As the pandemic abates and the economy recovers, how can you ready your business to take advantage of post-pandemic opportunities?
Here a few tips:
• Talk to peer companies, particularly those that don’t compete in your same geography or markets. Meet regularly to learn what they’re doing to reestablish or adjust operations, share best practices and discuss what’s working and what’s not.
• Secure supply chain redundancies that can help you gain extra capacity and/or alternate suppliers/inventory and put you in better shape to handle unforeseen disruptions in the future.
• Leverage technology. Bolster efficiency with apps and smart tech that help streamline processes and maximize resources. For example, look for tools that replicate the synergy created from in-person work settings, but are lacking from many virtual platforms.
• Explore free resources and services, such as economic development companies, non-profit organizations and state and local agencies, all of which can offer guidance and/or direct lending programs to access working capital, if you need it.
• Be honest with partners and employees about the current state of your business. Sharing details about how it may be changing not only gives everyone the info they need, but also fosters a feeling of “we’re all in this together.”
• Protect your business from fraud. According to Fortune, “the pandemic may be the greatest environment for business fraud in decades.” Evaluate your situation, identify exposures and implement controls to thwart fraudsters looking to steal your data and money.
• Keep in contact with your banker and other advisors to see what services they can offer for cash management, financing, lending, fraud protection and cyber security. Some lenders, including Webster Bank, realize your situation is not permanent and may defer payments on loans with them to help you get through the pandemic. Or they may be offering the new round of loans through the federal Paycheck Protection Program.
By Don Troppoli, Senior Vice President, Webster Bank
He can be reached at DTroppoli@WebsterBank.com
The opinions and views in this article are those of the author and are not intended to provide specific advice or recommendations for any individual. All loans are subject to the normal credit approval process. The Webster Symbol is a registered trademark in the U.S.
Webster Bank, N.A. Member FDIC.
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