Today, you can hardly go an hour without hearing news about the impact of COVID-19 on organizations. From hospitals and schools to businesses and nonprofits, no sector of the economy has remained untouched.
As many navigate through the unknown, now is a critical time to chart a course for future growth and prosperity. While it may sound counterintuitive, the timing lends itself to stepping back, resetting and recharging in the short term to create opportunities for long-term gains in brighter days ahead.
Reset: Evaluate Your Business
Most of us in leadership positions have been mired down in the day-to-day business operating in our temporary normal. Taking a step back and examining where the business stands is crucial in figuring out what direction it should take in the coming quarters.
A good place to start is taking a look at your business plan, which is a living, breathing document that needs to adapt as the times change. Think about the businesses that have pivoted from brick and mortar to online operations or the companies that have shifted workforces from office-based to work-from-home models. At Alliance Bank of Arizona, we have seen a shift in how companies are doing business as countless 24/7 tools are being put to use, including online business banking, secure mobile business banking apps, remote deposit resources and more to serve businesses.
While knowing where to start can be challenging, Arizona is fortunate in having countless resources that specifically support businesses. From refining goals and pursuing new sales channels to navigating supply chains, managing employees and beyond, consider tapping into the myriad nonprofit business-support organizations all of which have the goal of creating a strong and thriving economy. [See Resources List at the end of this article.]
Recharge: Defining and Refining the Bottom Line
Since March, many business leaders have found themselves taking critical looks at budgets and working capital. Working with a financial team is vital to helping determine a business’s financial footing and assisting in figuring out which financial resources will give a company the boost it needs to meet goals as we move through current circumstances.
In addition to existing programs from the U.S. Small Business Administration, a wide range of other resources are available from financial institutions, including business lines of credit, term loans, equipment finance and other funding options.
It’s also important to take advantage of well-equipped teams to navigate through changing tides. Relationships matter and at Alliance Bank, we know there’s nothing quite like a conversation with someone who knows your business and your goals, knows your industry and knows the current conditions to help you make the decisions you need to make now to help you in the weeks and months ahead.
Rise Up: Keep the Big Picture in Mind
This too shall end. And when it does, the economy will begin to recover — and your business can be part of that revival if you take time to nurture and refine it now. Seize new opportunities. Explore technologies that are redefining your industry. Learn from companies who are winning in the hardest of times. Continually seek advice from experts around you. And never stop refining.
While some may see the glass half empty and although it may take some time, we see the current realities as a pivotal opportunity for businesses to go from surviving to thriving.
Chief Executive Officer
Alliance Bank of Arizona
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