Recession, Internet have some businesses going back to basics
Store owners share strategies to weather recession
The recession and stiff competition from the Internet have local businesses returning to an old-fashioned business technique — face-to-face communication.
At a May 20 business forum, four panelists — a representative from a community bank, a nationwide bank, a real estate agent and a local business — revealed how their businesses are faring during the recession.
Bob Mignon, owner of Minuteman Press; real estate broker Pattie Smallwood; John Bruning, senior vice president at Revere Bank on Main Street; and Terrell Taylor, a vice president of the Business Banking Group for the Greater Washington Area at PNC Bank, spoke to about 20 members of the Laurel Board of Trade and residents.
Barney Walsh, Board of Trade president, said the panelists were chosen because the major areas involved in recession have been in the banking and real estate communities.
Each of the panelists mentioned how although the credit crunch and lack of lending is hurting their businesses, the Internet and digital age have significantly affected their small businesses.
Bruning said that he has had difficulty attracting many customers online because the bank doesn't post its interest rates on its Web site.
"What I want to have is a conversation. If I post my rates online I'll never get any phone calls," he said.
Bruning said he has had to travel around, meeting with businesses and customers in person and letting them know that the bank has money to lend.
Mignon said his printing business has also been affected by the digital age, as where once real estate brokers would request mailers to send to potential clients, they are now simply sending out e-mails.
Now, he is becoming active in the Board of Trade and the Baltimore Washington Chamber of Commerce to get more clients.
Taylor said his bank is keeping up with technology, but "there is always going to be the need for brick and mortar," he said.
The meeting concluded with each panelist offering their ideas on how they've helped their business.
Smallwood said being involved in the political process is important to keep everyone honest, while Mignon stressed fiscal responsibility.
Laurel resident Jim McCeney said despite the turnout being "appallingly small," he commended the Board of Trade for having the forum, adding that he especially enjoyed Smallwood's presentation.
"I thought her presentations and the things she said were most thoughtful, and certainly the most things that weren't already obvious to many, many people," he said. "Everybody needs to lobby, because the realtors have to keep the bankers honest. You can't just let other people lobby, because you're going to lose."
City Councilwoman Donna Crary (Ward 2) said the meeting was informative for her as a councilwoman and businesswoman.
"I felt very positive coming out of there," she said. "The small business community relying on the small business community is going to help us through this."
E-mail Timmy Gelles at tgelles@gazette.net.