Chamber Series: 'Surviving the Economy' Continues with Panel Discussion
Part two of the Chamber’s Surviving the Economy series was held on February 25th at the Chamber to address financing challenges. "Financing For Businesses...The Good, Bad and Ugly" featured a panel of experts that discussed today’s financing challenges and cash flow management. Panelists also made suggestions on how businesses of different sizes and maturity can weather the current economic storm. Panelists for part two of the series were Dwight Bateman, Executive Vice President and Credit Manager, Community South Bank, Tracey Larsen, Senior Assistant Fund Manager, Southeast Community Capital, Nicki Dawson, C.P.A., Burkhart & Company and Dr. Sherman Jones, Vice President, Knoxville Area Urban League.
Lender/lendee communication was one topic the panel focused on.
"Communication with thier lenders is maybe the most important thing that small businesses can do," said Larsen. "Communication is the key because if lenders understand the business practices that their clients are exhibiting during prosperous and challenging times then lenders have a better understanding of how to counsel their clients when they come to them for help."
Bateman offered advice to small businesses as they continue to face this worldwide economic downturn.
"Small business must be as conservative as they can," he said. "For instance, they may need to ask themselves, 'Can I survive 2009 without buying that new printing press? If I can, and it’s not going to handcuff me from a competitive standpoint, can I wait until 2010 to buy it?' Some small business owners may need to honestly take a look at every piece of inventory, such as a company vehicle, and ask themselves, 'Can we make it if we sell this vehicle?' Small business owners may need to look at business budgeting and at home budgeting to make it through economic times like these. Often, employing a good accountant can do the trick. Business owners should have someone that can help them understand the difference between high sales and low margins. Good, sound accounting advice can produce sound financial figures on a consistent basis that can help companies survive challenging times."
Also needed during economically challenging times, small business survival tools. The Chamber’s third installment in the Surviving the Economy series will be held on March 11th at the Chamber. This final presentation will feature a panel that will discuss ways to operate your business more efficiently during the downturn. The panel will also include representatives from two small businesses that have operationally retooled to presently become more profitable. The panel will also discuss how small businesses can market their companies more effectively during these times. Panelists for part three of the series include Larry Rossini, Director, Tennessee Small Business Development Center, Rob Russell, Owner, Russell Coach Dayton Hylton, Owner, Dayton's Pest Control and David Tiller, Business Development Specialist, Small Business Administration.
Wherever your business finds itself during these challenging times, make sure you take the necessary steps to educate yourself about the causes of economic hardships, about what market indicators to look for in your business’s particular industry, about what your company can do to overcome financing and cash flow management challenges, and about what survival tools will help you stay in business, or even excel in business, when times are tough.
To find out more about the Chamber’s Economic Speaker Series or to register for the event, call Lori Fuller at (865) 637-4550 or visit the Events page on the Chamber website: www.knoxvillechamber.com.
