Chamber Encourages Partners to Explore SCORE Resources

Contact:
Jessica M.L. Thompson, Communications Director
270-781-3200; jessica@bgchamber.com


Bill Huff, SCORE Kentucky District Director
502-582-5976

BOWLING GREEN, KY-The Bowling Green Area Chamber of Commerce partners with the local chapter of the Service Corps of Retired Executives Association (SCORE) to provide business leaders and entrepreneurs with business counseling and education. Currently, the Chamber and SCORE are offering a free business review and planning session for Chamber partners.

"Nearly 90% of our Chamber partners are small businesses," said Chamber Board Chairman Todd Davis. "We recognize that some partners may be looking for services just like those offered by SCORE. We're happy to partner with this organization to offer valuable resources to our partners."

SCORE volunteer experts have experience in a wide range of business areas, including strategic planning, cash flow management, financial assessments, sales forecasting, sales pipeline planning and business mentoring.

"Small businesses feel the credit crunch first. We have seen difficulty accessing capital and collecting payments from customers," said SCORE CEO Ken Yancey. "Don't wait. Now is the time to meet with a SCORE mentor to make plans to tighten credit policies, cut expenses and look at holding cash in your accounts. Experienced SCORE mentors are here to help you plan actions to survive the recession and grow when the economy turns around."

SCORE Branch Manager Ed Adkins encourages businesses to contact him at 502-582-5976 to set up an appointment to meet with a SCORE volunteer. For more information, interested parties can also visit www.score-kentucky.org. Adkins also provides the following small business survival tips from SCORE:

• Don't panic. Be calm and realistic as you review your business. Focus on the fundamentals and what you can control about your business. Look for new ways of doing business. Your competitors may be struggling too. Take steps to make sure your business survives.
• Consult your mentors. Get feedback from informal advisors you trust. Ask SCORE for advice and meet to review the health of your business. Plan for a profitable year in 2009, even with potentially little or no growth.
• Look for local funding. Contact your city, county or state governments when you seek capital. Sometimes there are programs with grants or loans in specific industries. Many economic development offices have programs for qualified small firms. Community banks also may be a source for a line of credit. A solid business plan can help you make your case.
• Find ways to cut costs. Monitor cash flow weekly. Cut overhead and hold the line on price increases. Make sure you have good collection policies and diligently seek timely payment. Keep good records of your inventory and be careful not to overstock your shelves.
• Continue your marketing. This is the time you need marketing the most. It reassures your customers that you are still there to serve them, and it can help you reach new markets to sustain your business. Visit your existing clients to find out how their needs may have changed. Adjust your product and service mix to meet changing demand.

Incorporated in 1935, the Bowling Green Area Chamber of Commerce is the driving force for economic development in South Central Kentucky. As one of only 336 chambers nationwide to be accredited by the U.S. Chamber of Commerce, and the fourth largest chamber in Kentucky, the Chamber serves as a premier business advocate for its more than 1,300 partners. Its primary goals are to promote growth and success in the business community, reaching its small business partners and those in large industries alike. With leadership programs, governmental relations projects, educational initiatives and involvement opportunities, the Chamber aims to support the community and its neighbors in order to enhance the business climate and continue to grow the region.