These shifts don’t come without complexity, though. As WFH grows into the new standard, SMBs need to consider the rigorous demands that will place on IT. “Business owners need to understand that if you have 30 employees and one main office, you now need to to treat that situation like you have 31 distinct offices. Each one will require a dedicated internet network, firewall, access to private company network and of course, cybersecurity must be thoroughly considered, as well,” added Mr. Whiteley.
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By Nate Morgan, Banner Bank T ou ns pa yr e2c 0e 2d 0e nht ae sd bc eheanl l eanygeea wr oofu l d be an understatement. Ue vnel ni kt eoac cnuartsu ar anlddbi suassi tneers ws ehsear ne da n ct hoims my euanr iht iaess bt hr oeungsht ta rotntgoori ne bg u i l d , ub enecne rstcari na mt y.bBl iunsgi nt oe skseoe pw nt heerisr h a v e companies afloat, seek emergency fguuniddeinligneasndfomr oapkeersaetninsge. of shifting Ibf eyaomu oo nwgnt ha obsues ri ne eb susi ,l dy ionug ma na dy finding a new path for success. As a banker, I naturally view this from a financial perspective and ofofrfewratrhdesaendidseuacscteoedh:elp you move Surround yourself with experts you trust – From your accountant to yk on uo rwal et tdogrenaebyl, ey oa nu dr aads vpi sa os sr si osnhaot ue l adbboeu t yAonuer xcpoemr i pe an nc ey d’ s bs au nc ckee sr sc aa sn yhoeul pa ryeo. u et ov ai ml upa rt eo vyeo uc ar sfhi nfal onwc i.aTl sh, eayn’ dl l wo fof errk twi pist h you to determine the best financing sj uoml upt i-osnt asr, ti fynoeuerdbeuds, itnoehs se.l p s h o r e u p o r Assess your situation – Take stock of yy oo uu rr bp ur os fi int easns d. Ul opsdsast et ayt eo mu refni nt aanncdi a l s — balance sheet—if you haven’t already, ay en adr c’ so. mR epvaireewt hyeo unru dmebbet r, sa nt od lpa as tr t n e r with your banker to assess your need for financing, which may hinge on sbeuvsei nr ae ls fsaac nt odr sc .aDn ehbetl pi s yaonuor rcmo ma l ppaanryt o f gErvoawl u, aatsel oy on ug ra isnidt ’us si nt r by,ayl aonucre . competition and the market you serve.
While the answers to those questions are still moving targets, the pandemic is forcing companies to make these decisions before their lease renews. “Unfortunately, due to health concerns, the ‘open floorplan’ concept is no longer going to be an option for most companies,” stated Chuck Whiteley, Managing Partner of TouchPoint Networks. “As a result of this shift we’ll see two major movements. First, some
Rebuilding your business in a challenging year
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Always be planning – Having a we coornkoi nmgi cg uh ii dg he sh ae nl pds l yoowus ,par ne pd aeraes fi ol yr change course. Given the lessons oe xf p2e0n2s0e, syaonudmbauyi ladi mr e st oe rcvuets . Yo u may want to expand or fine-tune ys oo luurt icoonms .pOa rn, yd’ es pr ee nmdoi nt eg- wo no rt kh e lmi f ae ys tl oa go ek oa ft ys ou uc cr ebsus isoi nneps lsa, ny no iun g . Isdt reaatlel yg, i ye os uf or rpvl aanr i owui lsl si nc ec nl uadrei o s , iAnsc yl uodui nr egbpuai lndd, ec mo ui nc st . o n y o u r hand-chosen advisors for guidance. Ed ex lpi ve ec rt ey xo cuerpf ti inoannacl i sa el rpvai rc ten—e rysotuo deserve it. In addition to being a source of financing, your banker sr ho uo ut ilndeul yn odfefresrt iadneda sy ot ou rh ne lepe sdtsr ea anmd l i n e the financial aspects of your business. Tmheamt bi necrlsu od fe ys ocuo rl l at ebaomr a at inndg swp iet chi aolti hs tesr amt at nh ae gbeamn ekni tn aanrde ai ns tseur cnha tai so nt rael at sr ua dr ye . Iyto’ su ar ps ua cr ct ne sesr sohni pt ht eh ar to sa hd oauhl de asdu. p p o r t
businesses will opt to downsize their office space and to reallocate their reduction in cost to strengthen their IT infrastructure as they go full bore into a remote workforce. For companies who double-down and reinvest in commercial real estate, their space demands will grow dramatically, because of the social distancing recommendations.”
