Elizabeth Area Chamber of Commerce business members learned 10 tips in keeping their business alive in trying times. The chamber luncheon on Feb. 19 …
This item is available in full to subscribers.
If you're a print subscriber, but do not yet have an online account, click here to create one.
Click here to see your options for becoming a subscriber.
If you made a voluntary contribution in 2022-2023 of $50 or more, but do not yet have an online account, click here to create one at no additional charge. VIP Digital Access includes access to all websites and online content.
Elizabeth Area Chamber of Commerce business members learned 10
tips in keeping their business alive in trying times.
The chamber luncheon on Feb. 19 at the Western Trails Steak
House was not only a time to socialize, but a chance to network
with other businesses, which according to Tim Edgar, director of
Colorado Small Business Development Center, is a key element for
businesses to survive during economic heat.
Colorado Small Business Development Center is dedicated to
helping small businesses and entrepreneurs expand their business by
offering individual management consulting. Edgar explained 10
strategies to more than 40 chamber members that he said are sure to
help keep their businesses successful and strong.
The first step and the most important step, is developing a
managing plan. Edgar said business owners need to always keep in
mind how important it is to market their business, whether it be
through free or paid advertising. He said business cards are
essential and owners should make them unique and carry them
everywhere they go.
“Put something interesting on the back of the cards to catch
people’s eyes,” he said. “Also if possible display your business
information on your car.”
The second strategy for businesses to be successful is knowing
the strengths and weaknesses of the business. Edgar said it is
important for business owners to have a mission/vision for their
company. He said owners should also know their employees and
customers’ strength and weaknesses.
“Find out how your customers can help your business,” he
The third strategy for business owners is knowing their business
by establishing a data base and tracking the business’
“Whenever you stop measuring your business, you will stop
growing,” he said. “The more you know, the easier it will be to
The fourth strategy business owners can do to be successful is
having the necessary tools, including business cards, Web site and
newsletter. Edgar also said it is smart to give away freebies to
customers and always thank them when they enter and leave the
Strategy number five is the 80/20 rule. Edgar said 80 percent of
a company’s business will come from 20 percent of the customers.
Edgar said businesses need to figure out who that 20 percent is and
market to them.
“Always have frequent contact with your customers and don’t
assume they will remember you,” he said. “You will lose 10 percent
of your customers for every month they don’t hear from you.”
The last five strategies Edgar explained at the chamber luncheon
are appreciating every customer, the importance of networking, the
importance of a business plan, reviewing your finances and
determining what is successfully working in the business and what
Also during the luncheon, chamber member Susette Frausto was
awarded a $1,000 check from Richard Stith from Intermountain Rural
Electric Association for the upcoming Relay for Life event in
Elbert County. Stith also gave Frautso a digital camera to be
auctioned off during Relay for Life to raise money for the American
This year Betty Nobles is chairman for the Relay for Life event
and spoke to chamber members about how they can be sponsors for the
relay or form their own team.
“We are way a head of the game compared to last year and we are
excited to have as many businesses and individuals involved as we
can for this great cause,” she said. “So far we have 30 teams
registered and we are hoping to have at least 50 this year.”
Other items that may interest you
We have noticed you are using an ad blocking plugin in your browser.
The revenue we receive from our advertisers helps make this site possible. We request you whitelist our site.