Bermuda's small businesses heard some timely words of advice about how to manage their business through a downturn yesterday.

Ernst & Young, along with their Business Track partners, the Bermuda Small Business Development Corporation, the Bermuda Employers' Council and the Bermuda Chamber of Commerce conducted a presentation to an audience of over 120 people at the Fairmont Hamilton Princess yesterday, entitled "Managing your Small Business through a Downturn".

Representatives of Bank of Bermuda and Bank of Butterfield were also in attendance to offer their assistance and suggestions to the small business attendees.

Business Track's primary focus is to provide entrepreneurs with the tools, knowledge and resources to assist them in their efforts to create successful small businesses.

The Business Track partnership evolved three years ago out of a common interest to assist small businesses, and has held a number of similar events, usually followed by a series of information sessions on specific areas of interest to small business.

As a follow-up to yesterday's presentation, the Business Track partners will be hosting a series of weekly information sessions on the following topics:

Preparing a Business Plan, Managing Cash Flows, Financial Statement Analysis and Effectively Managing Staff and The Employment Act.

David Reid, senior manager in Ernst & Young's corporate finance group said: "At this presentation, we discussed the issues related to the current downturn, what we learned from the last recession, and what we should be doing now to be successful.

"We discussed not only operational issues to improve cash flows and reduce costs, but also how to focus on the future through effective business planning, partnering and creating and pursuing new opportunities. We look forward to the upcoming series of information sessions."

John McKenna, partner and leader of Ernst & Young's Corporate finance group added: "We are pleased to continue the Business Track partnership and sponsor this worthwhile initiative. We encourage small businesses to take advantage of these opportunities to make their business more successful. Given recent events, it is increasingly important to take time out to ensure your business is on the right track."

For more information and registration for the upcoming information sessions, please contact The Bermuda Small Business Development Corporation at 292-5570 or e-mail ngrantbdagov.bm.