What is going to happen to our local economy?

You are probably asking yourselves, your friends, and your co-workers what they think about everything going on right now in our national economy, and more specifically, here in our community.  Make no mistake about what is going on right now; its confusing, its worrisome, and its not anything that has an end in sight any time soon.  But what you can be reassured about is that like previous challenges to our economy in the past, we will bounce back and we will enjoy good times but we don’t know how long it will take for this to happen.

There are different stories from different angles depending on what you watch, listen to, or read.  Even what you are reading from me is an angle that you will have to determine if you believe it or not and if you will change anything you are doing.  Our faith in our elected officials may be low, and may not come back up in the very near future.  Our faith in what lies ahead is probably pretty low, too.  But our faith should not be low in ourselves, or the faith in the American People as a whole and our resiliency to bounce back from this very tough, very challenging time we are in.  Consumer sentiment is something that drives the outlook of our economy, and if you are not spending, that causes our economy to slow down because money is not flowing through our nation.  It may sound crazy for me to say this, but don’t lose your willingness to spend because of this uncertainty.  Don’t lose your faith that our economy will not bounce back.  Don’t you’re your positive attitude in favor of having a fearful attitude.  It has been said that the two things that drive our economy are greed and fear.  Low and behold, it has come true.  But something else drives our economy, and that is you and I, and what we do with our money.

This year, take some time and think about how you can help your local economy.  Before the Holiday Season really gears up and Walmart puts out its holiday items, consider spending locally.  There is some truth in how it is a little slow on the trickle down from what happens in Washington DC and its affect on us here in our community.  But every day we spend time and money in our community and can have a greater impact locally.  This Holiday Season, ask yourself what you can do to help each other out by spending here in our area.  Ask yourself if you can purchase things that not only is what your loved ones would like, but that you can buy it here.  You see, spending locally puts money back in to your pocket too.  It puts money in to your child’s pocket, in to your friends pockets, and in to everyone’s pocket.  Its also good business!  In communities across America, we have a golden opportunity to help ourselves more quickly while legislators and other officials try to see what they can do to help us and when.  Right now, there is no end in sight, and how all of what they are talking about will take place and when.  But we can do more locally and we can start getting ready for it now. 

The consequences of not doing this are very real.  Of the over 300 members we have here at the Chamber, 80% of those are small businesses that have 20 employees or less.  Small businesses are the backbone of our economy, both here in Independence County and across our country.  At times, a small businesses prices may be a little higher.  At times, a small business may not have exactly what you want either in size, color, or any other particular specification.  But what you can be assured about is that business owner, who has their retail store here in our community, has made a conscious decision to be in a community like ours, and they are investing their time and effort in a place that they love, and enjoy, as well.  Unfortunatley, no matter what we attempt to do some small businesses will fail during these tough times.  But what we can do is support as many of them as we can in what monetary way that we can.  

Our economic situation to some degree is in our hands.  We can make decisions and choices that will impact us positively, locally, today.  So as you are getting ready for the Holiday Season, as the weather starts to cool off, and as you think about things that matter to you most like your friends and family, consider how you can spend what you can afford locally, and that it will most certainly be a gift that truly keeps on giving. 

INFLUENZA

Submitted by Delores Jones, RN
Introduction:
Influenza, also called flu, is a contagious respiratory illness caused by influenza viruses. It can cause mild to severe illness, and at times can lead to death. The best way to prevent the flu is by getting a flu vaccination each year. Every year in the United States, on average: 5% to 20% of the population get the flu; more than 200,000 people are hospitalized from flu complications, including 20,000 children; and About 36,000 people die from flu.

Preventing Flu:
The single best way to protect against the flu is to get vaccinated each year. October through December is the best time to get vaccinated, but getting vaccinated later in the flu season still provides protection, as flu season normally peaks in January or later.

Who Should Get Vaccinated?
In general, anyone who wants to reduce their chances of getting the flu can and should get vaccinated every year. Annual vaccination is especially important for people at high risk of having serious flu-related complications, or people who live with or care for high-risk individuals. People who should get vaccinated each year are: Children 6 months through 18 years of age, Pregnant women, People 50 years of age and older, People of any age with certain chronic medical conditions, and People who live in nursing homes and other long-term care facilities. People who live with or care for those at high risk for complications from flu, including: Household contacts of persons at high risk for complications from the flu (see above), Household contacts and out-of-home caregivers of children less than 6 months of age (these children are too young to be vaccinated), and Healthcare workers.

Flu Symptoms:
Fever (usually high), headache extreme tiredness, dry cough, sore throat, runny or stuffy nose, muscle aches, nausea, vomiting, and diarrhea (more common in children than adults) Flu Complications can include bacterial pneumonia, ear infections, sinus infections, dehydration, and worsening of chronic medical conditions, such as congestive heart failure, asthma, or diabetes.

How Flu Spreads:
Flu viruses spread from person to person mainly when infected individuals cough or sneeze. Sometimes people might become infected by touching an object with flu viruses on it and then touching their mouth or nose. Most healthy adults can infect others beginning 1 day before symptoms develop and up to 5 days after becoming sick. That means you might be able to pass on the flu to someone else before you know you are sick, as well as while you are sick.

