by David Chapman
Staff Writer
Facing tougher economic times, nearly 40 area business owners recently gathered to take part in a multi-platform forum designed to facilitate ideas on how to economically survive, and even prosper, when the economy is in a recession.
The “CEO Profit Strategy Forum” featured a panel discussion with local bank presidents Gil Pomar of The Jacksonville Bank and Bennett Brown of American Enterprise Bank of Florida, both of whom offered advice to local business owners on how to survive.
“Operating efficiently today is one of the hardest things to do,” said Brown, whose advice included looking at expenses and staff to ensure efficiency and methods of accounts receivable.
During his session, Pomar offered numerous points of advice on everything from communication with employees and “getting tough on yourself” to improving current customer relations.
Even with the present tough times, Pomar said he believes the current financial situation isn’t and won’t be as bad as many business owners and pundits expect.
“I’m an optimist,” said Pomar of the economy. “I’m hopeful and quietly confident.”
Both advised that business owners should seek out assistance from their bankers while investing in stocks or real estate, as opportunities are out there.
Both Pomar and Bennett enjoyed the discussion and questions from local business owners.
“That’s what it’s all about,” said Pomar, referring to the business forum. “I thought things went well ... much of what we said was practical, but in times like these people have to get back to basics.”
Following the panel discussion, the business owners broke into groups to brainstorm on ideas to increase profit and create action plans to incorporate. Following group discussion, ideas were proposed aloud to the crowd.
Profit increase ideas included substituting employees’ salaries for incentives and making economically efficient purchases of equipment and companies. Some action plans included overcommunicating with key employees and renegotiating vendor prices.
The brainstorming session was facilitated by Dave Strathmann, CEO of Crestcom Leadership Training, who along with John Beehner, founder of the roundtable business growth company, the Wise Counsel, presented the “CEO Profit Strategy Forum.”
“Our goal was to provide a forum to give some useful ideas to business owners and engage them with their peers in these difficult times,” said Strathmann. “It was very well received and the feedback was overwhelmingly positive.”
Numerous forum participants saw the benefits of attending such a function and came away with business improvement ideas for 2009.
“Overall I thought a lot of the peer ideas were valuable,” said Thomas Cornollo, a partner at B2B CFO, a chief financial officer outsourcing company. “Things like communication with employees are really important.”
Another participant agreed.
“Brainstorming with other CEOs on ideas to improve profit in these times can help,” said Atwater Systems President Brad Schultz. “Some of the ideas that came from people were surprising.”
Many of the ideas were a reminder of things many business owners forget but need to be refreshed, said participant and Loop Pizza Grill and Bistro Aix founder Mike Schneider.
“Some of the things mentioned were things I knew but needed to be reminded of,” said Schneider. “Business owners can get so busy and worry about other things ... it’s just a matter of putting a lot of these ideas into action.”
Following the brainstorming sessions, participants heard about level of employee engagement (“Oomph!”), its importance and how to achieve greater levels of it from speaker Richard Hadden, author of “Contented Cows Moove Faster.”
“It’s about getting people and employees involved to help you get out these tough situations,” said Hadden. “No business can hope to compete in an uncertain economy without the enthusiasm from everyone on payroll.”
Strathmann said that more forums will be in the works in the future thanks to the positive response and participation of the first forum.
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