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Help Valley Weather Economic Downturn by Keeping Focus Local

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Help Valley Weather Economic Downturn by Keeping Focus Local
By Sharon Powers, President
North Las Vegas Chamber of Commerce

Every day we read about the housing market sinking lower, unemployment rising and talk of recession. Now, as the economy continues to be affected by these factors, it is never more important to buy and do business with local companies.

Southern Nevada has enjoyed a prosperous economy even as other areas around the country experience high levels of unemployment, company and plant closings, and a mass exodus of residents moving elsewhere. Although we are recognizing more challenges than ever, we've been fortunate to even now see huge construction projects on and off the Strip, area businesses optimistic about increasing staffs, and thousands of new residents moving into our communities. Drive the length of the Las Vegas Beltway and you'll see commercial buildings, professional complexes, shops and homes in various stages of development.

How can we, as individuals and companies, help sustain and improve our local economy? Support your local businesses, plain and simple. Too often we find that corporations, especially those with out-of-state headquarters,
hire consultants, contractors, law firms, etc., to handle local business. While understanding that Southern Nevada may
not yet possess all the talent needed for some of these projects, I'd suspect that with a little research local firms could be found that could more than adequately do the job. We are fortunate to be home to the highest quality of construction companies, law firms, marketing, advertising and public relations firms -- all capable of performing the services now given to out-of-state companies.

The economic downturn is not supposed to improve much this year. But keeping business local, whenever possible, will keep companies in business and people employed. Doing business with a local or Nevada company will infuse money into the economy through tax revenue and discretionary spending by its employees.

Chambers of commerce can help to identify member businesses that can help with your next project or campaign. Whether it is for a one-time large development or a long-term contract, we can provide the names of companies that help make our economy strong and support the community. The North Las Vegas Chamber of Commerce will continue to assist our member businesses as well as the business community as a whole by offering myriad resources to help weather this challenging time in our economy.

Take advantage of the tips you receive from the various seminars and breakfast programs. Educate yourselves on the number of cost saving benefits and discounts available to our members from office supply discounts to health plan
savings through the North Las Vegas Chamber's three health plan options. Keep your employees in their jobs if at all possible, even if it means cutting back on some nonessential benefits or hours. However, at all costs do not eliminate health insurance coverage.

If costs become too prohibitive for your company, look to consumer-driven high deductible plans or ask your employees to shoulder some of the burden. You know the difficulty of putting together a good team, and once lost, it's difficult to get back. Good employees will understand the challenges and work with you.

Our Southern Nevada businesses and its employees need our help and support. We can begin by doing business locally. This way we'll all win in the long run.

Reprinted from Las Vegas Business Press March 3, 2008