spa and salon opened March 18 and recently celebrated its grand opening and ribbon cutting on June 11.
“We focus really on wellness for the mind and body,” she says. Even the name reflects that. Kallos is an ancient Greek word that means beauty but is associated with a combination of physical appearance and overall wellness.
Kallos offers an array of treatments from massages, facials, Botox, fillers, haircuts, and color, but it’s more than just that, Malchak says. Medical aesthetic services include lymphedema drainage, post-surgical lymphatic massage, and treatment options for chronic migraines, hyperhidrosis, neurological spasticity, and other muscle-related medical conditions.
“I do the medical aspect of it,” she says. “I have the advanced training.”
Clients typically had to travel for these types of services to Syracuse, Ithaca, or Binghamton, she notes, so having them available close to home has been well received.
On the salon side, Kallos has four hair stylists, including Malchak. “We’re all small-town girls,” she says, who have built good relationships with their clients over the years.
Located at 70 N. West St., the stylists are located on the second floor, where Malchak also hopes to add mental-health services through her daughter Jordan Young, a psychiatric nurse practitioner.
“I already have a waiting list for Jordan,” she says, indicating how in-demand mental-health services are in the community.
Malchak is in the process of remodeling the first floor of her building with hopes of adding other wellness practitioners. Her hope is to add between four and five offices on the first floor and is already in talks with potential tenants for those spaces.
The goal is to add more services like pelvic-floor therapy, chiropractic, and even an additional mental-health practitioner, she says.
Creating a Strong Brand Identity: A Necessity for Small Businesses
In today’s competitive marketplace, creating a strong brand identity is crucial for small businesses looking to stand out from the crowd and is essential for growth and success. One of the most effective ways to achieve this is through the creation of collateral materials, including letterhead, presentation templates, and business cards. Brand identity is the
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In today’s competitive marketplace, creating a strong brand identity is crucial for small businesses looking to stand out from the crowd and is essential for growth and success. One of the most effective ways to achieve this is through the creation of collateral materials, including letterhead, presentation templates, and business cards.
Brand identity is the face of a company. It encompasses everything from the logo, color scheme, and typography to the overall tone and messaging. It not only helps customers differentiate one business from another, but also communicates the values and personality of the firm. For small businesses, a compelling brand identity is crucial in standing out in a crowded marketplace.
Collateral materials play a vital role in solidifying a brand identity. They are tangible representations of a company and serve as a visual reminder to customers and potential clients. By incorporating the logo, color palette, and consistent design elements across these materials, small businesses can build brand recognition and credibility.
One of the most commonly used collateral materials is letterhead. This is often the first piece of official correspondence that a business sends to clients or partners. By having a well-designed letterhead that reflects the brand’s visual identity, small businesses can create a professional and cohesive image. This not only leaves a positive impression on recipients, but also reinforces brand recall.
Presentation templates also play a significant role in brand identity. Whether it is a pitch to investors or a sales presentation, it is crucial to have a consistent look and feel across all materials. By incorporating brand elements into presentation templates, such as the choice of fonts, colors, and imagery, small businesses can convey a cohesive and professional brand image. This consistency enhances the overall perception of the company and makes for easy viewing of a presentation on screen.
Business cards, often exchanged during networking events or meetings, act as miniature billboards for a brand. When designed with care, they can leave a lasting impact on potential clients. By utilizing the same visual elements used in other collateral materials, small businesses can create a strong association between the business card and the brand. This ensures that whenever the card is seen, the brand identity is instantly recognized.
Having well-designed collateral materials demonstrates professionalism and attention to detail. It shows that the business is invested in its image and strives for excellence in all aspects of its operations. This can greatly enhance the trust and confidence that potential customers place in the company.
It is important to remember that creating a strong brand identity is an ongoing process. As a small business evolves and adapts to changes, so should its collateral materials. Regular updates to reflect any changes in branding, messaging, or visual elements are essential to maintaining a consistent and compelling brand identity.
Creating these collateral materials may seem like a daunting task for small businesses with limited resources and expertise. There are numerous online tools and platforms available that offer pre-designed templates or customizable options. Small businesses can utilize these resources to create professional and visually appealing collateral materials without breaking the bank. However, outsourcing this work may provide you with the best return on your investment when sharing professional materials to build your brand.
The importance of creating a strong brand identity for small businesses cannot be understated. Collateral materials such as letterhead, presentation templates, and business cards are powerful tools in building brand recognition and credibility. By incorporating consistent visual elements, these materials establish a professional and cohesive brand image — ultimately leading to increased visibility, trust, and success in the marketplace.
Alexa Aiello is the brand & marketing consultant at Empower Business Strategies. Contact her at alexa@gowithempower.com.
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