Chamber learns business strategies

Posted 2/20/09

Elizabeth Area Chamber of Commerce business members learned 10 tips in keeping their business alive in trying times. The chamber luncheon on Feb. 19 …

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Chamber learns business strategies


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 said.

The third strategy for business owners is knowing their business by establishing a data base and tracking the business’ progress.

“Whenever you stop measuring your business, you will stop growing,” he said. “The more you know, the easier it will be to stay afloat.

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 business.

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 is not.

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 Cancer Society.

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.”


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