Business Owners Told: 'Stay the Course!'

Economic development staff from the City of Columbia took part this afternoon in a national webinar on "Thriving in a Slow Economy"; sponsored by the National Main Street Center, this online seminar endorsed some of our current strategies such as the "Think Monroe County First" campaign.

Todd Barman, Program Officer for the National Main Street Center, offered succinct advice to economic developers from across the nation about how to support their community's smaller firms. He also summarized some key actions that individual business owners can take to keep their companies headed in the right direction despite buffeting from the economic downturn.

First and foremost, Barman advised, business owners need to stay the course. Consumer confidence is the key to buying, and their confidence grows in businesses that are moving forward in a calm, consistent manner.

Barman also recommended the following actions:

1. Review inventory levels more closely--don't stay overstocked or seriously understocked;
2. Determine your company's financial "break even" point and be more careful about reaching it;
3. Analyze your customer base;
4. Maximize the power of referrals;
5. Watch what the "big boys" in your industry are doing;
6. Participate in a "think local" campaign;
7. Take positive action--maintain a positive attitude.