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Kenneth R. Banks
President
Banks Contracting Company
What are some of the strategies that businesses can use to get through this recession?
"Steady growth in a challenging economic environment depends on sound business practices that work in good times and bad. Those practices include a steadfast adherence to a quality product, making the client feel that they are getting more than they paid for and maintaining a stellar reputation. Now more than ever it is important to maintain business processes and procedures at an efficient level to lower the unit cost of productivity."
“It is important to establish personal relationships and effective marketing – these are the cornerstones of business growth. Determine if there are any recent innovations that can be introduced. Take time to increase your general and specific business knowledge. Find business mentors that you respect who have been through tough times and seek their advice. Get involved with business organizations in order to meet your potential clients face to face. Join boards of directors and/or ask members of your organization who share your vision to join. Finally, be creative in your field of endeavor, invent or create a new or better way to do what you do."
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Franklin M. Lee
Partner
Tydings & Rosenberg LLP
What are some of the strategies that businesses can use to get through this recession?
"In tough recessionary times, it is particularly important for small and minority businesses to re-evaluate their competitive advantages over larger businesses (i.e., lower overhead costs, flexibility, and creativity), and re-cast their value proposition and market aggressively to larger potential clients that previously were reluctant to use smaller, unknown firms. Also, it is critically important for all businesses to carefully watch accounts receivable and to not allow cash flow to get too far behind deliverables and work performed. Communication is key."
Do recessions present unique opportunities for business owners?
"I have had several smaller minority and women-owned business clients tell me that to their surprise, the recession has led to cost-cutting moves by several larger accounts which has had the unexpected effect of increasing the amount of business that has been offered to the smaller, and more cost-efficient firms that are hungry for business. In this day and age, the failure of behemoths like GM and Circuit City have exploded the myth that “bigger” is necessarily less risky and more attractive. This has presented smaller firms with a golden opportunity to approach larger corporate accounts for new business."
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Mary C. Slicher
Executive Director
Project PLASE, Inc.
What are some of the strategies that businesses can use to get through this recession?
"The strategies include putting an equal focus on the mission of the organization as well as fiscal responsibility. This will assure good health and longevity. The race can be run. Hard decisions will need to be made for the short term, however, the organizations that will weather this storm are the ones with good health going into it. Additionally organizations needs to focus on their core skills and unique product and programs."
Do recessions present unique opportunities for business owners?
"For organizations, like PLASE providing basic human services, the demand for our services has expanded a great deal. This is not what we want, but it does demonstrate that everyone is vulnerable to disruptions in their lives."
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