Altabanking episode 19 with Len Williams
Len Williams – Altabanking Interview KSL Radio Transcript:
Segement title: Business Growth Strategies
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Len Williams is President and CEO of Altabank. And Len, as always, good to talk to you. It seems to me, the tendency for business owners is to tighten their belts and hunker down when the economy is down or unpredictable. Is this the smartest thing to do?
LEN: Good to be with you again, Grant. Sometimes, yes, but we shouldn’t overlook the opportunities that may present themselves. Questions to ask are whether the current low interest rates make it attractive to restructure a loan or undergo a recapitalization. Is this the right time to expand your business footprint. As sensitive as this is to ask, is this a time to grow by partnering with or acquiring a company or adjacent business.
GRANT: What are some of the things you’ve seen small businesses do to focus on customer retention during this economic downturn?
LEN: Revisit plans and see what makes sense or what’s possible. A few weeks ago, we talked about businesses that were essentially forced to do things differently. The hotel that rented rooms as workspaces, fast food restaurants that re-doubled drive-in capabilities, retail stores that do appointment only shopping. There are new and different ways of conducting business waiting to be discovered. Test and try and be prepared to pivot and innovate.
GRANT: What about marketing and advertising? Is now a good time?
LEN: This really depends on the business. Something to consider is that many businesses are changing how they operate. Customer behavior is also changing. Being aware of the audience and its needs will make even a small marketing investment pay off.
GRANT: There still is a lot of uncertainty out there. What are you telling your clients?
LEN: Patience, planning, flexibility, and execution. Of those, patience is the most difficult and we understand that because we struggle with it ourselves. Having a plan and being flexible, you can make changes as the situation dictates and executing the plan will go a long way.
GRANT: Thank you, Len. This has been Altabanking. Brought you by Altabank. Member FDIC. Equal Housing Lender.