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Smart Ways Your Business Can Weather the Economic Storm

October 28th, 2008

In a recent article I read on I was surprised at some of the simple things business owners are doing to find opportunity amidst the financial problems that are all around us. The article states that “One year ago, bank loans for clients with personal credit scores as low as 660 and who had only been in business six months were not as hard to come by says David Gass, president of Las Vegas-based Business Credit Services, a firm that advises business owners on how to obtain financing.”If you have three years-plus in business, a good business credit score and a good personal credit score above 720, your chances of getting a loan are greater,” Gass says.”

Despite all of the bad news about the economy that bombards us everyday, there are still those entrepreneurs that find new ways to weather the storm, and even use the storm to their advantage. Take Allentown Brew Works for example.

“There’s a change in spending habits,” says restaurantĀ marketing director Mike Fegley, who’s a member of the family that owns the enterprise. “You have to keep ahead of it.” The Brew Works’ lubrication for wallet rust has been to trim the gilded end of its menu, deleting, for example, a low-profit, $23 Kobe-style steak. “When you get into a time like this, you remove those items from the menu so people don’t look at them and say, ‘This place is expensive,'” Fegley says. At the same time, the restaurant is cranking out $8.50 hamburgers while keeping its standards consistently high. “We useĀ fresh ingredients,” he says, “and we are not making cuts in the kitchen.”

These simple tactics along with some of the others provided on the site will hopefully inspire you to keep your head up and looking toward a more positive future. We all know that this will not be the end of our economy. This country is comprised of smart, creative people, who won’t accept failure and this article highlights some of them. There are many more great ideas on things your business can do to open up cash flow.

Entry Filed under: Advice

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