Thriving, surviving in tough economy

Allan Goldner surveyed the paltry showing at his free seminar, including lunch, on how small businesses can cope with challenges in today's difficult economy and threw his arms up in frustration.

"Where is everybody?" he asked a dozen or so people in attendance at the Las Vegas Chamber of Commerce office. "It's amazing that the very ones that need help aren't here."

Goldner, founder and chairman of Status Group strategic business advisers, had a client who said he was "upside down," his phones were ringing off the hook and he was falling behind in business.

"I say, 'Come on in,' " Goldner said. "He says, 'I don't have the time.' Or you get the ones who say, 'Wow, you guys are really expensive.' How much did that one mistake cost? You go to the doctor with a problem, you don't say it's too expensive or I don't have the time. How do we get the entrepreneur from becoming their worst enemy?"

Many Americans are in a panic about the future of the economy. The fall of major U.S. financial institutions, the sharp decline in the housing market and skyrocketing energy prices are making headlines across the world.

Even in this economic downturn, small businesses remain bullish on growth and are poised to weather the storm, a survey by Mountain View, Calif.-based Intuit business software company showed.

Nine out of 10 small-business owners reported seeing opportunities for their businesses in the current recession and more than 75 percent expect growth, according to the survey.

"Small-business owners are extremely adaptable and nimble individuals," said Rick Jensen, senior vice president of Intuit's small-business division. "Faced with climbing gas prices and tightening credit standards, they continually prove to be the driving force of our economy."

Seventy percent of small-business owners said their personal passion drove them to start their own company and that same passion will help them get through the downturn.

For many, however, the passion is tempered by the frustration with the administrative side of running a company, Jensen said. Sixty-four percent said they wished they could spend less time doing paperwork and invoices and get back to running their business.

"The business of doing business should not get in the way of entrepreneurial dreams," Jensen said.

Goldner formed a team of executives with 300 years of cumulative experience to help clients avoid the mistakes they made. Their areas of expertise cover operations, human resources, marketing, information technology, insurance, legal and financial analysis.

Business is "very emotional" and shouldn't be, Goldner said. The bottom line is it takes money to make money and some businesses can't be saved, he said.

"Remember, when you have an executive team making six-figure salaries, they want to please the boss. They're not going to step outside the box very often. We don't really care what the boss thinks," Goldner said. "We are the team that nobody can afford to pay."

Drew Miles of Florida-based Pathfinder Business Strategies realized that most of his clients were unprepared financially for any sort of drastic economic downturn.

He said one of the most overlooked ways for business owners to save a substantial amount of money is by reducing the amount of federal income taxes paid every year. Pathfinder has advised more than 5,000 businesses and individuals and saved them $20 million in tax payments, Miles said.

"When the economy takes a turn for the worse, everyone starts tightening their belts," he said.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.