Well into the first quarter of 2009, many Springfield businesses are learning to make do with less. Budgets have been trimmed, deeply cut in some cases, both in our workplaces and our personal lives.
While the Springfield area's unemployment rate remains well below the state and national averages, we cannot act as if our community is immune to the effects of our nation's economic crisis. The latest figures available at press time from the U.S. Bureau of Labor Statistics showed a statewide unemployment rate of 7.3 percent in December, while the unemployment rate in the Springfield metropolitan statistical area hit 6 percent, according to the Missouri Economic Research and Information Center.
Real people are losing real jobs, and businesses are struggling. Many companies have faced difficult choices in evaluating staffing levels.
The months ahead will continue to be full of challenges and difficult choices. But that challenge has an auspicious companion - opportunity.
Weighing needs
The economic events of the past 12 months have been cause for everyone to consider needs versus wants.
People are considering the excesses to which everyone has become so comfortably accustomed, and they are asking if all they have is actually necessary.
Though those choices are challenging now, in the long-term, the attitude changes that will be a byproduct of this economic crisis will help build a community mindset focused on sustainability.
A community that places value on both economic and environmental sustainability is positioned for success. Although the Ozarks is in the midst of an extremely challenging economic environment, local businesses can continue to succeed - and they are.
More than $116 million in new capital projects is being invested locally right now. In the past six months, Springfield First Community Bank has opened its doors in Springfield, and several other banks, including Arvest Bank, are expanding their footprints in the Ozarks.
Rick's Automotive is in the midst of a 14,000-square-foot expansion, which will help the business tap into a new market. Grove Pharmacy, in business for more than 50 years, has opened a new location and is expanding its staff.
Results of a recent quarterly national employment outlook survey conducted by Manpower showed that 19 percent of Springfield area companies surveyed expected an increase in their employment forecast in this first quarter, compared to fourth quarter of 2008.
Ozarks Technical Community College reported record enrollment - an increase of 5.5 percent to 10,395 students - at the start of the spring semester. This is a sign that the Ozarks will have the trained work force necessary to compete.
It is time for innovation and to be energized by the prospect and challenge of finding opportunities where they exist, creating them where they do not exist, and taking full advantage of them when they present themselves.
Candy House Gourmet Chocolate, with locations in Springfield and Joplin, is an example of a local company that is doing just that.
While fine chocolates might be viewed as a luxury, Candy House had its most profitable Valentine's season this year, which owner Terry Hicklin attributes to an increased investment in marketing and ongoing efforts to seek innovative and inexpensive methods to strengthen relationships with existing customers and attract new ones.
Staying positive
The reality of economic hardships cannot be ignored, and real problems in the community should not be glossed over, but at the same time, it's important not to let a cycle of negativity become a self-fulfilling prophecy.
Local businesspeople and residents have a successful history of maintaining a delicate balance between economic development, cultivation of social and recreational opportunities, and the need to preserve the area's natural environment.
In spite of the current crisis, it is essential to maintain focus and continue to pursue those things that have made this community a great place to live and work.
The cycle will turn, and the communities, businesses and people that choose innovation and positive thinking instead of maintaining the status quo and an attitude of helplessness will be the ones to prosper and emerge the stronger for it.[[In-content Ad]]
Andy Lear is a partner with Springfield-based BKD LLP and 2009 chairman of the Springfield Area Chamber of Commerce. He may be reached at alear@bkd.com.
