ih.
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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