Small Business Help During Tough Economic Times

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Story Published: Sep 23, 2008 at 6:24 PM MST

Story Updated: Nov 21, 2008 at 2:43 AM MST

By Wes Horrocks

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POCATELLO - It was another rough day on Wall Street. As things continue sliding up and down, it can be overwhelming to plan for your future.

But it's not just consumers that are struggling, small businesses are feeling the strain too. Simple resources for help are the Small Business Development Centers across the state.

They can help you create business plans or just give you advice on how to continue growing for free.

For any business, the first things you need are a product and customers.

Bonnie Danoff, owner of Serenity Day Spa in American Falls says, "We try to let the public know that we're here, and what we have to offer. That's been the most difficult thing to accomplish."

Because it's so difficult, four out of every five small businesses will fail within five years and the slow economy is not making it any easier.

Tom Maydew, small business consultant at the SBDC says, "Actually if you're a small business now that is increasing you're a hero. Let's be real, this is a very difficult economic time right now."

The SBDC can teach you skills to grow. You need to plan ahead to avoid paying overtime. You should also put off big purchases until things stabilize. You need to be able to pay off your debts immediately.

"It would be wise to have money put away to help them through the harvest seasons, the slower times," says Danoff.

The biggest problem businesses in Pocatello are seeing is a lack of consumer confidence. In order to succeed, business owners will have to become more competitive.

"You have to be more aggressive. You have to be more focused. And you have to be more consistent," says Maydew.

The SBDC can also help you create a business plan so that you can stay focused. They can help you qualify for business loans.

"It's about putting systems in place so that your business doesn't control you, you control your business," says Maydew.

The Small Business Development Center in Pocatello offers free training seminars for businesses the second Thursday of every month from 1pm to 4pm.

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