posted 05/19/10 | Banking
Bob Witterschein, Executive Vice President
Enterprise Bank & Trust
Lately I’m often being asked, “What should business owners be doing now in this economy? What advice would you give?"
The advice I’m giving right now is to recruit talent.
Most of the business owners I talk to are telling me that they are starting to see the light at the end of the tunnel. Business is starting to pick up.
And that’s good news, because although I’ve seen many economic cycles, this one has been different. It’s certainly been more severe than previous cycles, and it’s also been different in the level and quality of people losing their jobs. Previously, when a recession hit, companies would cut back by laying off lower level employees and weeding out poor performers. But this time, I’ve seen many companies move higher up the ladder, letting go of more senior people. And the quality of those people impacted by this recession cutback is higher than I’ve ever seen. Businesses haven’t cut just the fat; they’ve had to take out bone and muscle as well. The pool of available talent today is better than it’s ever been.
So I’m advising business owners to hire good people now. Think about what you’ll need in talent over the next couple years – management, sales, production, service, etc. Act now to fill those needs with top-quality people. Once the recovery picks up steam, many of the best people will find positions quickly, so get them on your team before your competitors get them on theirs. You have an opportunity to hire the people now that you’ll wish you had two years from now.
Get yourself into a position to grow and capitalize on the opportunities that will be presented as the economy recovers. I believe the local economy is starting to grow again, but I think it will be a slow climb and the key to the recovery will be employment. If you’re in a position to hire good people, do it now. It will not only help your business, it will contribute to our economic recovery.
I also encourage you to talk with your Enterprise banker. He or she can be a good sounding board for your growth plans and a potential resource for identifying available talent.
Bob Witterschein recently joined Enterprise as Executive Vice President, Commercial Banking. Bob is recognized as one of St. Louis’s leading bankers, advising business owners and executives for 30 years.