Jay S. Sidhu MBA ’73, chairman and CEO of Customers Bancorp, Customers Bank, BankMobile – a division of Customers Bank, and BankMobile Technologies, offered insights about how to survive and thrive in the economic climate brought about by the COVID-19 pandemic. Sidhu’s remarks were delivered as part of the Wilkes Wednesday Webinar series sponsored by the University Office of Alumni Relations. Sidhu – for whom the Jay S. Sidhu School of Business and Leadership is named — has been honored as Financial World’s CEO of the Year in 2007, 2008 and 2009 and as Turnaround Entrepreneur of the Year.
Sidhu says that there is “light at the end of tunnel” in the current crisis because of the possibility of a vaccine for the virus becoming available early in 2021. Although full financial recovery will not happen quickly, he reminded webinar attendees that “when times are tough, that is when real character shows up.”
Sidhu’s advice for business owners included:
- Think strategically to avoid being a casualty in the current environment.
- Do everything possible to take care of your employees.
- Eliminate non-essential costs and activities.
- Renegotiate fixed costs.
- Take advantage of ways to go digital in your business. Surviving businesses will become experts in digital marketing.
- Stay in touch with your customers and communicate with them often – perhaps as frequently as once a week. Thank them for their business.
- Take advantage of this time to tune up your products and services.
- Engage both employees and customers to explore ways of doing business in the future.
“Adaptability is the key,” Sidhu says.
The recording of the presentation can be accessed on Wilkes University’s YouTube site, or by clicking here.