That may explain why more than half of the current Fortune 500 companies were born during an economic downturn. Crisis in Japanese means Opportunity…..So where are the business opportunities in Chicago?
What Do You Think Chicago?
Thomas Silvestri
CEO
Opus Global Group
“Recessions have occurred routinely throughout American history, but they’ve been minor by standards of recent memory, so there’s an entire cadre of executives who’ve never seen anything like this,” says Steven Michael, an associate professor of business administration at the University of Illinois in Urbana-Champaign and co-author of a 2005 study on recession-fueled business failures.
“Executives and entrepreneurs are naturally optimists. They want to focus on what they’re good at,” says Mr. Michael, whose report states that about 500,000 businesses fail in each recession. “It’s a second order of consideration to think about the risk (of continuing to do the same thing).”
In September, New York-based ThomasNet, which connects sellers and buyers in an online industrial marketplace, released the results of a survey that asked 800 executives and professionals how they were handling the recession. About 70% were looking for business in new industries, increasing their marketing, and exploring new sales channels as a way to increase cash flow and dilute risk. And 38% were developing new products. All good signs.
But another study released the same month by New York-based credit card issuer American Express Co. found that 68% of 763 small-business owners and managers were stressed out, and 41% focused mainly on retaining current revenue sources (rather than seeking new ones). Only 26% said they were looking to grow this business.
Regards,
Thomas Silvestri
CEO
Opus Global Group
Tel: 773.935.3583
Fax: 973.201.9379
Email: tsilvestri@opusglobal.net
Blog: blog.opusglobal.net
Web: www.opusglobal.net
Defaults by small and medium-sized U.S. businesses on the loans, leases and lines of credit they use to finance capital equipment investment rose in September as lenders remained reluctant to extend fresh financing, PayNet Inc reported on Friday.
But accounts in moderate and severe delinquency decreased during the month, a potentially encouraging sign that some businesses borrowers are finding it easier to meet their obligations.
Accounts in moderate delinquency, or those behind by 30 days or more, fell to 4.22 in September from 4.35 percent in August, according to PayNet, which provides risk-management tools to the commercial lending industry. That is the lowest level since January.
Accounts 90 days or more behind in payment, or in severe delinquency, also improved modestly, slipping to 1.40 percent in September from 1.48 percent in August.
But accounts behind 180 days or more, or in default, rose to 0.85 percent in September from 0.81 percent in August. PayNet’s Small Business Lending Index, which measures the overall volume of financing, fell 22 percent year-over-year in September, a sign that lenders remain reluctant to extend credit to small and medium-sized businesses.
“It’s hard to imagine a robust recovery when you see numbers like this,” said Bill Phelan, president and founder of Skokie, Illinois-based PayNet.
PayNet’s data comes one day after the U.S. Commerce Department reported the economy grew in the third quarter as government stimulus helped lift consumer spending and home building.
Chicago Business Advisory Group announces a new open source CBAG Blog for the business professionals of Chicago-based business advisors in the realms of finance, technology and operations serving Chicago investors, intermediaries and private equity firms.
Please join us in sharing your professional ideas, innovation and marketplace trends with your local business advisors and private equity firms.
CBAG Blog: http://chicagobusinessadvisory.wordpress.com
Thomas Silvestri, CEO of The Opus Global Group, www.opusglobal.net, leads the Chicago Business Advisory Group.
A&BC-Chicago supports hundreds of non-profit arts groups by strengthening the management of their organizations through educational programs and business services, and by helping them build dynamic partnerships with the for-profit sector. From workshops and forums to one-on-one coaching, A&BC offers multiple ways to gain mastery in the business of the arts.
Our Mission
The Arts & Business Council of Chicago builds dynamic partnerships between the arts and business that enhance the management capacity of arts organizations and facilitate business participation in the arts. A&BC-Chicago achieves its mission by:
Lending Expertise – providing year-round seminars, symposia, and educational programs that help arts professionals and their boards master the business of the arts;
Providing Support – offering a comprehensive array of business assessment and advisory services to help non-profit arts organizations grow and thrive;
http://www.artsbiz-chicago.org/
Chicago’s Leading Professional Support Services Center for IIT-related Entrepreneurs
Chicago’s Leading Professional Support Services Center for IIT-related Entrepreneurs
The mission of the IIT-Knapp Entrepreneurship Center is to be Chicago’s Leading Professional Support Services Center for IIT-related entrepreneurs by providing effective, affordable, and expert resources to help create and grow successful commercial ventures. IIT-KEC is a collaborative community of supporters of entrepreneurial ventures.
Website: http://knappcenter.iit.edu/
Chicago Entrepreneur Group (CEG) is a new Chicago area networking organization supporting and promoting entrepreneurship and business leadership in the Chicago area. Our network of creative’s, designers, developers and business innovators promote and share connections to diverse resources in order to incubate and launch new businesses.
CEG Blog: http://chicagoentrepreneur.wordpress.com/
Thomas Silvestri, CEO of The Opus Global Group, www.opusglobal.net, leads the Chicago Entrepreneur Group.
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