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 Don’t wait, be a part of the economic recovery now |
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Don’t wait, be a part of the economic recovery now
Has Las Vegas turned the corner? According to the latest LVCVA Economic Briefing, job losses slowed in May, home sales are increasing while the median price recognized the smallest drop since 2007, and while visitor and gaming numbers continue to decline, April with a decline of 2.9% represented the smallest year-over-year decline in 11 months.
While our local economy remains in a downturn, it is no longer in a free fall. Unfortunately although our unemployment continues to hover around 10.4%, 90% continue to be employed. Visitor numbers remain down, however there were still 3.1 million visitors to Las Vegas and over 12 million visitors for the first 4 months. Hotels also showed an 88% occupancy rate in April. Add the additional flights that British Airways will add into Las Vegas and there is light at the end of the tunnel and as they say, it isn’t a train.
Now we can look at the above statistics and say that we continue to be in a deep recession or we can take the glass is half full attitude. We can continue to dwell on the negatives or we, as the larger community can work to revive our economy even when the positive signs are small.
As a consumption based economy, it is paramount that consumer confidence return. Although it is understandably difficult to exhibit confidence when job security is not guaranteed and home prices are at all time lows, we must be part of the process that keeps our businesses in business. While savings is at an all time high which is good news, retracting from participating in commerce is not. It may not be prudent to go into debt for the sake of stimulating the economy however consider patronizing your favorite restaurant for dinner, get together with friends for an end-of the-week happy hour, or tackle some of those do-it-yourself home projects. Individually, it may not make much of an impact but consider what it will mean collectively to our local businesses.
This is also the time to position your company for its return to better days. Have you relooked at your business plan and the strategies in place? Have you examined the hows and whys of what you do each day? If not, the time is never better. More importantly, have you looked at your marketing strategies to ensure that your company remains in the forefront even in this down economy?
Every business and its employees should be ramping up for the time when our economy comes back to good times. Everyone understands the importance of visibility and it is even more important during downturns. Those companies that remained visible during this period will remain in the forefront when our economy recovers. They will have the edge on everyone else that opted to retract.
There are several ways to remain active waiting for the ramp up. Connect with the Chamber and its many programs designed to help our businesses work more efficiently and weather this storm. Attend the breakfast programs and learn valuable tips on marketing, advertising, and managing a smaller workforce. Attend a luncheon and keep connected with like individuals as well as keeping abreast of the latest news in the valley. As a chamber member, there are several no-cost opportunities to tap into expert advise with our “Ask the Expert” Series. Learn how to do more with less while keeping productivity up by attending the Women’s Leadership Series Workshops---come September, learn some valuable negotiation skills from the Boyd School of Law. Of course, networking mixers give you the opportunity to network in a social setting and form relationships that can bring about future business opportunities.
Whichever route you choose to take, the important message is to take one. This is not the time to sit back and “wait” for the economic recovery. We must poise ourselves to be a part of it now.
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3365 W. Craig Rd., Suite 25. | North Las Vegas, NV 89032
Phone (702) 642-9595 | Fax (702) 642-0439