Post-COVID Recovery: What are your business priorities?

As spring progresses and vaccination numbers increase, we’re seeing strong signs of the local and national economies recovering, creating a sense of optimism for the balance of the year. But the focus for businesses seems squarely on post-Covid recovery. 

Several surveys conducted in the first quarter of this year found that over three-quarters of business owners saw navigating the post-Covid recovery as a top priority, which has led to a shift in their priorities:

• 41% of businesses are focused on reducing and/or managing expenses, according to Accenture. This is more than simply cutting costs and involves developing a longer-term cost management mindset that will guide companies through the fluctuations ahead.
• 40% of businesses, according to the SBA, stated their primary concern is generating more revenue. Not surprisingly, focus is on marketing efforts to avoid losing market share and expanding or developing a digital presence to better engage customers who are embracing eCommerce in record numbers.
• 34% are focused on maximizing cash flow, especially expanding payment options for customers and vendors.
• 57% are working through plans to accommodate new or different working arrangements, including accommodating work-from-home and enhancing workplace technology.
• 69% of businesses expect to be hiring, according to the US Chamber, if revenues support it. Given dramatic changes in the labor market, this may prove to be challenging.

At The First Citizens National Bank, we have taken steps to respond to many of these needs, adding state-of-the-industry upgrades to our business online and mobile banking, payment options, and cash management tools. In addition, because we work so closely with our local networks of business professionals, we are also able to make connections for our clients who need help with the other non-banking challenges.

Coming together, pooling resources in challenging times, that’s what communities – and community banks – do. If your business is tackling any of these or other post-Covid-recovery-related issues, reach out to us. Even if we don’t have the specific expertise to help, we’ll make it our job to connect you with a professional resource that does.

Reach out to Kevin today via email or phone:

Kevin Smith – Regional President, Marion

KCSmith@FirstCitizensNational.com

(419)835-1775