F&M Bank & Old Dominion Realty Announce Collaboration and Community Challenge to Support Dolly Parton’s Imagination Library

TIMBERVILLE, VA., December 8, 2021 — F&M Bank Corp. (OTCQX:FMBM), holding company for F&M Bank, and Old Dominion Realty are excited to collaborate on supporting Dolly Parton’s Imagination Library (DPIL).  DPIL is a monthly book gifting program that mails free, high-quality books to children, ages 5 and under, currently residing in Harrisonburg and Rockingham County. This new initiative set forth locally by The Community Foundation of Harrisonburg and Rockingham County intends to create excitement about reading and build literacy for local youth.

Old Dominion Realty and F&M Bank are donating $2,500 each and are challenging local businesses and community members to also contribute to the cause. F&M Bank has also committed to double its contribution if community businesses collectively raise $20,000 by year-end 2021.

“We are thrilled to support the advancement of education among tomorrow’s leaders within our own community. The Dolly Parton Imagination Library will provide an early love for reading and we hope other local businesses will step forward in support,” said Mark Hanna, CEO F&M Bank. Harvard University Center on the Developing Child states that 85% of a child’s intellect, social skills, and personality develop during the first five years of life. Communities with the Imagination Library have documented a 70% increase in families reading to their children, as reported by The Community Foundation of Harrisonburg and Rockingham County.

To donate and learn more about the benefits of Dolly Parton’s Imagination Library visit https://cfhr.fcsuite.com/erp/donate/list

Mr. Hanna is available for further comment. Please contact Jacob Mowry at marketing@fmbankva.com or Jessica Herring at Jessica Herring Jessica@odrva.com.


How To Avoid a Cash Flow Crisis: A Comprehensive Guide for Virginia Small Business Owners

This is part two in a series about cash flow management for small business owners in Virginia. Check out part one, “Cash Flow, Debt, & Refinancing for Virginia Small Business Owners.”

Cash flow problems can strike any business, regardless of size or industry. The Covid-19 pandemic is an example of how an unexpected event can suddenly disrupt the economy and require a pivot to survive. In this article, we’ll offer tips for operating your business more efficiently so you can avoid cash flow problems that could negatively impact your business’s bottom line.

Understanding Your Business’s Cash Flow Needs

Watching your statements closely will help you stay aware of any potential issues before they turn into a cash flow crisis.

Taking your cash flow seriously will help you avoid and avert a cash flow crisis before it gets out of control.

  • Start by looking at KPIs such as sales and profit margins to help you avoid a cash shortage.
  • Update your financial statements regularly so you know how money is moving through your business.
  • Understand your cash flow cycles, such as busy seasons and slower ones.
  • Stay on top of inventory, which is essentially cash out until it gets sold.
  • Streamline your account receivables and payables to ensure optimal inflow and outflow.
  • Build relationships with your vendors, suppliers, and clients so they will be more willing to renegotiate terms or pay quicker to help your business stay afloat.

You may not be able to prevent every cash flow crisis, but watching your statements closely will warn you of any potential issues before they get out of hand. It’s better to get a handle on the situation before it gets out of control.

Open a business line of credit

Having a commercial line of credit can serve as a safety net for any potential business cash flow problems.

To help with any business cash flow problems, a commercial line of credit can serve as a safety net when you need it. And when you don’t need it, you don’t have to use it.

Commercial lines of credit can be used for just about any cash expense such as payroll, inventory, and other overhead expenses. Whether you have predictable seasonal cash flow needs or something unexpected happens, you can transfer funds from your credit line into your business checking account.

Look for ways to cut back

Cutting back on unnecessary expenses can help your business prevent potential cash flow problems in the future.

Review your expenses and look for places to cut back, though not in areas that could end up being harmful to your business. You won’t want to alarm employees with excessive cutbacks either. Some expenses, such as employee costs or inventory, are crucial to have, but others can be eliminated to help prevent cash flow problems.

Consider looking into your expense categories such as energy consumption, travel, entertainment, event venues, etc. to find areas where you can reduce spending.

Also, there may be assets that you no longer need or are not making the best use of, such as company cars, corporate travel, or rented office space.

Improve Inventory Management

If applicable to your business, auditing your inventory can help your business stay lean and efficient.

Audit your inventory. Make a list of the items you purchase that don’t sell as quickly as other products. They take up cash and could improve your cash flow if you cut some of those slow-moving products. Even if you have to put items on sale to get them out the door, it’s worth it to free up cash for other needs.

Trust the future of your business to our expert lending team!

Reviewing and updating your business plan can help you get ahead of any cash flow challenges your business may face before they get too big. F&M Bank’s Business Team is here to help! Wherever you are in the Shenandoah Valley, from Harrisonburg to Staunton, you can contact a member of our team or visit one of your local branches in Augusta, Page, Rockingham, or Shenandoah county to learn more about cash flow management or to apply for a new business loan today. Have questions? Get in touch today!