While 45% of home networks are already infected with malware, like keyloggers, a type of malware which records your keystrokes and sends your passwords back to the hacker. Historically, IT departments have never tackled the home office before because of its inherent complexity and the multiple users that utilize
How do we foster collaboration and strengthen the company culture?”
the network. The network is only as secure as its weakest link, and if someone’s child is playing online video games and exposing the network to potential threats, there’s a question of where to draw the line. Does the IT department block your child from playing video games? Can your teenager download apps that will make their TikTok videos more likely to “go viral”, when it could affect your company network? TouchPoint Networks is leading the way and consulting with business to create a clear transition plan to whichever version of WFH suits them. “Fortunately, the technology that TouchPoint Networks deploys enables our customers’ employees to be just as productive at home. We work with our customers to customize solutions that support their WFH objectives,” commented Whiteley. ABOUT TouchPoint Networks Gary Gonzalez and his business partner’s Chuck Whiteley and Tamara Gonzalez, are owners of TouchPoint Networks, a member of the Technology Assurance Group (TAG). TouchPoint has built a team of professional voice and data specialists dedicated to the highest levels of customer support. TouchPoint’s pattern of steady growth reflects their commitment to keeping pace with the constantly evolving telecommunications technology arena, and the dramatic expansion of the Pacific Northwest’s business market. With offices located along the I-5 Corridor in Portland, Eugene, and Medford, TouchPoint Networks is uniquely positioned to respond quickly and effectively to a wide range of customer equipment and service requirements. For more information on TouchPoint Networks, please visit www. asktouchpoint.com.
Some workers will return to “50/50” offices, where they’re in- the-office for 3 days, but out for 2 days, or any variation thereof. Additionally, once employers learn how to take advantage of geological arbitrage, the cost savings that occur when a company budgets a San Francisco salary to hire someone with similar talent from the midwest, at a much more affordable rate, WFH could likely expand to 4-5 days per week for most workers.
Revisit your business plan and goals – You may have already as ud rj uvsi vt eeds oy omuer obfutshi en et os su gmhoeds et lt ti mo e s b y et ox pdae nl i dv ienr gy po rr ocduurcbtsi oi dne sppi ac ck eu, ps, hoi rf t i n g iynocurre ag os ianl gs , odnelti enrems ianl ee si .f Ay so uy ohua vuep dt ha et e resources to implement them. Rebuild your budget – Your income may have declined, while many of your expenses have remained fixed or even grown. Now that you’ve analyzed your financials and determined a di deesai roefdt hc oe uerxspee, ny os eus’ l ly wo ua nc at na cc ul etaars wyoeullravsistihoons.e necessary to pursue Set a timeline – Be realistic as you ph irri eo rmi t oi zree yeomupr l gooy ae less. , I af dy do ui nwv ea nn tt ot roy ot or de ox pi ta ni nd pl ohcaasteiso.nIsf yyoouu ’nl lelei kdetl oy np ea ey d da no dw dn od ietbatc, ct ao lrkd iwn igt ht oy po luarnc. r e d i t o r s Sponsored Financial Content
As a Banner Bank Commercial Banking Center Manager, Nate Morgan partners with Southern Oregon
businesses to support
their financial goals. Reach Nate at nate.morgan@bannerbank.com or 541-282-5107. Bannerbank.com
Member FDIC
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The Business Review | October 2020
October 2020 | The Business Review
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