May

Thriving During an Economic Downturn

Post by Liz Cullen, contributing Women On Business writer

Recently in the media, there haven’t been many positive stories about businesses doing well. As Amy discussed in her post last week, not only are there businesses surviving the downturn but also businesses who are doing the best they can to thrive in a downturn. Several women I have spoken to recently told me their success stories, and what they have done to receive positive press even in difficult times.

One woman I spoke with runs a staffing company. She is a certified WBE who has just signed a new contract and will need to hire nearly 40 new people. She is also moving into a bigger space in her building at a bargain price! So not only is she expanding her business, but it is also encouraging to hear about companies who are hiring now. As a business owner, I suggest you talk with your landlord about rent prices, you may be surprised to find out they are willing to lower your rent just to ensure you stay around.

Another woman who is running a thriving limousine business in our region, spoke to a group of Women’s Business Enterprises about how her business has grown. She has signed several new contracts with other WBEs and WPEO Sponsors, allowing her to submit them to the WPEO Done Deals Challenge. Once a Deal is submitted to the WPEO and both sides confirm the Deal, we publish it. Since publicizing her successes, this WBE has seen a distinct increase in business. She was able to promote her positive business and when others saw, it peaked their interest in her company.

In addition, several entrepreneurs have told me about how their relationship with their banker has enabled them to keep or increase their lines of credit. I was in a meeting the other day, when one of the participants received a call from a journalist looking for women business owners who were having trouble accessing credit. The women in the room did not have that story at all! Instead, they pitched a story on the how and why of women business owners surviving and thriving because of their business savvy.

It’s important to tell the good stories, the success stories, not only to keep us motivated but also because, as in the case with the limousine business -success breeds more success.