Altabanking, Episode 11 with Ron Dean
Ron Dean – Altabanking Interview KSL Radio Transcript:
Segment title: Ron Dean on Diversifying Your Customer Portfolio & Staying Flexible
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ron Dean is CEO of Structural Steel and Plate Fabrication and Ron, having been in the fabrication business since 1976, you’re accustomed to some level of risk. What have you done to prepare for downturns like the one we’re in today?
RON: So we’ve been in business for almost 45 years. We’ve seen our fair share of ups and downs. What has helped us weather the downturns has been our ability to diversify the markets we work in. So we’re not dependent upon just one industry. Maintaining a diversified portfolio of customers allows us to be nimble and react when downturns hit and be able to sustain our business.
GRANT: What are some additional lessons you’ve taken away from this downturn and plan to apply as we start to come out of it in order to minimize the risk for the next one?
RON: That is a fantastic question. In addition to having a diversified customer base, what we’ve really taken away from this downturn is how important it is to have the right team in place. Our internal team of right employees and their ability has been very beneficial. Additionally, our external team of support business, including our bankers at Altabank, are very important to our success.
GRANT: What’s some advice you can offer other small businesses to help them continue to grow as we come out of this current economic climate.
RON: The advice I would offer to other small businesses would be to be flexible and nimble as the economy continues to change. The more flexible you’re able to make your business, the easier it will be to change and adapt when the economy changes. This will help weather the storms that come as well as take advantage when times shift more positive.
GRANT: Thank you very much, Ron. This has been Altabanking. Brought to you by Altabank. Member FDIC.