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20 Replies Last post: Jul 16, 2009 3:02 PM by SBOCTeam

Event July 16: Navigating Through the “Great Recession”

Jun 20, 2009 6:16 AM

Click to view CommunityTeam's profile sboc CommunityTeam 132 posts since
Jul 27, 2007
Want to get tips on navigating your small business through the "Great Recession?" Join us for a discussion with Rieva Lesonsky, former small business journalist and current small business owner, who has become a well known small business expert in the field. Rieva thinks it's critical for small business owners to have the right tools and resources to help them reduce expenses and better manage day-to-day work so they can focus on running their business in the current economic environment. This will also help small business owners begin to prepare for the economic recovery that is sure to come.

Rieva will be answering questions like:
  • What can I do now to shore up my business so I'm ahead of the competition when the economy comes out of the recession?
  • How can I better manage my cash flow?
  • What are some low cost marketing techniques that I can utilize to market my business in the current economic environment?
  • What types of responsibilities can I outsource, so that I can focus on more important tasks?
  • Is now a good time to invest in new technology and equipment?

About Rieva Lesonsky


Rieva Lesonsky is the CEO of GrowBiz Media, a content and consulting company specializing in covering small businesses and entrepreneurship. Before co-founding GrowBiz Media, Lesonsky worked at Entrepreneur magazine for over 26 years, where she started as a Research Assistant and worked her way up to Editorial Director. Lesonsky wrote the bestselling book Start Your Own Business, currently in its 4th edition, and has co-authored several other books about small business and entrepreneurship, including Young Millionaires, Ultimate Book of Franchising and 303 Marketing Tips. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, Fox Business News, The Martha Stewart Show as well as Oprah and can regularly be seen on MSNBC's Your Business. Lesonsky served on the Small Business Administration's National Advisory Council for six years and the SBA honored her as a Small Business Media Advocate and a Woman in Business Advocate.


Rieva will be live on SBOC on July 16 at 2:00 p.m. EST. However, if you can't participate at that specific day/time - you can post a question now and check back during or after the event for Rieva's response. Rieva will try to answer as many questions as possible on July 16, but may not get to all of them. Note, you do not need to register for the event. You simply need to be a member of SBOC to post a question. If you don't have a user ID, join now, it's free.


For more tips on participating in events click here:
http://smallbusinessonlinecommunity.bankofamerica.com/thread/17347?tstart=0

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Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
1. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 11:45 AM
Live Event with Rieva Lesonsky this afternoon at 2PM EST.
Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
2. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:00 PM
Please welcome Rieva Lesonsky, former small business journalist and current small business owner, who has become a well known small business expert in the field. Rieva will be posting as user RievaLesonsky. We're going to start off by asking Rieva some general questions. While we're doing this, if you have a question for Rieva please login and post now. If you don't see your question posted, you do not have to repost. We've received your post and will have Rieva respond when she gets the chance. Thanks! **don't forget to refresh your browsers often to see Rieva's latest reponse**
Click to view RievaLesonsky's profile Authority RievaLesonsky 8 posts since
Jul 13, 2009
3. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:03 PM
in response to: SBOCTeam
Thanks, it's my pleasure to be here. I'm looking forward to answering your questions.
Click to view Tori's profile Host Tori 79 posts since
Aug 15, 2008
4. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:02 PM

We have been hit hard by the economic environment, but have managed to survive it to date. There are conflicting signals as to whether the environment will improve. What signs should I look for when deciding whether ramp up in preparation for economic recovery?
Click to view RievaLesonsky's profile Authority RievaLesonsky 8 posts since
Jul 13, 2009
5. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:08 PM
in response to: Tori
There isn't going to be "the big moment" where someone says, "NOW". So I think there are enought smaller signs that say, it's time to start thinking recovery right now. If you wait until you know the economy is in the absolute clear, you'll have lost precious time getting ready.
So think now, what can you do to prepare for the better times ahead. Will you need to hire people? You don't have to hire now, but start thinking about where you'll go and who you'll ask.
Will you need to upgrade your technology? This is actually a GREAT time to do that, since prices are at historic lows and many of the bigf box electronic stores have authoriaed their floor staff to negotitate prices on the spot.
Will you need new sources of products? Start lining them up today/
Now is also a good time to talk to your landlord about negotiating a rent or lease deduction.
Do you need a new company vehicle? Prices are low today and dealers are very willing to negotiate.

