The pandemic hit everyone hard. But now that workplaces have reopened, businesses may be wondering how they can leverage important lessons as they plan for the future. With Q4 on the horizon, now is the time to plan for the 2022 fiscal year. Here are three tips for managing business finances in a post-COVID world:
1. Create a resilient business.
Think strategically about strengthening your company for a more unpredictable world via investments in automation, complementary business lines, alternative delivery systems and more. The pandemic thrust many businesses into remote work and the scramble to shift business models taught all of us the value of flexibility. With interest rates still at record lows, now is a great time to consider system upgrades, equipment purchases and even new hires with skills for a changing marketplace.
2. Consider the kind of credit you need – before you need it.
Be aware of the variety of business loan and credit programs that can provide added flexibility to stay ahead in the fast-changing economy. Secure the credit you need to take advantage of expansion opportunities, fund equipment purchases and manage your working capital. For instance, a line of credit empowers you to fund seasonal changes, make the most of vendor discounts, or meet unexpected cash needs. But don’t wait until your business needs to utilize additional funds. Consider fine-tuning your credit resources now, before you need them – in case someday you do.
3. Maintain a relationship with your business banker.
Having an established relationship with a banker who knows you and your business is an important resource to have in your corner. In 2020, Torrey Pines Bank helped businesses retain more than 150,000 employees, thanks to PPP loans generated by us and across our parent company, Western Alliance Bank. This was possible because we have genuine relationships with our clients – we know their industries and we work to understand the unique opportunities and challenges facing their individual businesses. With our customer-focused approach, Torrey Pines Bank’s experience and entrepreneurial mindset help business clients in San Diego County and across Southern California meet their goals, no matter what the future holds.