Blog

Presented by Bank of America

As the business landscape in Western New York continues to evolve, business owners face new challenges and opportunities for growth and success. Even amid competition and factors beyond control, there are a few constants that help businesses stay on track and achieve their goals. Businesses must cultivate strong talent pipelines, embrace innovation and digital tools, and create comprehensive succession plans to ensure long-term success.

Attracting and retaining talent, from entry-level positions to management, is essential for Western New York businesses to thrive. Building talent pathways to establish a strong talent pool helps reduce hiring hurdles by proactively identifying and recruiting qualified candidates. Bank of America’s 2025 Workplace Benefits Report found that an employee’s loyalty in the near term hinges on work-life balance, compensation, pay increases and career growth potential. Additionally, over the last three years, more employees have considered leaving their job because of insufficient workplace benefits. In order to attract and retain talent, businesses must invest in their existing team to increase employee engagement and longevity by offering growth opportunities, competitive benefits and promoting work-life balance.

As technology evolves, forward-thinking businesses should embrace new technologies to help streamline operations and differentiate themselves in a competitive market. Bank of America’s virtual financial assistant Erica can help business owners monitor their cash flow, manage expenses and connect their payroll to receive real-time insights into their finances. Business owners can use other AI assistants or chatbots to automate routine tasks and provide immediate customer support. Companies that implement new technologies into daily operations improve efficiency, reduce costs and gain a competitive edge, ultimately positioning themselves for long-term growth.

While day-to-day operations take up much of a business owner’s time, it’s crucial to plan for the future. Without a well-crafted succession plan that protects operations and creates a clear path for future leadership, businesses risk jeopardizing the hard-earned fruits of their labor. While some companies may seek to sell to competitors, others may choose to keep it in the family or transfer ownership to their employees through an employee stock ownership plan. Each option has different pros and cons, and business owners need to consider all options and determine which one aligns with their personal financial goals and the goals they have for their business.

To ensure long-term sustainability and success, businesses must invest in their employees, embrace technology and plan for the future. By offering resources and tailored guidance, Bank of America helps entrepreneurs throughout Western New York grow their businesses, adapt to changing trends and prepare for long-term success.

For additional insights and analysis to help inform business decisions big and small, explore Bank of America Institute findings online. Our network of trusted partners and expert knowledge of global financial transactions form an unparalleled data set. From this, Bank of America's Institute team uncovers insights and trends that help people and leaders of today make better decisions, inspiring new visions of how business and society move forward.