What would happen to your business if, for instance, a water main broke nearby and employees and customers could not access your building for 10 days? Many entrepreneurs are so busy with the day-to-day responsibilities and challenges of running a business that they forget to prepare for the inevitable. And, no, that’s not being pessimistic.
During a business panel at the Antlers Hilton last week, an audience of Middle Market Entrepreneurs, a Peak Venture Group program, learned about the economic outlook, the national deficit and the one thing businesses cannot afford to overlook during the current economic climate.
As promised last week, this column includes local survey results about business activity and what to expect in El Paso County for 2009. Fred Crowley, senior economist and senior instructor at the College of Business and Administration at the University of Colorado at Colorado Springs, gave the audience at BiggsKofford’s Entrepreneurial Corner some insights about local economic issues.
“We’re seeing the first signs of spring in the thaw of credit since the crisis began in August,” said Scott Anderson, senior economist for Wells Fargo Economics. “The April economic data showed a fair amount of economic stabilization, suggesting the slump hasn’t gained much momentum.”
“Don’t pull the covers over your head,” Kurt Kofford told business owners during a Recession Readiness Assessment seminar at BiggsKofford PC. Being realistic about what’s happening in the current marketplace is an important element of business preparedness. “For some business owners, it will be a matter of surviving,” Kofford said. “But for others it will be about thriving.”
Dave Ramsey likens becoming wealthy to making great barbecue. “You have to cook it for a long time,” he says. “There’s no such thing as quick, good microwave barbecue.” Ramsey should know. By age 26 he had a $4 million real estate portfolio, but lost it all by age 30. So he decided to change his financial strategies, after going on a “quest to find out what older rich people are doing to win — what financial principles they have.”
My fears — that all the espresso in the city would not suffice to keep me awake during an early morning international business seminar — were entirely unfounded. Roy Becker’s presentation to a group for the Office of International Affairs at the Pikes Peak Workforce Center was witty, memorable and useful.