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Tough Financial Times: An opportunity for Growth

DURHAM -- With government bailouts, a flailing auto industry, layoffs and a soft market now might not seem like an ideal time to be an entrepreneur.  But now is not the time for small companies to adopt a doom-and-gloom attitude, local experts say.  "It's a fact of life -- economic upswings and downturns," said Carol Ann Walker, executive director of the Business Advisory Centre Durham.  It's time to get strategic and plan for the future while there might not be as many customers knocking at the door, she said.  Business owners should take the time to assess what they are doing well but not rest on their laurels."  (Businesses should) look at all the strengths they have and then zero in on how they can become even better," said Peter Miller, program co-ordinator of the Self Employment Benefit Program.  No matter how good a business is at something there is always room for improvement, he said.  Mr. Miller runs the government-funded program that teaches the unemployed how to become entrepreneurs. There are a lot of businesses in the area that are doing exceptionally well right now, Mr. Miller said. So well in fact, they are having to turn business down because they can't immediately handle the volume of work customers are requesting.  It has been said more millionaires come out of an economic downturn than any other time because enterprising business people figure out where the opportunities are, Mr. Miller said.  Business owners who do particularly well during this time will be attentive to their customers' needs. Business owners should put an emphasis on providing excellent customer service to retain and grow their customer base, especially if their customers are other businesses that may be impacted by the financial situation, Mr. Miller said.

Smart CEOS will be aware of sectors that are growing and will find ways to serve those sectors, he said.  "Moving forward with a positive attitude, with an 'I know I can' attitude is vitally important."  And make sure the company you keep are people with a positive attitude as well. Associate yourself with successful, growing and positive people because they are the ones that are making things happen, Mr. Miller said.  On the financial side, there are some practical things business owners can do to ensure stability during these unstable times, said Bill Bradburn, Durham College business professor.  "When there is doubt, do something about removing that doubt."  Small business owners have to be careful about how they do business in the U.S., he said. Check up on companies before sending product or delivering services on credit.  Banks could easily tighten their belts and grant fewer and smaller loans, Mr. Bradburn said.  "The situation is pretty serious," he said. "I don't think we are going to find out how serious for (a while)."  Health and wellness might not be front of mind for business people if their businesses aren't doing so well, but maybe it should be, Ms. Walker said. It may be a good time for business owners to think a little bit more about themselves and less about customers, if fewer customers are coming.  "What will you do in the time that you're not run ragged," she said. "What should you be doing during those times that your business is a little quieter, to make sure your family, your health, your own self and your business is functioning well."

http://newsdurhamregion.com/business/article/112918

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