Small Business Forecast for Charlotte: Troubled | Mitchell & Culp

A recent economic report focused on the outlook for small businesses. It highlighted several sectors that are important in the Charlotte region.

?cost and pricing pressures will need to be managed differently depending upon which industry a small business operates. Summarizing these differences for several key industries:

• The construction industry will face higher costs combined with lower demand

• The manufacturing industry will benefit from the weaker dollar, but will also face rising costs

• The retail and wholesale industry will face large top-line revenue pressures from the weak consumer

• The professional and business services industry are well-positioned to manage costs and experience revenue growth

• The health care industry faces very favorable trends both in terms of demographics and the new regulations that will lead to growth opportunities (at the cost of other areas of the economy, however)

• The private education industry will likely experience growth due to the rising employment retraining needs

What this means for your business

While we are not in the business of providing management consulting advice, we think it?s prudent for small businesses owners/managers to take a look at their economic prospects and consider whether the business can continue to operate in the same manner going forward.?If your business operates a sector that?s expected to struggle, a proactive bankruptcy counseling session?might actually help you stay in business.

Mitchell and Culp, PLLC, ?routinely helps small business owners develop negotiation strategies for dealing with creditors, municipalities, taxing agencies and vendors. ?We advise owners on how the company can ?buy time? to rebuild through court-administered bankruptcy proceedings. And while it?s a painful thing to do, we can also help small business owners make prudent decisions about closing or re-structuring a business that is unable to pay its owners a living wage.

If your business is struggling, consult a qualified bankruptcy attorney to learn what options are available to you.

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Source: http://www.mitchellculp.com/2011/small-business-forecast-for-charlotte-troubled/

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