(By Adam Bell, abell@charlotteobserver.com)
About 100 people heard tips on preserving their small businesses during a panel discussion today that the the city of Charlotte hosted at Friendship Missionary Baptist Church. Panelists Wayne Davis, president of EZ-TIXX ticketing company and Sherese Duncan head of business consultant Effició, stressed the importance of proper sales and marketing strategies. Focus on whatever marketing can bring in the most cash flow quickly, Duncan said. She said to stay in touch with customers, people could try producing a newsletter several times a month that does not sell anything but provides tips and promotes their experience. Some in the audience were looking to network, including Rafael Hernandez, who is looking to teach Spanish to people because of the area’s growing Latino population. Others were interested in expanding or simply staying afloat. To save money short of layoffs, panelist Kendra Dodd, human resources manager at The Employers Association, suggested companies consider: start furloughs around holidays; cut overtime costs and merit-pay increases; reduce hours; and do not matching 401(k) contributions. The most overlooked way to streamline operations is cutting back on people without restructuring the workload, said panelist Mary Bruce, president of Kaleidoscope Business Options. Panelists Reggie Godette, a loan officer with First Citizen Bank loan officer, reminded the audience that personal credit is often looked at as an indicator of how people would handle business loans. To help with funding, George McAllister, regional director for the Small Business and Technology Development Center, suggested: ask questions of bankers on what it takes to get a loan; get customers to pay some upfront; ask to extend vendor payment over a longer period of time; and consider working capital financing to bridge the gap in funds between the time companies make a sale and when they collect the cost.Similar Posts:
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