This is a great time to switch you thinking from recession to recovery so when the phones start to ring, you're ready.
Click to view Vince's profile Host Vince 91 posts since
Aug 15, 2008
6. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:10 PM

I have also been hit hard by the current economic environment. Nonetheless, what steps should I take to shore up my business and position myself ahead of the competition when the economy comes out of the recession?
Click to view Tori's profile Host Tori 79 posts since
Aug 15, 2008
7. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:10 PM

If econmoic signals are mixed, is now really a good time to invest in new technology and equipment?
Click to view RievaLesonsky's profile Authority RievaLesonsky 8 posts since
Jul 13, 2009
8. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:17 PM
in response to: Vince
Thinking competitively is a great start. Now's a great time to assess what your competitors are doing and how they specifically differ from you. Do a price comparison. Unless you're the clear industry leader, it's not good to be the most expensive, but too many business owners undervalue their services. So make sure you're competitively priced.
How does your competition market their products or services? Are they using methods and media you have not tried? Investigate what it would take for you to use these marketing tools.
Also this is a great time to dip into social media and start marketing thru Twitter, Facebook, You Tube, etc. In many industries you can break new ground and expose your company to a brand new group of potential customers.
Click to view MajorNathan's profile Authority MajorNathan 8 posts since
Jun 16, 2009
9. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:18 PM

Why would I look at outsourcing manufacturing during a recession?? It would seem that during a down turn I would want to have as direct control as possible so I can rapidly control inventory. This seems especially true if the market requires product changes as we leave the recession.
Click to view RievaLesonsky's profile Authority RievaLesonsky 8 posts since
Jul 13, 2009
10. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:25 PM
in response to: MajorNathan

I can't argue with your points. It is important to be on top of what you sell. However, price matters, today more than ever. So if it comes down to having to choose between control of product and the price to manufacture it, only you can decide what is most important to your busienss.

That said, I don't think it's impossible to have both. Entrepreneurial friends of mine have their product manufactured in China. However they are in constant touch with the factories and go there at least quarterly to maintain relationships. So when they need or want to make a change to their products (and they sell a fashion trendy item) all it takes are some emails and calls to the factory.

If you don't yet have that type of relationship with outsourced manufacturers this could be a great time to establish one. That way in a few months, you'll hopefully feel better about outsourcing and be able to get great prices as well.
Click to view Vince's profile Host Vince 91 posts since
Aug 15, 2008
11. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:26 PM

With funding tightening and revenue streams drying up, How can I better manage my cash flow?
Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
12. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:38 PM
in response to: Vince
We've hit a small glitch in Rieva's response to the last question, please be assured that your questions will be answered.
Click to view RievaLesonsky's profile Authority RievaLesonsky 8 posts since
Jul 13, 2009
13. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:41 PM
in response to: Vince

You're right Vince, cash flow is so important right now. So it's vital you get the most for your money. First you have to stay on top of accounts receivable. Make sure you're collecting from the people who owe you money. If some are lagging in payments to you, you might try incenting them by offering a small discount on the invoice if they pay within 30 days.

But you also need to manage the money you have. Surprisingly, not too many small business owners know that you can actually open a saving account. We recently switched banks and when we met with our new banker (at Bank of America in Irvine, CA) we were surprised that we could put some of our money in s money market savings account. So we're now earning interest on some of our money, and today every dollar earned is a big help.

Cash flow is also about what goes out. Check to see where you're spending? Can you cut back on subscriptions and read publications online for free? Are you spending too much on your coffee service? Perhaps it's smarter to bring in some coffee makers? Check your travel expenses. Maybe it's time to switch to the discount carriers or lower-priced hotels.
Click to view Howard's profile Mogul Howard 82 posts since
Jul 29, 2008
14. Re: Event July 16: Navigating Through the “Great Recession” Jul 16, 2009 2:41 PM
My son wants to leave his job and start his own business. I told him that he was crazy in this economy. What are your thoughts on the opportunity right now to start a new business during this down time? And if he does move forward (he's got his own mind), what advice would your provide?
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