For businesses of all sizes, the need to be prepared for change is not a new idea. Well before the pandemic, the concept was widely discussed in management circles as critical to long-term growth and success. In order to thrive, the textbooks read, businesses needed to anticipate and prepare for any and all disruptions, no matter how extraordinary the circumstances.
Fast forward to today. Things have changed to an extent rarely seen in history, quickly upending normalcy in how we live, work and play. The level of uncertainty is unlike anything many have experienced before. Small and medium-sized businesses have been hit especially hard and are being challenged to adapt — at a furious pace — in order to survive.
Not surprisingly, businesses with a well-considered, well-executed approach will be the ones that are best positioned for success — both now and in the future. The banking relationship is a key part of that success. Here we lay out some important considerations for business owners looking to position their companies for long-term growth during uncharted times.
Resiliency is about more than just riding out the storm. It’s about having a strategy in place to flourish when the storm passes. Although the future remains uncertain, businesses that remain agile, strategic, and well-prepared will be in the best position to emerge from adversity and continue along a path of growth.
