Chamber Hosts Third Surviving the Economy Series Event
The Knoxville Chamber recently hosted the final edition of the Surviving the Economy Series, entitled Tools for Survival, which was designed for business owners. Panelists discussed ways to operate businesses more efficiently during the current economic downturn, focusing on two small businesses that have retooled operationally to become more profitable. Discussion also covered how to market your business effectively during these economic times. Panelists for the final edition of the series included 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.
Russell spoke about the importance of watching how business dollars are spent.
"I’ve always watched how much money goes out versus how much money comes in," he said. "Now, mainly due to the economy, I do it more than I ever have. What I tend to pay more attention to are receivables because clients almost always should pay in advance in my industry. The reason for this is because we can’t afford to roll busses wondering if clients will pay us when our job is complete. We have found some clients pay you and some don’t when operating in this manner."
Hylton noted maintaining customer service priorities during economically challenging times has helped his company remain profitable.
"We have recently incorporated a customer service-based system that focuses on increasing communication with customers," he said. "We’re incorporating nightly service calls prior to appointments because most of our recurring work only requires us to visit outside homes or businesses. Prior to appointments, our technicians call customers to alert them of the trip in case there are questions or concerns that need to be addressed. Further, if customers are home during services, we attempt to speak with them so that they understand what services we have performed and to tell them that we simply appreciate their business. We feel it pays to be proactive in showing appreciation to our customers."
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.
