Here鈥檚 why: It lets companies reassess their business models and become more efficient, more nimble, explained Rheaume, executive vice president and chief commercial and industrial lending officer at .
Living in the backyard of the federal government also helps local businesses weather tough economic times, he said.
That鈥檚 not to say the pandemic and geopolitical crises affecting the world and the nation鈥檚 overall economy 鈥� driving supply chain issues, inflation, labor shortages and rising interest rates 鈥� have not created challenges locally. They definitely have, Rheaume told 草莓传媒, but many Washington metropolitan area 鈥渂usinesses have been able to pivot. They were able to adjust. They were able to find a way through it.鈥�
We asked Rheaume, who has worked with businesses across the region going on three decades, to offer the best tactics as small and medium-size businesses continue to navigate through the ups and downs of the current economy. He shared three pieces of advice.
Tip 1: Expect that there will be more unknowns to come
A key lesson learned from the current economic climate for newer businesses and green entrepreneurs should be the value of understanding that the economy fluctuates perpetually. A business鈥檚 risk factors therefore will always change as well, Rheaume said.
鈥淎s a business owner and management team, your ability to adapt to it and sense 鈥� what鈥檚 happening, that really gives you the edge over a lot of your competition,鈥� he said.
Tip 2: Assess and begin rebuilding now for the upturn
For that same reason, every business should take the time to look forward not just back, he said. 鈥淭his is an opportunity to really step up and seize market share,鈥� Rheaume said. 鈥淏uild up and be ready for that recovery on the other side.鈥�
Work with your banking partner to evaluate where to pull back and where to invest, he suggested. It鈥檚 possible that despite the challenging environment, there are low-risk financial strategies that make sense for your business, Rheaume added.
Tip 3: Go local with a financial lender
It helps to work with a financial adviser who understands the local economy intrinsically, he said. That way, your banking partner has established knowledge of local economic cycles, of how federal budgets affect local economic factors and of the best ways to react based on past cycles, Rheaume said.
鈥淲e live in this community. This is our backyard,鈥� he said, adding, 鈥淢any times we鈥檒l have a client that will call us up saying, 鈥業鈥檓 facing this issue,鈥� and it鈥檚 something we鈥檝e had three or four other clients already call us on. We鈥檙e very conversant, we鈥檙e able to step up and say, 鈥極K, here鈥檚 what we鈥檙e doing about it. And here鈥檚 how we suggest reacting to it.鈥� 鈥�
When your clients are also your friends
Rheaume said that after 22 years as the DMV鈥檚 local bank, EagleBank and its team remains passionate about helping local businesses.
鈥淢any of my clients are close friends. And I tell you, nothing thrills me more than when we execute on a business plan, and they get to where they want to be. 鈥� It really feels good because you鈥檝e helped somebody along the way. You鈥檝e seen them prosper, succeed. That鈥檚 really, really rewarding for us.鈥�
To discover more insights for entrepreneurs, startups and SMBs shared during 草莓传媒鈥檚 Small Business September, click here.
EagleBank is an Equal Housing Lender and Member FDIC.
