WBDC SPONSORS SMALL BUSINESS SURVIVAL FORUM AT UNIVERSITY OF CHICAGO GLEACHER CENTER
 Pictured: (front row, from left) Monika J. Machen, Partner at Sonnenschein Nath & Rosenthal; panel moderator Emilia DiMenco, Executive Vice President of Business Banking at Harris Bank; Nadia M. Quarles, Director of Business Diversity at The University of Chicago; Hedy M. Ratner and Carol Dougal, Co-Presidents of the Women's Business Development Center; and Mitchell Hirsch, Managing Director, Financial Advisory Services Practice, RSM McGladrey; (back row, from left) Lawrence Adelman, Principal at AEG Partners; Jack Yong, Vice President & Senior Manager, Special Accounts Management Unit, Harris N.A.; Harriet Reilly, President of Pinnacle Insurance Agency; and Keven C. Wilder, Senior Consultant, McMillan|Doolittle LLP.
On October 22, 2008 the WBDC, in partnership with the University of Chicago Office of Business Diversity and the Illinois Department of Commerce and Economic Opportunity, presented a free forum on small business survival in tough economic times. "Thriving in a Challenging Economy: The Economy's Impact on Small Business" was a timely response to the needs of WBDC clients in light of the current economic situation.
Terry Savage, President of Terry Savage Productions, author, and regular contributor to the Chicago Sun-Times, presented an economic forecast to the 100 women in attendance.
The forum then featured an eight member panel discussion moderated by Emilia Dimenco, Executive Vice President of Business Banking at Harris Bank and WBDC Board member. Panel members included experts such as turnaround specialists, restructuring consultants, and a bankruptcy lawyer.
Key pieces of advice included:
Take a rigorous look at the health of your business
Manage your expenses carefully
Work more aggressively to collect the money owed you
Market your business aggressively
Panelists stressed that there will be no escaping the pain; most businesses will feel the pinch of the down economy. However, with some savvy moves - right now - you can minimize your losses, stabilize or even increase your revenues, and be better prepared when the inevitable turnaround comes.
For more highlights from the forum, please view our video here.
The WBDC will have additional forums on surviving in the current economy starting in March. These forums will be held in the city and surrounding suburbs and will cover topics such as:
Alternative access to capital
Bankruptcy and other exit options
Increasing cash flow and cutting costs
Alternative marketing strategies
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