In an economic downturn, how can small business owners get the help they need? W. Kenneth Yancey, CEO of SCORE knows the answer. SCORE "Counselors to America's Small Business" is America's premier source of free and confidential small business advice for entrepreneurs. Yancey believes this is a great time for business owners to reach out to a SCORE counselor or coach to help eveluate your business and prepare for the challenges or opportunities that a slowing economy might provide. Sarah Reinstein, Vice President and Director of the Inner City 100 program sat down with him to learn more.

Over the past year, SCORE has instituted a “Speed Coaching” program in order to provide education, resources, and inspiration to small businesses. What topics does Speed Coaching cover? Does the program address any of the issues specific to business owners in urban areas?   

Our AMEX Open/SCORE Speed Coaching events are scheduled in five cities this year. These innovative events are intended to give entrepreneurs and small business owners an opportunity to “test drive” SCORE services.  The goal of the events is to create ongoing and long-term relationships between the entrepreneurs in attendance and SCORE. The event includes a thirty minute “Speed Coaching” session with a SCORE counselor for each attendee. In this brief session the counselor and entrepreneur would cover an issue, opportunity or challenge that is identified by the entrepreneur. Those issues likely include topics that are unique to inner city entrepreneurs, as well as topics important to any business regardless of location. Again we encourage an ongoing dialogue with a SCORE Coach on any issue identified by entrepreneur. In addition to “Speed Coaching” we also offer four different workshops or seminars on topics related to entrepreneurship and small business management such as: web site optimization, small business finance, marketing for your business and inspirational success stories from local entrepreneurs. These topics are important to many inner city entrepreneurs. In the first two cities, Orlando and Phoenix, we have served roughly 700 entrepreneurs. “Speed Coaching” is coming soon to Atlanta, Chicago and the Dallas/Ft. Worth Metroplex. You can learn more and register at www.score.org.             

Since 2003, SCORE has been involved in a Business Matchmaking program, which provides opportunities for small businesses to secure selling opportunities from government agencies and major corporations at key events and through an online network. What benefits does the program offer for inner city entrepreneurs? 

Business Matchmaking events have provided an excellent venue for any business interested in procurement opportunities with federal, state or local governments and major corporations. They meet with procurement officials in short 15-minute sessions. In addition to the direct contact opportunity there have been educational opportunities where entrepreneurs and small business owners can learn more about the procurement process and paperwork requirements. Inner city entrepreneurs can take advantage of this opportunity and find out more about the 2008 matchmaking schedule at www.businessmatchmaking.com.      

What additional resources does SCORE offer for inner city entrepreneurs? How can they access what SCORE has to offer?  

All of SCORE’s resources and services are available to inner city entrepreneurs. SCORE services include one to one counseling or coaching at any of our 370 chapter offices across the country. Many of our chapters are located in the inner city or have branches or service delivery points in or near the inner city. SCORE counselors are available to meet with an entrepreneur at his or her place of business as well. To find the nearest SCORE chapter visit www.score.org and enter your zip code in “find SCORE now”. SCORE’s one to one counseling or coaching is also available by email on the SCORE web site. There are over 1,400 counselors available on line and searchable by key word. Choose the best counselor based on your needs, email him or her directly and you will receive a response within 48 hrs or less. Our online counseling services allows small business owners to use SCORE’s unique counseling and mentoring from the comfort of their own home or office without traffic or parking issues and regardless of the time of day or night. SCORE chapters also offer workshops or seminars related to starting, growing, buying, selling or managing a business. These low or no cost workshops are excellent learning opportunities in addition to counseling or coaching. SCORE also has over 30 workshop topics that are delivered on line at the SCORE web site. To find out more about workshops in your area contact your local chapter.               

What are the main priorities of SCORE with respect to urban markets? Looking forward, what are SCORE’s top goals and main concerns over the coming year?

SCORE is focused on continuous growth and continuous improvement of the services that we offer in urban markets and all other markets where we serve. We are spending more time and resources on both demographic and geographic markets that provide the opportunity to serve more small business owners and those who would like to start a business. We have invested time and resources in client feedback methods that will allow us to stay in tune with the not only the quality of our services but also with the needs of our clients. We have an ongoing focus on diversity within our counselor base and a strong desire and plan to better reflect the communities in which we operate from a diversity stand point. SCORE is improving its use of technology not only to serve our clients but also to create efficiencies within our own operations. Finally, we are focused on developing additional funding sources that will allow us to more quickly achieve our mission of service to America’s existing and aspiring entrepreneurs.

The SBA is launching the Emerging 200 program to focus specifically on inner city entrepreneurs. Has SCORE noticed any special trends, opportunities, or challenges working with inner city businesses?  

SCORE is pleased to have a developing relationship with ICIC and looks forward to supporting the SBA’s Emerging 200 program. In terms of special trends for inner city businesses, in some states, cities or municipalities there are advantages to locating a business in the inner city, particularly businesses that provide employment opportunities or achieve other economic development goals. Your SCORE counselor can help you learn about and benefit from those existing opportunities. Finding and keeping a quality team of employees is a challenge in any location and SCORE can provide valuable information and insights on how to attract, retain and reward quality employees. The SCORE web site also includes specific areas for women-owned businesses, minority-owned businesses, 50 plus businesses, young entrepreneurs and Veteran-owned businesses. SCORE services are available either face to face or via the web to any interested inner city businesses           

What should the top priorities be for small businesses in the current economic climate? What should inner city companies watch out for? What steps should business owners take to help them overcome the worst of times and achieve success when conditions improve? 

In the current economic climate, it is a good idea to make sure your critical relationships are in good order including: suppliers, customers, trade creditors, banks and other important stake holders. Make sure you are aware of any issues that might impact your relationship or business. Look for efficiencies in your operations and opportunities that will allow you to maximize your existing cashflow. It is probably not a good time to skimp on marketing or other types of customer ou reach and customer service. Creating greater efficiencies and maintaining good customer and stakeholder relationships will provide for a stronger base of business that you will capitalize on when economic times change again, and they will. 

This is a great time to reach out to a SCORE counselor or coach to help you evaluate your business and prepare for the challenges or opportunities that a slowing economy might provide. In addition, the SCORE web site has a section on “What to do in an economic downturn” with ideas, tips and articles on strategies to weather changes in the economic cycle.