At the heart of a successful community are thriving small businesses, with local ownership. No segment of our economy is under more attack today, however. In order to preserve these valuable assets, communities need to embrace and support them. At a civic level, efforts must be undertaken to understand the true nature of the business, their positive attributes, and any needs they have that threaten their success. Some communities have undertaken to survey their local business community (perhaps extending this to a county or regional effort) in order to fully understand the challenges and opportunities that exist. From this compilation, efforts can be made to match local suppliers and producers, address common problems (such as Internet access or other infrastructure issues) and find ways to aggressively promote these local businesses.
A natural extension of this effort is a program to aid your local businesses in competing with the threats posed by large retailers. No local business can survive head to head competition, but with careful attention to inventory mix, promotion, and personal service, many can find a niche that allows them to remain viable and profitable. Community support is also essential, and a successful small business program will also involve promoting the "shop at home" concept to the benefit of your local businesses.
Future posts will provide more specific guidance into efforts you can undertake in your community. I'm currently offering my services to assist communities in initiating these programs.
Friday, September 17, 2010
Wednesday, September 1, 2010
More Thoughts on Quality of Life
Many times, we ignore quality of life issues that are all around us in small towns. Benefits include a calmer lifestyle; schools, churches, and other activities just minutes away; and access to recreational areas that allow for last minute fishing or camping trips. If parents behave as if they must travel long distances for recreation and entertainment, children will grow up believing it. On the other hand, if children are exposed to these rural "amenities" they will quickly come to love and appreciate them.
It is also possible to secretly make some of your trips educational, and rural areas are full of such opportunities. In Eastern Arkansas, for example, one can visit the Louisiana Purchase State Park (near Blackton) where there is a monument marking the spot from which the entire Louisiana Purchase was surveyed. In the fall, a tremendous education in agriculture is all around the Mid-South, as crops are harvested, processed, and prepared for market . . . if you are not a farmer, find one who'll let you and the family watch the show! In West Tennessee, one can visit Reelfoot Lake, a fisherman's and birdwatcher's paradise that also offers insight into the geologic history of the region (Reelfoot was created by the 1811-1812 New Madrid Earthquakes. For more on the Earthquakes, visit the museum at New Madrid, Missouri, and while you are there, get an up close view of Old Man River from the observation platform. Mississippi is not without its history, as well - travel Highway 61 through Clarksdale and the crossroads region to learn about the birthplace of the blues. Northeastern Mississippi, especially around Corinth and Baldwyn, are ripe with Civil War sites, as well. I wonder how many of us are close to these resources but have never spent time there?
In order to preserve and expand our small communities, citizens must actively seek to promote those aspects of their communities that foster a better quality of life.
It is also possible to secretly make some of your trips educational, and rural areas are full of such opportunities. In Eastern Arkansas, for example, one can visit the Louisiana Purchase State Park (near Blackton) where there is a monument marking the spot from which the entire Louisiana Purchase was surveyed. In the fall, a tremendous education in agriculture is all around the Mid-South, as crops are harvested, processed, and prepared for market . . . if you are not a farmer, find one who'll let you and the family watch the show! In West Tennessee, one can visit Reelfoot Lake, a fisherman's and birdwatcher's paradise that also offers insight into the geologic history of the region (Reelfoot was created by the 1811-1812 New Madrid Earthquakes. For more on the Earthquakes, visit the museum at New Madrid, Missouri, and while you are there, get an up close view of Old Man River from the observation platform. Mississippi is not without its history, as well - travel Highway 61 through Clarksdale and the crossroads region to learn about the birthplace of the blues. Northeastern Mississippi, especially around Corinth and Baldwyn, are ripe with Civil War sites, as well. I wonder how many of us are close to these resources but have never spent time there?
In order to preserve and expand our small communities, citizens must actively seek to promote those aspects of their communities that foster a better quality of life.
Tuesday, August 24, 2010
Improving Rural Quality of Life
When I have the opportunity to speak about rural economic revitalization, I always bring up the topic of quality of life. Generally, I think most assume that quality of life in a big city is better than that in small towns. This is often a self-fulfilling prophecy, as the very things that create and enhance quality of life are often overlooked and under-appreciated. I've periodically used the "Green Acres" version of American Gothic as one of my slides - Oliver understood the quality of life that is available in rural and small town America. I thought it might be helpful to write periodically about specific activities that small towns can undertake to address quality of life.
