Denver businesses join forces

A number of small businesses located in the Denver region are teaming up in order to improve the effectiveness of their firms amid the current economic turmoil.

In an article on Rocky Mountain News, it was reported that the more than 140 small businesses in the Colorado city have formed the Alternative Board.

Such a business-to-business network, the publication reveals, functions as a sounding board, strategist and support group for small firms.

Meeting on a regular basis, business owners can join a board to discuss the various challenges they face and potential solutions to operating more effectively.

Heather Mourer, owner of a high-end furniture store in Cherry Creek, told the publication that without her board she would have been unable to obtain a small business loan.

Jason Zickerman, president of the organization, claims that the current financial climate makes it especially important for small businesses to seek all the help they can get. He said, "This is no time to be alone."

In a bid to manage through the holiday season, chief innovative officer David Halpern and alternative board facilitator Susan LeTerneau advised small businesses to cut their inventory to a "safe level" and to attempt to collect all the money they are owed.

It was also reported that firms struggling to keep vendors happy should attempt to negotiate a payment plan allowing them more time to meet such costs.

Last month, Californian governor Arnold Schwarzenegger revealed that he is to hold the state's first-ever conference on small business and entrepreneurship to help advise such firms on how to manage through the financial downturn.