In episode 11 of The Cash News, co-hosts Tom Meehan, CFI, and Shaun Ferrari were joined by Rod Diplock, CEO at CONTROLTEK, a leading tamper-evident packaging manufacturer in asset protection and cash management. Since launching his career as a CONTROLTEK sales manager in 1994, Diplock has immersed himself in all facets of the business and played a pivotal role in strategic product development to take the lead in changing the way we secure and transport coin and currency.
Diplock shared his insight as a chief executive of an organization in the banking industry faced with the challenges brought on by the COVID-19 pandemic. Here are some strategies he shared:
Prioritize supporting your employees
Many businesses have had to make some tough decisions over the past 18 months, but companies that prioritize their employees have survived and even grown during the coronavirus pandemic. By doing everything possible to stand by your employees in challenging times, your team will pull together to support each other and your organization.
Invest in customer service
While the business side of a global pandemic is full of obstacles, consumers have faced similar challenges, along with often confusing information from the media. Customers are frustrated with the delayed shipping times and low inventory that comes with a major disruption in the global supply chain. However, if your business focuses on its customers to address their concerns and figure out solutions together, then you will nurture stronger relationships with your client base that will lead to better customer loyalty.
Be transparent with everyone
Open communication and transparency with both your employees and your clients can help you overcome the anxiety of the unknown. By being honest about the situation, your team has all the available information so they can come up with better solutions than if they were kept in the dark. Transparency goes a long way with building long-term relationships with loyal clients and establishing an organization as trustworthy and reliable.
Stay flexible but don’t lose sight of your main goal
While some executives have emphasized the importance of remaining agile post–COVID-19, Diplock proposed an alternative: Don’t deviate from the plan too much. Instead, take the time to develop a detailed plan driven by data and the unique needs of your business — then stick to it. Naturally, at times you’ll have to change course, but if you focus on being adaptable instead of changing too much too fast, your business will continue to grow in the face of adversity.
To discover more about how the banking industry changed during COVID-19 from the perspective of a CEO, listen to the latest episode of The Cash News.