Meeting the Economic Challenges with Henry Ejdelbaum

Henry spoke to a group of small businesses about the challenges facing the economy during the next year. He explained that the recession was not the doom and gloom situation that the media are reporting. Many small businesses will close and get into trouble, but many will also grow and attract more customers.

One important tip that Henry said was important for all businesses is a regular 'review' of your businesses. While doing the review is was vital that one tries to step outside the scope of your business. This will show where pressure points in finances exist, but also the opportunities that a firm is not taking advantage of.

Marketing was also vital. Not in terms of the media or posters, but in terms of calling your existing customers and finding new ones. The aim of marketing is not raising the profile or getting into the media, but to increase sales.

Other tips and comments include:

• we are in a new era of realistic lending;
• there are no stupid lenders without stupid borrowers;
• to succeed you need focus, and a little bit of madness;
• small firms need to look at their payment model;
• take advice and speak to others;
• look at opportunities.

Presentation slides for information.