19 Nov 2009
What will business owners do in the new economy?
This pilgrim spent most of his day in the office meeting with people to talk about where small businesses are today and what they will need as we move into the next pahse of what is proving to be a remarkable transformation of the marketplace.
One of the people in the conversation was Hilda Kennedy, a partner in AmPac TriState CDC, an economic development group. She will be speaking at the Orange County economic stimulus workshop I am hosting on Wednesday, January 20. We talked about what business owners are looking for. Many of them are saddened by the layoffs they have made in the past year. Most are not willing to spend the money they have, and others, while they believe the economy is reviving, are wondering if they will be able to sell in the new marketplace. Hilda said, "Some of the business owners are wondering if they will survive."
Hilda and I thought about the roles the business owner will have in the new economy. We decided the business owner has three responsibilities: to produce and maintain jobs, to contribute to the community, and to provide a profit to the owners which can be reinvested. Without jobs a community dries up. Without jobs a state goes bankrupt. Most of the jobs in Orange County are provided by small business owners. They make the major contribution to the well-being of the communities here. The workshop will focus on helping business owners perform these three roles in the new economy.
By providing goods and services others in the community need, small businesses provide resources, time savings, efficiency, and substance for community interaction. I was very pleased to find a wonderful pita restaurant in Irvine when I was hungry. I am delighted my dry cleaners in Laguna provide such good and consistent service. I am equally happy with my local grocery store and my community bank. They take care of my nutrition and financial needs. They contribute to my well-being and the community well-being.
Finally, small business owners make a profit they can reinvest in the community. In addition to providing wages to their employees, small business owners create wealth and capital to expand their production of goods and services, to invest in other opportunities, or to provide deposits in community banks so the banks can loan the money to other business owners.
Small business owners are the strength of our communities. Right now business owners are preparing for the economy that is coming to them. All signs are pointing to 2010. I will be helping business owners create a flexible workforce able to respond to the changed and changing marketplace. The workshop will have speakers who will be able to point to stimulus money and help business owners access the funds. In the workshop business owners will connect with each other and with resources, they will discover how to access these resources, so, in 2010, they will have the best possible chance to helping their businesses and their employees thrive.
Save the date: Wednesday, January 20, 2010, 7:30-9:30am. Economic Stimulus Workshop for Business Owners in OC.
To Your Success in the New Economy!
