Advice For Recovering From A Business Loss

Staten Island business bank urges owners to mull what-ifs


STATEN ISLAND, N.Y. -- The high likelihood that a business can hit a rough patch underscores a need to anticipate a worst-case curveball and its effects.

 Victory State Bank suggests that a "glass half full" may lurk beneath the woes, although it may take some soul-searching to realize it.

Say a key person departs, or a major account evaporates, or a sure-thing contract becomes less than certain. The consequences might be not just emotional but also, more importantly, financial and/or organizational.

After the initial shock, re-assessing and rebuilding could be the order of the day. And the half-full glass may emerge once the challenge seems to present an opportunity.

You may have needed a period of reflection anyhow, and now there is one, even though it forced itself upon you and the timing couldn't have been worse.


Nevertheless, stay focused on the prospect of innovation and new directions.


It may seem simplistic to discuss existing strengths and resources, no matter how minimal they may be. Such an exercise can uncover a fresh approach. Examples can include rapport with vendors, your firm's reputation, and name recognition.


This assessment would also address current liabilities. Some liabilities can be redirected as assets, and the trick lies in converting them such as setting right a limited cash flow or looking at a new area to do business.

A truism is that obstacles contain the seeds of opportunity, and sometimes a mindset can make all the difference. Try a team approach and brainstorm the next available approaches. List everything, even the unrealistic. The path to rebuild may be hidden but usually can be found. 

Don't dismiss the possibility of a larger picture. Maybe the unexpected setback was an early signal that a course correction is in order and a learning opportunity has presented itself. 

As strengths, weaknesses, solutions, opportunities and strategies come into view, be clear about what you're solving so that a rebuilding plan can be devised. It may be in two parts, however: short-term and long-term. Strategies may be based on an attribute like customer service. 

Put your plan in action and determine who will lead it, who else will it encompass, capacities in which they'll serve, their accountabilities, the steps to follow, checkpoint deadlines, communication guidelines, progress-evaluation criteria, and proofs that the plan is working.



About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online

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