Small Biz Insights: Keep Your Small Business Agile to Respond to Changing Market Conditions
running-a-business | Read Time: 2 minutes
By Eric Springer | Published: August 2023
No matter how established or new your small business is, preparing for revenue ebbs and flows is key for long term profitability and growth.
For some industries, new cycles are expected and can be accounted for. For many small businesses, however, social and economic uncertainty can have a significant impact, as we’ve seen over the past few years with the onset of COVID-19 and the lingering economic instability associated with inflation and high interest rates.
Why it matters: Many small businesses are built on the backs of entrepreneurs who are agile always looking for ways to drive revenue. The key to long-term success is to stay adept at:
- Adjusting operations and vendor relationships.
- Re-engineering your business model on the fly.
- Seeking guidance with banking and accounting partners to identify cash flow improvements.
One big tip:
“Taking a long view is essential for small businesses to respond to short-term changes or disruption to market conditions,” says Candice Caruso, SVP, Chief Consumer Lending Officer, WSFS Bank. “They can not only survive, but thrive by taking intentional, strategic steps and leaning on their banking and accounting partners to help them forge a path that meets the needs of their business’ cash flow, capital and operational needs.”
Go Deeper: Learn more about how to manage your small business’ assets and prepare for disruptions.
About the Author – Eric Springer
Eric Springer is Vice President, Integrated Communications Manager at WSFS Bank. He brings nearly 20 years of experience in corporate communications and marketing for banking, professional services and nonprofit organizations.
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