Keeping your business relevant in changing times

Published on April 29, 2020 | Webster Bank

Change happens quickly in the business world, and to remain competitive, you must embrace it. To keep up, your business needs to be equipped to handle obstacles as they come your way. And most importantly, you must ensure that your clients’ needs are always being met. Here are some areas of your business that are likely to see change and some tips for getting your team to embrace it in these changing times:

Technology

Technology is constantly evolving. To stay up to date with the latest in tech, you can read industry news and blogs, attend seminars and webinars, and ask for help from your local experts. Determine whether your business has the right technology in place to run efficiently. Ask yourself:

• Do you need to upgrade your software or hardware?
• If so, have you budgeted for it?
• Are your employees trained in the latest technology?

Human Resources and Development

To ensure that your business stays relevant in changing times, you’ll need to grow and develop your team. Some ways to do that are:

• Offer internal or external training and development.
• Allow your staff to take on more responsibility.
• Include them in important meetings and discussions.
• Hire new employees to gain insight into new and different perspectives.
• Provide regular feedback and advice on how to improve.
• To ensure you’re hiring good people, perform a background check on prospective candidates.

Compliance

Many industries are facing increasing regulatory oversight and must comply with ever-changing state and federal mandates. A business must have a point person to address, oversee and take ownership of this critical area of importance. Additional resources, systems, controls and training may be necessary to address and ensure compliance.

Client Relationships

Client relationships are important to maintain at every junction, and although the nature of relationship building remains the same, the tools have changed. You can use these tools to strengthen your client and prospect relationships:

• Social media networking sites like LinkedIn offer many ways to deepen relationships, including groups and updates to stay top of mind with your network.
• Online surveys and focus groups help gather feedback from clients with ease.
• Industry association membership can help you develop new relationships.
• Google Alerts help you stay on top of news that’s important to you and your clients.

Finance

To keep your business relevant in changing times, businesses can take advantage of products that help you maximize your company’s cash flow including:

• Commercial ACH Origination to optimize your cash flow by using electronic transaction service to schedule timely collections and payments.
• Business Deposit Link to accelerate your daily deposits and ability to deposit right from your office.
• Merchant Services offers convenient payment solutions for your customers.*
• Mobile Banking allows you to check your balance, transfer funds, all from our new smart phone and tablet apps.

*Webster Bank Merchant Services are offered through an agreement between Webster Bank, N.A. and First Data Merchant Services Corporation. Merchant account is subject to credit approval.

Fraud Prevention

As fast as technology changes, fraudsters are always doing their best to stay ahead of the curve. We have a variety of products and services that can help safeguard your business against fraud. Take some time to give your business an audit on these areas to figure out how you can keep you business relevant in changing times.