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Business Journals
27-05-2025
- Business
- Business Journals
Business owners: 3 areas to focus on in a turbulent economic environment
While businesses need consistency and predictability to achieve success, today's turbulent economic environment that is creating uncertainty and turmoil is not a new scenario for many New York City businesses, organizations and their leadership. Companies have been dealing with massive fluctuations in the economy for many years — before and since COVID-19 — including banking crises, changes in legislation and supply chains. The current tariff crisis has been incredibly difficult to navigate due to the intensity and speed at which conversations can change on a daily or weekly basis. While all organizations will be indirectly impacted, there are certain sectors that, in the short term, are dealing directly with the impacts of the tariffs and other actions from the administration. Manufacturers, distributors, retailers and the construction industry face the uncertainty of price, supply and restocking, while the nonprofit sector's clients and connected organizations have real concerns about funding and viability. Again, these are short term issues with the potential for long term consequences. There is however, optimism. In a survey of middle market businesses conducted by Valley Bank at the end of last year, 90% of the respondents were expecting 10% growth this year despite their expressed concerns about geopolitical tensions and trade policies, technological innovation, supply chain issues, interest rates/inflation/consumer spending and wage pressure. Now, just a few months into the year, these concerns have become reality with pundits talking about higher inflation, slower growth and a potential recession. The concept of stagflation has been resurrected. While it is difficult to predict the future (near or long term), owners and leaders should be proactive in taking steps to navigate this challenging time. The most successful companies are the ones that plan for turbulent times, are resilient and can adjust to the environment quickly in terms of investing in technology, personnel and retaining their client bases. Companies have to be ready for anything. Historically, just when the operating environment is poised for a smooth ride, something new causes disruption. It is critical to understand how your business will be affected by the current environment and determine what you can do to anticipate the impact. To manage in this time of uncertainty, you hope for the best but plan for the worst-case scenarios, including recession. Businesses should update or create a playbook to use as a guide to ensure you are taking the right steps to achieve success. Areas of focus can include: 1. Leadership. Strong and thoughtful leadership is essential to navigate uncertain and turbulent times. Your customers and employees are relying on leaders to set the strategy and tone. Have an open-door policy for your employees, be empathetic and listen to their concerns. Relationships are critical, and now more than ever, you should communicate frequently with your customers and clients. Keep in close contact with community partners and vendors, especially those overseas, to work out risk-sharing agreements. Talk with your banker — be honest and keep them apprised of your situation — both positive and negative. Banks are here to manage problems, but do not like surprises. 2. Planning. Show the ability to pivot, be innovative and evolve your business model. Look at ways to reimagine your business, including expanding into new segments, such as adjacent industries. Identify new services you can offer that differentiate you from the competition. Think back to how you managed during COVID and see what you can do to replicate that now. 3. Cash and expense management. Proactively evaluate and manage expenses — look at where you can cut costs without negatively impacting the business and see what you can domestically source. Stay on top of your 12-24-month expenditures and strategically restructure costs now, but be careful not to eliminate key people or services essential to maintaining growth. Diligently manage liquidity and the balance sheet, staying focused on customers. Refocus and establish best practice cash management in advance of a potential downturn. Integrate cash flow forecasting into profit and loss outlooks and scenario modeling. Streamline processes and automate to become more scalable for growth. If you do not have a line of credit, consider applying for one before you need it. No one has a crystal ball to predict how long the uncertainty will last, but companies and organizations that take steps to plan and navigate the turmoil have the best chance to thrive. The good news remains the resiliency in the American economy and the grit of many New York City firms to survive and thrive. As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with nearly $62 billion in assets. Valley operates convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. To learn more about Valley, go to © 2025 Valley National Bank. Member FDIC. Equal Opportunity Lender. All Rights Reserved. Douglas Meyer is regional president of New York City Commercial Banking and is responsible for executing the bank's growth strategy to broaden its commercial and industrial practice.
CNBC
25-04-2025
- Business
- CNBC
Valley Bank CEO on consumer sentiment, commercial real estate demand and lending
Ira Robbins, Valley Bank CEO, joins 'Power Lunch' to discuss consumer sentiment, lending and the regional banking environment.
Yahoo
10-02-2025
- Business
- Yahoo
HZ Construction is honored for Black History Month
HZ Construction is a family-owned and operated construction company that received acknowledgment from Valley Bank for its long-standing contributions to the Central Florida community. President Anderson C. Hill, II, and his spouse of 47 years, Sandra Myers Hill, have dedicated over four decades to the region. The Hill's notable contributions include leading the construction of the Amway Center, now referred to as the Kia Center and building approximately 30 schools in Orange County. Read: Orlando Magic will recognize Black History Month during tonight's game 'This honor by Valley Bank is not just a celebration of our achievements but a testament to the hard work, dedication, and resilience of everyone at HZ Construction. We are humbled and motivated to continue our mission of uplifting individuals and transforming communities for the betterment of all Central Florida residents,' said Sandra Myers Hill, co-founder of HZ Construction. Read: Disney parks reveal new 'Shadows of Memory: A Skywalker Saga' show The Hills have persistently given back to the community, supporting local initiatives and creating opportunities for others. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
