Firms get tips for trying times
Published: October 31, 2008
Updated: October 31, 2008
Business owners and managers should look at operating expenses and evaluate prices or fees for services to increase cash flow.
That's one way to manage your business during tumultuous times, a speaker said yesterday during a forum at the Greater Richmond Chamber. About 25 business owners and managers attended.
Creating plans to react to different scenarios also will help your company, said Roger M. Pell, senior vice president of the global technology firm Inmatrix Inc. in Henrico County.
"We don't know how long it will last," Pell said of the economic slowdown. "We know it will end but what are you going to do when the surprises start to hit?"
Four speakers, including Pell, talked about retaining employees and customers, driving cash flow, creating strategies for sales and marketing, and developing strategic plans.
Alfred D. Hinkle, who once worked for Signet Bank and had to lay off hundreds of people, spoke about leading employees and your company during tumultuous times.
Hinkle is vice president and director of human resources for C&F Finance Co., a regional auto-loan financing firm in Henrico. He offered these tips:
Take care of essential employees, Hinkle said.
"In a small business, everybody affects everybody else," said Sara Cowherd, an attendee and president of consulting services firm FM Solutions in Henrico.
Contact Emily C. Dooley at (804) 649-6016 or .
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