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Sponsored by: Chelsea Groton Bank
June 2, 2021

6 Tips for Your Business to Survive and Thrive Post-Covid

 

By Carolyn Welch, Senior Vice President, Director of Commercial Lending at Chelsea Groton Bank
 

Business owners across industries were forced to adjust parts of their business model or to pivot to offer products and services to customers in a different way.

In order to prepare for success post-Covid, business owners will need to channel the same creativity and innovation that helped them stay afloat during the pandemic, and apply it to both the financial side of their business, as well as to attracting and maintaining a strong workforce. Here are some tips on how to carry that ingenuity forward:  

  1. Stay in touch with your “inner circle” including bankers, lenders, attorneys, and accountants. These professionals are working with many businesses in many industries, so will be a great resource for keeping you in the know on additional grant or funding opportunities specific to your industry, as well as provide ideas on how to make adjustments to your current financial and business plans to best suit your business today and in the long-run.
  2. Preserve capital. Look at your balance sheet to determine your payables and receivables. Determine if you currently have the right amount of inventory, or if you could scale back so you can be more flexible about where money is allocated. Capital needs to be a focus in order to manage your cash flow and handle curve balls from supply chain issues, shifts in demand, or potential new opportunities as we return to “normal”. 
  3. Try online banking. There are so many online cash management tools nowadays, designed to allow business owners, bookkeepers, and other trusted business partners to manage payables and receivables safely and conveniently from home or office. Remote deposit capture, ACH origination and Positive Pay are just a few of the services offered by Chelsea Groton Bank to bring efficiency and security to your business’ finances.
  4. Build out your digital presence. “Claim” yourself on Google my Business, get on social media, and depending on the type of business you own, consider creating an online store, menu, or ordering hub. Creating your own content online will ensure when customers are looking to do business with you, they are able to find you, and you’ll be able to meet customers where they are spending more time than ever – online!
  5. Hire people from other industries. Having trouble finding talented people with relevant experience? Look to other industries with transferable skills instead. An employee whose soft-skills made her a star at a retail shop will likely be successful in any customer-facing position with the right hard-skills training.
  6. Reassess employee benefits. Traditional salary and medical benefits are important, but nowadays, employee wellness and educational opportunities could be big time differentiators. A few additional days off each year, mental and physical wellness programs, and a commitment to offering educational opportunities may be just the things to help your offer stand out.   


To connect with Carolyn about how Chelsea Groton’s team, products and services can support you and your business, email cwelch@chelseagroton.com or call 860-934-1307. 

Carolyn Welch, Senior Vice President, Director of Commercial Lending at Chelsea Groton Bank

About Chelsea Groton Bank
Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.4 billion in assets. Chelsea Groton Bank’s products and services include consumer banking, business banking, mortgage and business lending, cash management, financial planning and financial education programs. With 14 branch locations throughout New London County and a Loan Production Office in Hartford County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone banking, and nationwide ATM banking for individuals, families and businesses. To learn more, please visit www.chelseagroton.com. Member FDIC. Equal Housing Lender. NMLS ID 402928.