After today’s Bluffton Chamber breakfast, the Chamber and the Bluffton Center for Entrepreneurs hosted a small business workshop on the challenges of being an entrepreneur. About 25 entrepreneurs (and 17 Bluffton University business students) representing businesses from Bluffton, Findlay, Pandora, Columbus Grove, Ada, Beaverdam, and Lima swapped stories, offered advice, and shared words of wisdom about running a business from personal experience.
What stood out to me were the answers given to the following questions: “Does political noise, “fiscal cliff” drama, and discouraging economic news affect the way you run your business? And are you less inclined to grow and look for new opportunities as a result of today’s business climate?” The answer I heard from people around the room was largely the same: “if you’re not moving forward, you’re likely headed in the other direction.”
There are certainly businesses that are cutting spending and taking a less optimistic approach to 2013. American Express announced yesterday they are going to eliminate about 5,400 jobs this year as part of a restructuring effort. Morgan Stanley is also eliminating 1,600 jobs according to reports earlier this week.
However, the small businesses in the room today maintained that success doesn’t come from sitting still and it’s better to look past the negativity and find ways to adapt and grow. It takes partners who share this mindset for businesses to succeed. In places like Bluffton, Pandora, Findlay and other local communities, willing partners include community banks. A bank of any size sitting on excess funds can decide it’s time to put loans on the books and grow by buying business. However, when the economy falters and large national banks retreat, cut ties with small businesses they’ve suddenly lost the appetite for supporting, and then wait for better days, the value of invested community banks is significant.
Chase and Jamie Dimon don’t need Bluffton or Findlay. Bank of America doesn’t need Pandora. But First National Bank needs Bluffton. First National Bank needs Pandora and Findlay. Ditto for Citizens National Bank and the communities it serves. Businesses and banks need each other to thrive–and healty communities need both–and the right mix is what allows small business to look forward and succeed in spite of challenges.