Helping Small Businesses Survive the Economic Slowdown

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Helping Small Businesses Survive the Economic Slowdown

Towson, Md. (February 27, 2009)—Over 200 small business owners gathered at the Hilton in Pikesville to learn practical ways to deal with some of the most common business issues companies are facing in today's challenging economic climate. The Baltimore County Department of Economic Development in partnership with the Maryland Department of Business and Economic Development and the Baltimore County Small Business Resource Center developed "Surviving the Economic Slowdown" to provide specific tactics and resources to help small businesses weather the tough economy. Below, some ideas from the 14 business experts who spoke at the seminar.

Local bankers have more flexibility in negotiating credit than large national banks.
As part of the American Recovery and Reinvestment Act, the U.S. Small Business Administration has additional resources and more flexibility to approve loans and loan guarantees. Visit www.sba.gov for details.
be straight forward about your business situation. Tell the truth to your employees, customers, vendors, bankers, the IRS and Maryland State Comptroller's office.
After the recession, what you definitely will have is your reputation and your ideas. Legally protect your intellectual property assets by copyright, trademark or other means.
Find new customers by using social media such as Facebook and Digg. They're not just for teenagers anymore.
If necessary, talk to your landlord about renegotiating your lease, but be realistic. Your landlord needs the income from your
Get professional help. Trained counselors at the Baltimore County Small Business Resource Center and Maryland Small Business Resource Center can help business owners navigate a wealth of employment and financial services. Most services are free. Visit www.baltimorecountymd.gov/business.