Business Lessons Learned From COVID-19

Business Lessons Learned From COVID-19

We won’t know the full economic impact of COVID-19 for years to come. But we do know it won’t be business as usual.

Since banking is an essential service, my team and I at U.S. Bank saw firsthand the challenges Arkansas businesses faced. There is no playbook to follow in these unprecedented times. However, we did learn many lessons that can help prepare businesses to thrive once the pandemic subsides.

Think Digital First

One lesson COVID-19 taught us is that if businesses weren’t present with a digital platform, then sales and customer interactions suffered deeply. Now is the time to invest in digital business solutions for your customers. Tools like Zelle for Business allow your customers to conveniently pay you using a banking mobile app. This way, you can continue to service your customers while connecting safely and securely.

Going digital with your payroll can also ensure that your employees are paid with no interruptions. During COVID-19, we helped companies with core accounting processes, like printing checks and sending them in the mail. However, businesses that had achieved 100% electronic payroll prior to the crisis were glad they didn’t have to distribute paper paychecks and their employees had peace of mind knowing that they didn’t have to wait to be paid.

Businesses should also consider a tech solution to process payments, so you don’t have to rely on bank lobbies being open or wait in drive-throughs to make a deposit. At U.S. Bank, we offer Remote Deposit Capture, which lets business process payments remotely and with ease.

Evaluate Your Plan

As businesses begin to recover from the COVID-19 crisis it will be important that they identify key needs to keep growing, for example funding for new initiatives and different marketing strategies. It’s important to research your options. U.S. Bank Business Bankers can help evaluate your portfolio and offer guidance on the best next steps.

Finally, the most important thing to do is think beyond survival. Now is the time to review your strategies for growth. Making smart decisions in the short term can help set you up for success in the long term. At U.S. Bank, we believe that when we work together, businesses in Arkansas will not only recover, they will thrive again.

Mike Richardson is regional president for U.S. Bank in Arkansas