New England Biz Law Update
Business professionals at a roundtable discussion recently spoke about leadership during uncertain times.
Panelists from New Jersey-based organizations addressed strategic planning amid market uncertainty, as well as how to position businesses for long-term growth.
Additionally, they delved into how to build and maintain resiliency among workers, operations, and finances. Participants also weighed in on navigating technology changes.
From Main Street to Wall Street, panelists said the biggest concerns for businesses relate to the effects on areas such as tariffs, artificial intelligence, and a potential economic downturn. At the same time, they believe the pandemic showed just how resilient companies can be amid challenging periods.
Curt Lang, Valley Bank executive vice president and chief banking officer of New Jersey, noted the continual adjustments that entities had to make for technological, economic, political and geopolitical impacts during and after that period. He added, “I think business owners that have survived through that have been mightily resilient.
“I don’t know that people are wildly optimistic, but I think that they understand that they can weather a lot more than maybe they thought they could historically. And they’re making sure that they’re maintaining liquidity and taking advantage of opportunities as they come up,” he said.
Tendai Ndoro, regional director of New Jersey Small Business Development Center at Rutgers-Newark, said businesses should start by looking inward, examining their systems, costs, products, and customers to see what is working and where they can improve. Rather than reacting to economic uncertainty with quick cuts, she urged companies to make informed decisions, focus on the value they provide customers, diversify their offerings, and borrow money for growth rather than everyday expenses.
Lang added, “You can’t borrow your way out of a bad procedure. So, if you’re not collecting your accounts receivable or you’re not managing your inventory appropriately, a bank is not going to look well on that to begin with. And you’re not going to be able to fix that through borrowing because you’re just going to add your cost and your overheads.”
He also emphasized that business owners don’t have to navigate obstacles alone and should take advantage of available experts and resources for help with matters like regulations, accounting, and growth.
The end of an era
In the wake of the pandemic era, panelists reflected on enduring impacts on the business world.
Gregory Miller, partner-in-charge of law firm Rivkin Radler’s office in Hackensack, New Jersey, said, “I think for the most part … the technological advances we made so quickly during COVID have really stood the test of time. Obviously, the technology keeps getting better and we keep implementing it, but those basics, whether it’s being remote, whether it’s putting everything in the cloud and all these other type of things, those have stood the test of time. As difficult as COVID was, a lot of the lessons that came out made us just better and more efficient.”
However, he continued, “I think we have lost some of that personal human touch. It’s nice we’re still able to connect on video, but it’s not the same as shaking somebody’s hand. And I think if anything will change over the next few years … it’s getting out there more, frankly, and shaking hands. Remote is a great substitute, but there’s no substitute to actually going out and shaking the client’s hand.”
doro said, “One of the biggest challenges that we faced during the pandemic and we still face now is how do you measure productivity when people are offsite, when people are on the road, when people are on Zoom? That in itself has brought to the forefront business performance management … that businesses have to uncover.”
She continued, “We used to have this mindset that when … an event happens or when an economic crisis happens, that’s what triggers an uncertainty. But I think right now we are trying to do a paradigm shift and think of uncertainty as a continuum. There’s always uncertainty in the environment, in the economy, in the country. … Plan your business in such a way that you are always not in crisis mode, but you’re anticipating a crisis to happen.”
