How Well Will Your Company Navigate 2025?

While the traditional best practices of running a business remain constant, 2025 demands that companies also accommodate a trio of specific, and unique realities referred to as the "big 3" - resilience, relevance and regulations.

The overriding issue is: in 2025 can your company transform the following three potential challenges into opportunities, or will it fall victim to them? Our answer is yes, you can do it, with the right mindset and the right help.

> Resilience

What’s happening: A dynamic economy and all kinds of technological transformations ignited by AI have made effective annual planning a steep climb, but small businesses remain positive. In fact, according to the Raddon
Research Insights Small Business Growth Report (Oct 2024), 73% of small businesses expect their sales to increase this year.

What you need to do: Resilience is all about weathering the expected and the unexpected, so do two things: 1) take both the short-and-long view with your data and planning. Plug in “what if” scenarios that would make a material
change to your operation. Develop mitigation plans for those with highest impact. 2) Next, shorten your time to market. Even if it’s pretty good now.

How VeraBank can help: Deepening data-based decisions, increasing efficiency and developing/modifying product features faster must happen in tandem and both will incur investment costs. Over 60% (another Raddon stat) of small
businesses anticipate needing credit in 2025 to help do this and our commercial bankers are here to identify and structure exactly the capital access you need. Additional critical needs for more than half of companies are to speed up cash flow and more aggressively help mitigate today’s increasing fraud risk. Our online and mobile banking suite offers
state-of-the-art access, portability, and fraud prevention, along with a team that can install, teach and support you.

> Relevance

What’s happening: Relevance is all about the degree to which what you’re selling matches what your target prospects want to buy. With today’s competitive, worldwide market, the consumer has great power to demand a high degree of relevance, resulting in great pressure to respond quickly and seamlessly. Examples of this abound. Consider all the companies that now offer “Buy Now Pay Later (BNPL)” options at the point of sale, and personalized customer experiences that expedite one-touch sales. By the way, if you have a POS payment system, and you
haven’t updated it in more than five years, you may be starting to slide downhill on the perceived relevance you deliver.

What you need to do: A little soul searching here is in order. You know how to identify what drives your profit and manage to that. It’s more challenging to assess the human capital you need today, soon, and long term. Dealing with emotional attachments, succession plans, and attracting talent require specific skill sets. The solution is to convert
your HR function from administrative to strategic. Streamline payroll, timesheet management, PTO and paid leave and new hire onboarding. Focus on creating the team that will take you into the future.

How VeraBank can help: We have robust HR and payroll operations services that can accommodate your administrative needs for both areas. It’s cloud-based and supported with real, live specialists you know and trust.

> Regulations

What’s happening: Regardless of the industry, today’s regulatory environment is reflective of a more complex world. Whether it’s employment law or data security, adhering to your company’s appropriate roster of regulations is non-negotiable.

What you need to do: Use your local and state government resources as references to provide best practice standards for regulations that impact you, and access trade associations specific to your industry. Joining peer groups is also helpful for learning specific situation solutions and sharing experiences. Create a governance function in your org chart that addresses regulatory audit responsibility.

How VeraBank can help: As a $4 billion Texas-based, Texas-focused bank, we’ve got the expertise and motivation to support businesses in our market and we’re always available to meet with you, listen to you and help you any way we can.

Let's make 2025 a successful and prosperous year for your business. Connect with a Business Banking Specialist today to learn how VeraBank can help!