Small Business Development Center Provides Resources for Distressed Businesses
Communications and Public Policy Director Nick Fuhrman
Adam Brownlee, Center Director
BOWLING GREEN, KY (March 18, 2009) - The Bowling Green Area Chamber of Commerce encourages its partners to explore the many business resources available throughout the community, including those offered by the Kentucky Small Business Development Center (KSBDC), which has a branch office on Western Kentucky University's campus. The KSBDC is now offering consulting for distressed businesses with one to 500 employees.
As part of its economic development efforts in assisting existing businesses, the Chamber works closely with WKU and other resources to provide information to our 1,300+ partners. Dan Preston, Chamber vice president, economic development, said, "It's important for us to make our partners aware of the resources available, especially those for small businesses that may not otherwise hear about what's out there. The Small Business Development Center at WKU offers tremendous value through its services, particularly in a time when we are hearing more and more about businesses that are in distress."
Adam Brownlee is the center director for the Small Business Development Center at Western Kentucky University. He emphasizes that small businesses may find themselves in need of more services given today's economic climate, and KSBDC can provide that assistance at a low cost, sometimes even at no cost to the companies. "Distressed companies face an uphill battle when determining strategies for restoring profitability," he explained.
"The management consultants at KSBDC are a valuable and low-cost resource for distressed companies and their stakeholders," said Brownlee. "Depending on a company's needs, we offer a flexible approach that is designed to improve business operations and financial performance."
For example, Brownlee explains, KSBDC works proactively with commercial loan clients to address management issues, thereby reducing bank charge-offs and delinquency numbers. Consultants work with the client's management team to provide constant guidance that allows the distressed company to navigate its way out of distress. Overall, KSBDC works with the distressed loan customer to
Manage the crisis situation and restore stability for the business
Review expenses, credit relationships and cash flows
Develop cash management and debt restructuring plans
Define a new strategy based on market analysis, competitors and core competencies
Develop a new business plan for going forward
Identify methods for improving organizational structure and staffing levels
Develop reorganization plans and forecasts of future performance
Identify key performance measures and track progress weekly
The KSBDC's assistance is designed to position the client company for survival by enabling the company to
Continue operations while managing debt
Reshape the organization for improved efficiencies and profitability
Improve operational performance
Foster development of new management methods to control and manage the business
The KSBDC and its branch offices like the one at WKU provide access to capital, management expertise and growth strategies for start-ups, as well as existing and struggling businesses. By delivering high quality, in-depth and hands-on business consulting to start-up and existing businesses, the KSBDC creates both wealth and jobs, and strengthens Kentucky's economic health. A complete listing of the KSBDC's consulting services can be found at this link.
"The Small Business Development Center provides a valuable resource for businesses," said Todd Davis, chairman of the Chamber Board of Directors. "The Chamber is proud to support such an organization's efforts and to provide information about its offerings to our partners."
For more information about the KSBDC's office at WKU, call 270-745-1924 or visit www.wkusbdc.com.
About the Bowling Green Area Chamber of Commerce
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.