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Managing Your Business' Financial Wellness By Kurt Lutz C HRONIC DISEASES — such as heart disease, cancer, and diabetes — are the leading causes of death and disability in the United States. According to 2008 National Vital Statistics Reports, chronic diseases account for 70% of all deaths in the U.S., which is 1.7 million each year. These diseases also cause major limitations in daily living for almost 1 out of 10 Americans or about 25 million people. In today's economic world, another form of disease has surfaced for small businesses involving their relationships with financial institutions, causing disabilities for many companies. With the growing cost of supplies and overhead, businesses' bank- ing needs have diversified and financial institutions may be adding to your daily operating costs. Learning how to analyze your banking relationship is crucial now more than ever. Through preventive measures, business owners can help fight the war on financial disease, and being educated about your banking choices can help remedy any illness related to your company's lifespan. By following this checklist, you can help exercise your company's changing needs to keep healthy and disease-free: + Cash management — Ask for a cost assessment for online cash management services. Is there a way to reduce costs associated with daily transactions? Are they passing on an FDIC assessment to you? Want a healthier practice? Call us for a check-up. For more than 30 years, physicians have called on the CPAs at Weidrick, Livesay, Mitchell & Burge to achieve their potential and remain successful. Our physician-focused business and accounting practices can help you • control your overhead • optimize your collections • minimize your personal and corporate taxes • plan for retirement • shelter and transfer wealth If you want a healthier, more viable practice, call us today. See what we can do for you. 46 | Cleveland-Akron-Canton MD NEWS MDNEWS.COM JANUARY-FEBRUARY 2012 2150 N. Cleveland-Massillon Rd, Akron 330.659.5985 (Akron) • 330.722.5249 (Medina) + ID theft management — Is your com- pany's Antivirus software most current? How is your bank partnering with you to help protect your company from fraudulent activity? Do they offer any free fraud protection services? + Deposit fees — What are your charges for ACH, wires and account transfers? Do they offer deposit technology, like remote deposit, to save on personal and deposit costs? Managing your business' financial wellness is important. Investing the time to understand banking fees and cost structures could save you thousands of dollars and minimize any financial limitations. Kurt Lutz is a vice president and Commercial Loan Officer at Westfield Bank's Akron office. ■