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Mendip Business Exchange - report of latest meeting in Street

Mendip Businesses share good ideas to beat the credit crunch. Around 60 businesses joined forces in Street to consider how to keep their businesses going in the current financial situation.

The Mendip Business Exchange is a partnership between local chambers, the Federation of Small Businesses and Mendip District Council.  The group meets quarterly and all businesses are invited.  The latest meeting was held in Street on Monday 3rd November on the topic of ‘The Credit Crunch’.

November’s  event was organised in response to requests from local business leaders who suggested that the ‘credit crunch’ is a serious concern for our local economy.  Five speakers were invited to give helpful suggestions and tips.

Prior to the meeting, businesses enjoyed a tour of the new Clarks distribution centre.  The tour proved very popular and  around 60 local business people attended the meeting itself.

Speakers were invited from the worlds of banking, accountancy and business investment.  The meeting also heard from two great examples of local entrepreneurship, David Price of Footshop Ltd and Helen Lacey of Red Berry Recruitment.

David revealed some of his secrets which have led to his success in creating a £13million turnover business.  His top tips are available via the Mendip Business Life website, but the main message was about information.  David said that he begins each week with a thorough study of the current position of all the companies for which he is responsible.  He feels that a thorough knowledge of the state of his business underpins all his decisions and is an important part of his success.

Helen Lacey, whose relatively new business, Red Berry Recruitment, recently won three awards at the Somerset Business of the Year awards, gave the room food for thought.  She confirmed that the downturn would mean that some of her competitors may cut back on marketing and promotion.  She sees that as an opportunity and will be working just as hard to make sure that all her potential customers remember her name.

All the speakers emphasised the importance of having a business plan in difficult times so that business people can react rapidly to any change in their circumstances and keep on top of opportunities.

The next meeting of the Mendip Business Exchange will be held at the Academy Theatre on 27th January 2009.  Local businesses are invited to suggest a topic for discussion.