Post Event Wrap-Up

Running on Empty: Make a Little Go a Long Way

2/26/2009, 5:30 to 7:30 p.m
PNC Center in the Center Hall

On February 26, 2009, Innovation Philadelphia hosted Running on Empty: Make a Little Go a Long Way. Over 100 entrepreneurs in the creative industry attended this standing room only event to hear a panel of regional entrepreneurs and business owners share tips and personal experiences of how to survive and thrive during challenging economic times.

Attendees listened to a panel discussion, moderated by Mark Loschiavo, Executive Director of the Laurence A. Baiada Center for Entrepreneurship, and then broke out into discussion groups with the individual panelists to discuss additional ways for small businesses to weather a tough economic climate.

Moderator:
Mark P. Loschiavo
Executive Director
Laurence A. Baiada Center for Entrepreneurship
 
Panelists:
Malik Boyd,
Managing Partner
Premiere Brand Group

Charnelle Hicks
President
CHPlanning

Connie Pearson-Bernard
President and Founder
Seamless Events, Inc.

David White
President and CEO
DesignDesign 

• “Where is the cash?” The tough economic times might make it harder for some clients to pay the bills on time. Keep on top of late invoices.
• Make sure that payment plans in contracts are clearly spelled out. Look into payment options that may be easier for your clients to pay.
• This climate has forced one panelists' company to concentrate on brand and marketing more than ever. You need to be serious to show potential clients that your company exists in efforts to generate more business.

Provide a successful tactical example your company has utilized to make a little go a long way and survive through these challenging times.

• Embrace sales in a slump economy. Make as many sales calls as you possibly can.
• Prioritize spending on what you need and don’t need.
• Get help from consultants or business incubators. Lay out your priorities.  You might have to pay for the expertise, but it is worth it.
• Explore creative partnerships with other organizations. Ex: you could “barter” your services for discounted office space, etc.
• Be an in-kind sponsor for an event, but don’t do it for free! Offer a discounted rate and put your business in front of prospective clients.

• Refine your business process. Identify areas in your business that are not performing as well as they could.  For example, how many overdue invoices do you have? If you scheduled time to call these clients each week, how many would come rolling in?
• Go further with existing clients. “Put more on your menu,” so you can offer additional services and make more money doing it.
• Partner with other companies to bring in more business. Leverage more from what you are already doing.
• Keep your existing clients for as long as possible. Little things really make a difference when providing quality service.
• Be aware of how your business is being portrayed. Google yourself, and find out what is being said on the Internet and in online reviews. This may give you pointers on what areas of your business need improvement.
• If you are looking to cut costs, explore the options of a virtual office.
• The internet is a goldmine for free marketing. Utilize websites such as Facebook, LinkedIn and Twitter. Post comments on sites relevant to your industry and link back to your own website to increase traffic.
• Events with your local Chamber of Commerce can offer a mountain of free or cheap exposure. They also provide invaluable networking opportunities. Some companies only partner with businesses that belong to their chamber.

• Whenever there is change, there is opportunity.
• Layoffs are great news for consultants. If you’ve been laid off, can you roll your skills into a consultancy?
• Be creative and think outside the box. One panelist said he went on interviews and pitched their business to the hiring managers. Never be afraid to put an offer on the table.
• Use informed intuition. Dig in and do the research to understand your industry and where it is going.
• Talk to anyone who will listen. Network! Find a mentor to run ideas by and share suggestions, to get an outsider’s point of view.

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