A business’s trajectory is often a direct reflection of its leadership. When a brand has leaders in place who consistently make calculated decisions aimed at advancing – a business tends to grow.
Growth often drives revenue. Revenue not only sustains a business but allows for additional investments that lead to even more growth down the road. It is the cash flow from revenue that business owners use to plan for strategic moves and ultimately, growth.
It’s the cycle of innovative leadership, growth and increased revenue that supports communities and fosters their growth. Our business banker associates at Merchants & Marine Bank are lucky to work with several innovative leaders across the Alabama and Mississippi Gulf Coast.
Our leadership laid out four strategic initiatives that business owners can lean into, to support their business’s growth in 2023.
Staff the Right People
It won’t come as a shock to readers that a top strategy to promote growth this upcoming year revolved around your company’s most important investment – your team of employees. Today, companies must navigate to, negotiate for and retain the right people at the right time. A collaborative approach with new hires and seasoned employees alike benefits morale and better directs capital to projects. In delegating the flow of work among team members, the synthesis of management and labor working in tandem, will inform a sound work culture. A strong culture will better weather any recession fears, any changes to budgets, or other economic risk factors. There is no question, the right team promotes growth.
Focus on a Better Client Experience
An elevated client experience isn’t just a “strategy” at Merchants & Marine Bank. It’s one of our largest differentiating factors. We focus on how we can better meet the needs of each individual client, without sacrificing innovation. Adding new technologies keeps us competitive, but keeping clients at the center of everything decision made from the top down stimulates our growth.
Our approach to a client’s experience takes a lot of listening and then innovating. When we hear what our clients need, we deliver products that meet their needs and remember to wish their loved one a happy birthday.
Invest For a Better Future
From mid 2020 through Q3 of 2022, consumer spending consistently trended upwards. In times of leaner profit margins, putting extra money to work to grow your business is paramount. Determine which parts of your company would promote long-term growth and invest your resources there. Consider not only what drives your business’s current demand, but what will keep your products and services relevant in a new economic climate five years from now.
Always Take Time to Plan Ahead
What helps us sleep at night as business founders, leaders, and executives, is staying attuned to planning for new revenue, keeping a vigilant eye on expenses, and staffing at just-right levels, while saying yes to new opportunities. It’s a crucial balancing act to grow a business for long term success, and it always comes back to planning. Make planning an ongoing part of your operational mindset.
Take Initiative to Grow, and Connect With Your Neighbors at Merchants & Marine Bank
No business can predict the economic trends of a new year. However, staying attentive to your clients, knowing what the larger market needs, and looking internally to make sure you’re doubling down on strengths and shifting weaknesses to areas of opportunity are all ways to combat negative growth.
As a business owner, you can depend on the associates at Merchants & Marine Bank to encourage your business’s growth. Contact us today to connect with our business banking team and get a plan in place for growth in 2023 and beyond.