| Written By Craig Scharton |
Jobs are not the goal of economic development. Rather, jobs are the OUTCOME of successful economic development. So are: wealth, prosperity, disposable income, and a higher tax base to support local services, like public safety and parks.
Jobs are not the goal of economic
development. Rather, jobs are the OUTCOME of
successful economic development. So are:
wealth, prosperity, disposable income, and a
higher tax base to support local services,
like public safety and parks.
During challenging economic times,
businesses need to focus on their business
plan. If they don't have one, thankfully
it's not too late. And if it's old and dusty,
they should go through the process again as
they look forward to the next 3 to 5 years.
Businesses always need to focus on the
basics: revenues, expenses, cash flow, and
hiring, retaining and inspiring great people.
When I was working in Pleasanton in the
1990's, I saw more locally-owned businesses
go under when rents increased from $1 to $3 a
square foot during economic growth, than I
did after the dot.com bubble burst and the
economy stumbled.
During challenging times, governments and
economic development agencies need to focus
on their priorities, too. The growth of
locally-owned businesses will do more for our
regional economy than any effort to simply
attract jobs. Local businesses diversify our
job market - they have positions from chief
executives and sales to accounting and
entry-level. Locally-owned businesses are
also more likely to do business with other
locally-owned companies, which circulates
money in our economy even longer.
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