Staph Infection

Have you or a family member been effected by staph infection? Click the title above to learn more.

Submitted by
~Delores Jones, RN CDNS
Division of Health, NE Regional Office

President Bush Addresses the Nation on the Economy

Surviving and Thriving in Difficult Economic Times

We had thought about using “Independence County Businesses AND the “R” Word” as the title of this article, but was reminded by some of my economist friends that the U.S. Economy is not  OFFICIALLY in a recession.  The agency responsible for making that call has yet to decide.  But whether the economy is in an official recession yet or not….  many business owners around the region are struggling with slowing consumer spending combined with higher costs, much due to transportation related costs brought on by higher fuel prices, and that is causing a big squeeze on their bottom line.  A number of business owners we have spoken to in the past three months have complained that fewer customers are coming in and those that do are spending less.  However, these same owners are seeing their cost of doing business increase and it is creating real problems with liquidity.

The bad news is… recessions happen.  The good news is… they are followed by renewed periods of economic growth, usually at even higher levels than before the recession.  IF the economy does go into a recession it will recover.  Since 1980 there have only been seven recessionary periods and they have always been followed by stronger periods of growth.   Of course if your business is the one that fails during that period it will not seem like a minor recession to you.  If the economy does slip into an “official” recession will it follow the same trends as the recent past?  Who knows?  Certain factors do make the current conditions a little more unique; the fact the country is involved in a protracted war that must be funded  and the ever increasing price of gasoline which will not be coming down could mean a different economic landscape once the recession does end.

Individually, Independence County business owners cannot do much about government spending, the war or even the price of gasoline at the pump, but there are actions they can take  to reduce the chance of becoming a casualty of the current economic downturn.  At the ASU Small Business Development Center, we encourage business owners to start by doing three things:

First:  Get your head out of the sand; quit wringing your hands and start planning.  Regardless of economic conditions, successful business owners should take some time each week to scan their environment, looking for clues from outside sources as to which way the wind is likely to blow in coming months.  Subscribe to and read information in your association newsletters and certainly read the business section of your local newspaper.  You can learn a lot about what may be coming just by looking for:

·         Monthly reports by big box retailers like Wal-mart and Target.  Consumer spending makes up 70% of this nation’s GDP.  If they start posting declines may be a good indicator for your business.

·         Watch the Fed (Federal Reserve) announcements about changes in interest rates.  The Fed does not drop interest rates because things are going well.  They drop interest rates because they see signs the economy is deteriorating and are trying to prop it up by making money cheaper to buy.

·         Watch state and local employment reports; more large companies laying off workers the less money is in your local area for purchases by those folks who lost their jobs.

·         Finally, pay attention to reports on inflationary moves.  When the prices for necessities such as food, clothing, and gasoline increase at a faster rate than wages, consumers feel they are less well off and will curtail spending accordingly.

None of these simple steps takes a degree in Economics but it can help a business owner “read the tea leaves” and start to make plans to adjust in response. 

Second:  It is time to take your marketing plan off the shelf.  The past economic booms have made many businesses lazy.  When consumer spending grew they were able to pick the “low hanging fruit”.  But when economic times get tougher, successful businesses know that survival means developing a marketing game plan.  All businesses are in the relationship business and smart entrepreneurs know this.  Marketing is not “Madison Avenue”; it is not just advertising or sales gimmicks.  Marketing is about developing and maintaining real relationships with your customers.  A recession is not the time for a “take it or leave it” approach to business.  There are hundreds of simple low cost, even no cost marketing techniques that any business can take advantage of that will sustain and even grow a business in tough times, but they have to take the time to learn.

Third:  It is time to take a hard look at the financial operations of the business, especially those that have a direct impact on cash flow and liquidity.  A knee jerk reaction of too many businesses in recessions is to take out the carving knife and start wholesale slashing of costs without regard to how that expense supports the business.  Too many business owners immediately cut advertising or wholesale lay offs of employees without regard to long term implications.  The key is careful review of all expenses and then careful decisions that cuts the FAT,  not the muscle of the business.   Other simple financial management tools include developing realistic inventory control plans, review of credit decisions to customers and developing good collection policies to ensure faster in flow of cash. 

In the mean time what can individual businesses do to survive, maybe even thrive during these times?  The Batesville Area Chamber of Commerce and the ASU Small Business Development Center have teamed up to offer a special workshop for area businesses called Growing Your Businesses During Difficult Economic Times, (Recession Proofing Your Business).  This workshop will be offered from 6-9:00 p.m. on Tuesday, October 14^th and again from 1-4:00 p.m. on Wednesday October 15^th at the University of Arkansas Community College in Batesville.  Call the chamber at (870) 793-2378 for more details.  The workshop is free to all area businesses thanks to contributions from The Citizens Bank, First Community Bank, First National Banking Company (FNBC), Liberty Bank of Arkansas and Arkansas Capital Corporation.

Economic downturns happen…it is a business fact of life, but proper prior planning can often make the difference between success or failure.  The Batesville Area Chamber of Commerce wants you to be a survivor and we can help.