SurThrival in the Economy
Don’t just survive, thrive
A lot of companies are worried about survival in the current economy—still others have an inkling they are going to survive and want to also thrive. Enter Northrim Bank. For years now they have been hosting an annual economic forecast luncheon in April so as to have a peek at the first quarter of the year (and to have good data for the previous year) before trying to figure out what’s to come and how to cope. They’ve developed a new word for this year: SurThrival. It’s destined to be an aid to business success.
There are three main tips in the introductory phase of the SurThrival movement, which Northrim is so stoked about they are going to start offering a series of Tuesday talks for folks to learn how to be successful. Initially, we’re given three SurThrival components at SurThriveAK.com:
Cash Flow is the Key to SurThrival
Cash is key to SurThriving. Free up more of it by reducing your inventory holding levels or renegotiating your accounts payable terms.
Focus On Customers
Understand how your customer’s purchasing habits change with the economy. Learning their behavior in good times and bad will help your business adapt.
Rethink Your Business Model
If the economy is disrupting your regular business,
re-examine your business model and find new, profitable opportunities.
There are a few articles in the May issue of Alaska Business Monthly where readers will draw parallels to the elements of SurThrival and the ideas behind the new word. See if you can find them. There is plenty of opportunity for SurThrival. We were told recently that we are not in a recession, the overall economy is holding; while oil and gas is certainly facing some difficulties, there are bright spots in Alaska’s economic landscape, such as tourism and healthcare, industries that have grown recently and are projected to continue doing so. We have plenty of time and lots of impetus to survive and thrive. Pay attention to Cash, Customers, and Business Models.
Susan Harrington, Managing Editor
This article first appeared in the May 2016 print edition of Alaska Business Monthly.