Seven Ways for Business Owners to Stay Ahead of the Curve
By John Duerksen, Executive Vice President, Commercial Banking, Univest Bank and Trust Co.
Early in my banking career, I met with a business owner who expressed interest in moving his company’s banking relationship to Univest. Business revenue was in steady decline and several key employees had left over the years, both of which were due to new competition in the market. I asked why they were experiencing these trends and what steps were being taken to reverse them. I will never forget his answer: “I don’t know. The market has changed, I haven’t.”
Change is constant. The velocity of change continues to increase as technology evolves, and our world gets smaller and smaller. Market volatility, regulatory changes, product innovation, and new competition are just several examples of the critical areas business owners need to navigate every day. Businesses need to change over time to stay relevant and competitive.
As a business owner, it is important to change or change will be forced upon you – and often not in your favor. Do not be satisfied with the status quo. Knowing how and when to change is done by watching and listening. Here are some tips to make sure you stay ahead:
- Stay current on local and world events
- Utilize a dashboard to monitor key internal and external business statistics
- Actively participate in industry specific associations
- Stay close to your key customers
- Engage professional advisors
- Consider creating an advisory board
- Seek feedback from key employees
At the end of the day, change doesn’t happen unless you take action. Make it happen!
As your business grows and changes, you should make sure the right financial tools are in place to succeed. It is important to seek advice from a full team of financial, tax and legal advisors to make sure you are charting the right course. Not sure where to start? Get the conversation started by calling Univest at 215-703-5464.
Univest Bank and Trust Co. is Member FDIC, Equal Opportunity and SBA Preferred Lender.
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