The Financial Fitness Corner with Maryann and Bill

Longtime members Bill Cornelius of M&T Bank and Maryann Lewis of Citizens Bank both focus their work specifically in the food industry. They have teamed up to regularly highlight the issues crucial to our members. Disagree? Have a follow-up question? Maryann and Bill are regular attendees at our On The Road events or email [email protected]. Get financial information you can trust from people you actually know.

Now that you are warmed up, Bill shares tips to keep your company growing: 

1. Hire the right people – harder said than done but this is integral.

2. Focus on established revenue sources – focus on existing core customers. Create strategies based on previous buying behaviors which could encourage repeat business, i.e. loyalty programs.

3. Reduce risks – make sure you have the right coverages as the world has changed, cybercrime, etc.

4. Be adaptable – create the ability to pivot quickly in response to changes in the market.

5. Focus on the customer experience – at M&T we are late to this game but customer perceptions can make or break a business.

6. Invest in yourself – make sure you plow profits back in to help you grow. At least early on.

7. Think ahead – sounds like broad advice but simple as reviewing ongoing contracts, i.e. best credit card processors, and perhaps negotiating a better deal.

8. Boost customer service – happy customers will tell their friends. Unhappy customers will… tell their friends...

9. Focus on Social media – be present on Instagram, FB & Twitter to help expand your reach.

10. Network – Zoom calls are good, “pressing the flesh” is better.