News Column

Scars of the Great Recession: Moving out of "Survival Mode"

May 22 2013 12:00AM

Marketwire

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CHICAGO, IL -- (Marketwired) -- 05/22/13 -- A BMO Harris Bank report issued today highlights the fact that the lingering effects of the Great Recession can take many forms. One of the primary problems is the difficulties many business leaders are having in moving away from operating in "survival mode," and getting themselves back onto the path to growth.

"Slower decision-making, conservative recruiting and general risk aversion are all traits that, by necessity, became business as usual for many companies that faced challenges during the Great Recession," said Ray Whitacre, Managing Director and Head of Diversified Industries, Illinois, BMO Harris Bank. "Today, the economy is on an upward trajectory; however, in many sectors, a mindset of uncertainty still remains."

That overly conservative mindset is hindering growth, and to address that issue, the report recommends that business leaders focus on re-creating the positive corporate culture, increasing company-wise confidence and creating a corporate environment that's focused less on fear and more on opportunity.

Steps towards re-creating a positive corporate culture include:

•Enlisting communication champions •Benchmarking •Increasing Entrepreneurial Orientation

The full recommendations of the report can be found on BMO Harris Bank's Commercial Resource Center, or simply by clicking the following link: https://resourcecenter.bmoharris.com/html/perspectives/2013/may/index.php

About BMO Harris Bank

BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and approximately $542 billion in assets (as of Jan. 31, 2013).



Contact:
Patrick O'Herlihy
312.461.6970





Source: Marketwire