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HSBC Says: Getting the Right Relationships in Place
11/01/2008 - By Kathy Gilligan Photo By Dan Epstein
Carlos Soto, NJ & Queens District Executive
t’s one thing to keep an eagle eye on your company’s bottom line, after all, that’s what determines how well a company is doing in the marketplace. However, planning is as important as making a profit.
It’s one thing to keep an eagle eye on your company’s bottom line, after all, that’s what determines how well a company is doing in the marketplace. However, according to Carlos Soto, New Jersey and Queens District Executive for HSBC Bank USA, N.A., which recently opened a new branch in West Caldwell, planning is as important as making a profit. In fact, it goes a long way toward determining just where that bottom line falls. “You hear people say banking is all about relationships,” says Soto, who has worked with small business owners for more than two decades. “In order to become successful, you have to ensure that a cohesive and collaborative strategy is in place, one which includes your banker, attorney and accountant.” HSBC’s “dedicated relationship managers” make it a point to work with each client’s business team. They also use the bank’s resources to expand the scope of the small business owner’s relationships. Expand Your Horizons The relationship manager becomes the owner’s point person, Soto says. “For instance, because we have 10,000 offices in 84 countries, the point person can help a company in West Caldwell take its product global.” And while the landscape of the marketplace for small business is on the cusp of changing to this much wider scope, he notes, this is simply an example of how the bank helps build relationships among its contacts. “As the world’s local bank, we are able to connect people around the world,” he notes, “or in their own backyards.” In addition to assisting clients expand their businesses globally or in the U.S., HSBC also helps solve common business problems. Three major business challenges most businesses face include: lack of initial capitalization, businesses lacking a plan for tough financial times by instituting a line of credit for economic emergencies, and often being lax with credit offered to customers. In fact, all businesses have a life cycle and face different needs along the way, Soto notes. “These different needs include collections and cash management, incentives to retain employees, and retirement planning,” he states. Creating a successful plan for any business involves first uncovering its needs, addressing them, and then guiding the company towards its goals. “That means it’s key to have the right people around,” Soto stresses, “all working collaboratively to ensure your company’s success.” HSBC Carlos Soto, NJ & Queens District Executive ADDRESS: 551 Passaic Avenue, West Caldwell PHONE: 973-939-3020 WEBSITE: www.us.hsbc.com
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