Ways to continue progress for your Utah business

Although times are still uncertain, the business climate in the Beehive State is continuing to brighten for many. With this in mind, many Utah businesses have already started to make moves to strategically challenge themselves to position themselves for more growth for the rest of this year and beyond.

There are definitely some strategies for progress out there for businesses to absorb, and several Utah executives shared their own priorities as part of an article for Utah Business. For some companies, a Small Business Association, or SBA loan may be a great option. First Utah Bank is the preferred lender for SBAs in the state.

Here’s a look at what Utah business leaders suggest for strategic ideas as the economy continues to recover:

Make change a focal point

Performance management and learning should be a big part of any strategic plan, and business transformation planning should be a part of what you and your leaders discuss.

“Our version of normal will never be the same again, and businesses that are transforming to compete in the changing world are thriving,” says John Knotwell, general manager of Bridge by Instructure, in the article. 

The educational component of this may be a continual learning cycle for your employees, which also results in more satisfied and engaged employees.

Use tech to your advantage

Making sure that you have a stronger online presence is going to be an important building block to further success. According to an article in Forbes, an up-to-date and robust e-commerce site is a must, as people continue to purchase services and goods online. Expanding opportunities on the internet is an important way to make this a stronger part of your business.

Also consider strengthening your social media, including posting personally-led videos about what you have to offer. It would also be a good idea to make sure you have the internet bandwidth to make sure you can expand this aspect of your marketing.

Agility is key

Your business should be able to adapt and change as business needs dictate. An interesting recent study, as featured on the McKinsey website, notes that agile businesses boost customer satisfaction by up to 30 points. The study also notes that they have from 30-50% higher operational performance.

Scott Logan, VP of Marketing at Kronologic, gave an example of how agility helped his business. “My sales and marketing teams worked together to adjust our target audience and tactics to drive business when the pandemic caused economic growth,” Logan says.

So, thinking at all times about growth, understanding and knowing core values, and hiring the best staff for your needs are all ways Logan and others believe you can improve your company’s agility.

Don’t get discouraged

We realize this may be easier said than done, but not panicking or making decisions in a distressed mode is essential to progress.

“It’s an opportunity to reevaluate, optimize, and execute with courage going against the herd,” says Bassam Salem, CEO of Atlas RTX. “I encourage my colleagues to treat their employees, clients, and partners with calm, caring, and courage.”

Viewing the challenges as chances to look for great opportunities will not only help your thinking; it will also help you take the right kind of calculated risks to bring about lasting positive change.

SBA loans tailored to the needs of your Utah business

There are also tools out there for businesses that can help with strategic thinking and planning. Among those tools are loans from the U.S. Small Business Administration (SBA). These types of loans can help businesses with some essential needs as they grow.

First Utah Bank has a department dedicated to these types of loans. The specialists at First Utah Bank can help you navigate the details when applying for an SBA loan, which is common for business owners who find that traditional bank financing isn’t available or is too difficult to obtain.

The specific needs for which an SBA loan can be used will all look like milestones that every business goes through. SBA loans can be used for:

• Buying machinery, fixtures and equipment
• Adding to working capital (a term loan or line of credit)
• Financing exports
• Buying or building an owner-occupied commercial building
• Starting expenses for a franchise or a new business
• Money for leasehold improvements
• 
Buying an existing business
• 
Purchasing inventory or receivables
• 
Expanding or refurbishing facilities to modernize them
• Refinancing debt that is maturing
• Consolidating debt to bring in more money
• 
Managing cash flow during peak buying seasons

As you continue to navigate the business world, First Bank Utah can be there to provide options for continued progress and success, whether it’s with SBA loans in Lehi or any other banking need. Find out more about what we have to offer at our website, or call us at 801-308-2265.