Fresno First Bank is one of the best examples of the successful small business companies, which have achieved their goals in 10 years after the foundation. A detailed review is required in order to determine the basis of its success and understand the key values of its management system. What is more, the current research paper will also address this company’s business type, business structure, history, success, and challenges.
Small Business Type
Fresno First Bank is a financial institution that has started its business operations in 2005 in Central California. The organization is involved in the service sphere as it offers banking products and support for individuals, professionals, and businesses. The myriad of products and services includes individual retirement accounts, health savings accounts, credit cards, debit cards, cash management, and mobile banking along with online banking. All these services help the company to stay compatible due to its ability to meet the requirements of the most demanding customers. The employees of the Fresno First Bank know how to find the most appropriate approach to address customers’ needs and offer home equity loans, real estate mortgage or guaranteed loans. The mission of the company is to provide a wide range of products and services aiming to meet the needs of various customers.
Fresno First Bank is a small business that has been keeping its performance indicators on top and maintaining its small size. The fact that the firm has not growth in size does not mean that it has not been successful in the banking sector. It means that the business feels comfortable within the area of small businesses and does not need the complications that of the expansion to the global level. The company has been successfully operating a flat organizational structure, which keeps costs and the distribution of resources at the optimal levels. The company’s structure is also appropriate for quick and high-quality responses to the customers’ demands. The business consists of the board of directors and a managerial team who regulates the performance of employees. The company’s management consists of the president and CEO, a chief financial officer, a chief credit officer, a senior operating officer, a senior loan officer, and a corporate secretary.
The History of Fresno First Bank
The bank opened its doors for clients in 2005. The history of the company’s development started more than 10 years ago, which means that it has managed to obtain financial stability and reliable reputation. Today, Fresno First Bank is the leading bank in the Central Valley community lending $19.21 million to small businesses. The main competitor of Fresno First Bank has always been Premier Valley Bank, which has been occupying one of the leading positions in the banking sector in the local area. In such a way, the company has established a mission statement, which helps it to maintain the trust and respect of the customers. According to the official website of the Fresno First Bank, our mission is to provide a full range of banking services differentiated by an ability to tailor and adjust services quickly to meet needs and opportunities unique to this area. Thanks to this mission, the company has managed to maintain successful performance and achieve positive reviews during 10 years of its existence.
What Makes This Business Successful
It did not take the company too long to obtain a significant market share and achieve success. The business pays much attention to its employees and has an effective motivational system, which encourages workers to provide customers with outstanding services. The company praises employees’ contributions by adding 8% of total salaries to their payments annually. The company has 33 workers, and each one of them follows the set of values established by the firm. The management of the Fresno First Bank believes that commonly shared values help to reduce the employee turnover rate and contribute to the harmonization of the organizational culture. Passion, loyalty, service, flexibility, and local focus are the primary values supported by every employee of the bank. The company’s desire to relate to the human nature helps to meet the needs of the customers and the employees at the same time. The company understands that job satisfaction is crucial for the quality of provided services. Finally, an important element of the company’s performance is a local focus, which allows it leveraging resources in order to promote the growth of the community.
Challenges in Competition and/or Customer Communication
Nevertheless, the company had to face various challenges in customer communication as well as competition. Small businesses face the same challenges at the beginning of their operations. Customers tend to avoid newly established financial institutions that do not have any experience in providing loans. The first year of the operations of the Fresno First Bank did not satisfy the company’s ambitions outlines in the strategic plan. However, the bank had been spending much time training employees and creating an organizational structure full of trust, which helped to respond to the customers’ needs with care and attention. Finally, the competition was tough enough to put additional tension on the development of the Fresno First Bank. Still, the company’s local focus helped to save costs and guarantee the continuous improvement of products and services according to customers’ demands.
The evaluation of the First Fresno Bank’s performance has shown that this small business has tolls and resources to become as successful as other global companies. However, there is no need to focus on global performance as it leads to difficulties in winning the customers’ loyalty due to tough competition. Fresno First Bank has managed to become an outstanding company during 10 years of its operations thanks to its successful flat organizational structure, minimal costs, and effective management.
The article was written by professional writer – Molly Miles. She works as a writer at writings-centre.com you can easily follow the link and read a lot of other papers.