Wisconsin businesses urged to secure financial future

As the economic slowdown continues, small business owners in Wisconsin have been advised to take steps to ensure their organization is on a firm financial footing.

In a meeting held by the Metropolitan Milwaukee Association of Commerce at the city's University Club, it was reported that entrepreneurs should use the current financial climate as an opportunity to secure their businesses and develop goals for the long term, WisBusiness reports.

Meanwhile, the association stated that firms' short-term expectations should be tempered as banks implement stricter lending criteria in regards to issuing business loans and other lines of credit.

Kurt Krumholz, a financial consultant with Suby, Von Haden and Associates, said, "We are in a trough cycle right now. Businesses need to sort of refocus, figure out where they are and where they want to go and reduce their expectations at the moment."

He added those organizations which have a sound business plan in place are set to be those which will perform most successfully in the current financial climate.

Gary Giesemann, a partner with Deloitte Tax LLP, reported that the current economic climate has seen many small business' sales and orders figures fall, which in turn has caused them to layoff workers.

Speaking at a "Survive and Thrive" seminar held by the Charlotte Chamber of Commerce in North Carolina earlier this week, business consultant Mary Bruce stated that small business looking to manage through the downturn should look to expand into new markets.

For businesses looking to make payroll or meet other financial goals, applying for a business loan from a nontraditional lender could prove to be effective.