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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Sept. 26, 2001)
ih. Page C4 B ( i n r t lan d (Ph «e ru e r Small Businesses Feel Lending Pinch If you are a sm all-business ow ner look ing for financing, be prepared for bad news. Y our lender will likely give you the cold shoulder when you go looking for cash. Two-thirds of com m ercial lenders think the current econom ic slow down will drag its heels into 2002, according to the latest Phoenix Lending Survey. The quarterly survey, which gauges shifts in lending attitudes, also revealed that small and mid-sized businesses will be especially hard hit when it comes to finding willing lenders. Who is expected to feel the effects of the lending restrictions the most? Forty-seven percent of the respondents said middle-market firms. Another 33 per cent said small-business would take a hit. And for the first time in more than a year, an industry other than health care was named "least attractive” by a majority of lenders. Seventy-three percent of lenders said the industry they least wanted to lend to was start up ventures. Health care, especially nonprofit and managed-care firms, followed with 66 percent naming it unattractive. Technology businesses also took a hit in perceived unattractiveness, up from 42 per cent in the last quarter of 2000 to 57 percent in the first quarter of this year. Light manufacturing and industrial distribu tion continue their runs as being most attrac tive to lenders, with 79 percent and 75 percent of lenders respectively naming them attractive to their lending institutions. C hase & Weil, LLP Salutes M inority B u s in e s s e s Gerald M. Chase Richard L. Weil A ttorneys at Law 722 SW 2nd Ave. Suite 240 Portland Oregon 97204 Phone 503-294-1414 September 26, 2001 MINORITY BUSINESS Mapping Your Universe IMPRESSTHEM by P eggy C. R oss EO b T h E PoKli.AM) OBSERVER You've heard the old adage, “It’s not what you know, it’s whom you know.” I can say the same thing in just one word: network ing. It’s not enough simply to be good at your profession, you have to also know your “universe.” To under stand the landscape in which you’re working can make the difference between having five zeros in your bottom line and having six. But w here do you start? First you have to J u n d e rsta n d your J goal: to build solid relationships with people w ho can send w ork your way. Building relationships takes time, and there’s no time to start like the present. MEETPEOPI.E If you haven’t done so already, research other firms in the area (competitors, contractors and cus tomers). Learn all the industry-related associations and other peer-support-type o f groups. Know who the appropriate government contact-people are; find the person who actually makes hiring decisions, not someone lower on the chain of command. Now that you know whom you would like to meet, meet them. Go to those meetings and introduce yourself. Call people up. Send them your resume or brochure. T here’s no easy answer about how to do this: To some degree, people will either like you or they w on’t. You can seek help with business etiquette, anger management, public speak ing or other concerns if you feel that these are personal issues. The main thing is to know your business. Anyone can make friends, but if someone doesn’t feel that you can do the job, they still w on’t recommend you. Your skills are your . bottom botto line. H ow do you d e m o n s tra te y o u r sk ills? Develop as p ro fe s- . s io n a l- | looking Networking makes whom you know enhance what you know GElTtXiETHERWTTHTHEM Okay, they know your name. Now what? They have to learn about you and your business, and they have to get to know you as a person. Business is done by people, and people like to help people they know. It’s your job to help people want to help you. How can you create opportunities to spend more than 60 seconds with influential people? Join some of those professional groups, or even better, join their boards o f directors. Take them out to lunch. Request an “informational interview,” which gives you an opportunity to ask someone industry-related questions (but don’t pitch your firm directly). L p o r tf o lio that you can afford to produce. Use letterhead and business cards. Refer people to your website. Give them a copy o f a letter o f recommendation. Talk about the skill and dedication of you and your employees. Mention past experiences, going above and beyond the call of duty to satisfy a customer. Don’t make promises that you’ 11 be unable to keep, but give them something to remember you by. FOLLOWUP After your meeting, informational interview or other one-on-one interaction, write a thank-you note.Then wait. Give them time to fit you into their universe. If you haven’t heard from them in a week or so, give them a call. Keep your tone friendly, not demanding. Make it clear that you are ready and willing to do business, but don’t push it to the point of irritating them. It’s an intricate dance. Networking is not done overnight. You have to invest in other people so that they are interested in investing in you. By demonstrating your competence, professionalism, and resolve as a business owner, you will make yourself a star within your universe. Peggy C. Ross is the principal of P.C.RossGroup, which was formed in 1994 to build bridges in business using development, customer-service and diversity training, and outreach/public involvement strategies. Ms. Ross can be reached at 503/641-4553, or visit www.pcrossgroup.com. Saluting our Emerging and Minority-Owned Businesses The Portland Development Commission Cs Wias S l Hair Ceure, Celiar ‘nrytur uw-cJumjiny lifutylt-' Rhonda C abine-Purifoy (503) 281-6525 m rscsl @excelonline.com 707 N.E. Fremont St. Portland, OR 97212 Saintes is proud to salute the following women and minority-owned businesses- BELLA FACCIA PIZZERIA GRANDFATHER'S BARBECUE 2934 NE Alberta Street Pizza Cafe 3524 N. Mississippi Avenue Barbecue Restaurant BLIMPIE - BOSWELL S FAMILY LA NUEVA CO M M UNITY GROCERY 432 NE Killingsworth Sandwich Cafe 2000 NE Alberta Street Grocery Store Each of these businesses has received a small business loan through PDC’s Economic Development Department. PDC brings together com m unity resources to achieve P ortland’s vision of a vital economy w ith healthy ss Minority businesses ; es peciaCtff Wow-Owned Cosinesses Go neighborhoods and q u a lity jobs for all c ity residents. I f yo u w o u ld like more in fo rm a tio n on sm a ll business loans fro m the P o rtla n d Development Commission, please co n ta ct W ally Z w in g /i a t 503-823-3321, Peter Englander a t 503-823-3347 o r Fred Atiemo a t 503-823-3304. PDC supports m in o rity-o w n e d businesses because we know th a t successful s m a ll businesses are the backbone o f a h e a lthy local economy. roc PORTLAND DEVELOPMENT COMMISSION