A number of small towns, including McCrory, Arkansas, have found value in community theatre. Renovating a suitable structure, creating a theatre group, and staging productions is a tremendous way to generate community interest and involvement, bringing folks together from all walks of life. Such activities are often overlooked in small communities, but the reality is that theatre can create and foster an important component of quality of life - civic pride. In addition, by their inclusive nature, theater productions can draw from a broad cross section of the community: children and adults, actors and carpenters, electricians and marketing types, etc. New relationships are forged, opportunities for entertainment and education are provided locally, and a good time can be had by all.
Most, if not all communities have suitable space for theatre productions, and the talent necessary to pull it off. Find ways to encourage this activity, creating one more positive activity in your community. Talk to other communities, your high school drama teachers, and others who may be simply fans of the theatre.
Many in my audience are bankers . . . perhaps I've given you some thought about the need to support community theatre if you are not already doing so. As always, I welcome your questions, comments, or thrown vegetables.
A number of small towns, including McCrory, Arkansas, have found value in community theatre. Renovating a suitable structure, creating a theatre group, and staging productions is a tremendous way to generate community interest and involvement, bringing folks together from all walks of life. Such activities are often overlooked in small communities, but the reality is that theatre can create and foster an important component of quality of life - civic pride. In addition, by their inclusive nature, theater productions can draw from a broad cross section of the community: children and adults, actors and carpenters, electricians and marketing types, etc. New relationships are forged, opportunities for entertainment and education are provided locally, and a good time can be had by all.
Most, if not all communities have suitable space for theatre productions, and the talent necessary to pull it off. Find ways to encourage this activity, creating one more positive activity in your community. Talk to other communities, your high school drama teachers, and others who may be simply fans of the theatre.
Many in my audience are bankers . . . perhaps I've given you some thought about the need to support community theatre if you are not already doing so. As always, I welcome your questions, comments, or thrown vegetables.
Friday, May 21, 2010
Education and Economic Revitalization
I have had a long absence from this blog. Recently, however, I was privileged to participate in the 4th Annual MidSouth Summit held at the University of Tennessee Martin. I spoke on the intertwined dependencies of community banks and small towns. One of my points, the role of education, seemed to strike a chord with the audience. Another speaker, in discussing the effort to bring a new employer to the region, mentioned that this particular employer would only interview candidates with at least an associates degree. I immediately seized on the thought that the lack of suitably educated applicants could not be corrected overnight.
Education, or the lack thereof, is the root cause of much of our economic situation. Remedying this takes a concerted effort. First, parents, across all the cultures that make up our great land must value education. This must be imparted to children daily . . . encouraging them, monitoring their homework and grades, and holding them accountable. We must then drive these children to a love of learning, a desire to expand their own horizons, and to understand that the self discipline and hard work that go into getting good grades are the same tools they will use all their lives if they are to be successful.
Educators must include parents, not exclude them, and must further seek to continually refine their teaching methods in order to remain relevant and hold the attention of students in today's fast paced world.
The business community must also participate in this effort to raise the "status" of education in the minds of our children. Partnering with schools, offering education support relevant to their particular industry, and encouraging employees to continue their education are all good examples.
In coming weeks, I will add to these thoughts, and I hope to have much in the way of feedback from others to aid in building the value of this blog.
That's all for now.
Education, or the lack thereof, is the root cause of much of our economic situation. Remedying this takes a concerted effort. First, parents, across all the cultures that make up our great land must value education. This must be imparted to children daily . . . encouraging them, monitoring their homework and grades, and holding them accountable. We must then drive these children to a love of learning, a desire to expand their own horizons, and to understand that the self discipline and hard work that go into getting good grades are the same tools they will use all their lives if they are to be successful.
Educators must include parents, not exclude them, and must further seek to continually refine their teaching methods in order to remain relevant and hold the attention of students in today's fast paced world.
The business community must also participate in this effort to raise the "status" of education in the minds of our children. Partnering with schools, offering education support relevant to their particular industry, and encouraging employees to continue their education are all good examples.
In coming weeks, I will add to these thoughts, and I hope to have much in the way of feedback from others to aid in building the value of this blog.
That's all for now.
Wednesday, February 25, 2009
Relationship Retention
General Transfer is a key issue for most rural banks. One key challenge these banks have is relationship retention. If you've taken the first step (and some are frankly afraid to look) and found that many of the heirs to your current deposits are "somewhere else" then you realize the challenge. Two parallel tracks are necessary. First, address the heirs who are still local. Reach out, through parents if necessary, to form relationships and help these heirs learn that your bank can be a valuable tool for managing the assets that will be left to them, be they a business, land, or simply deposits. Second, put together a plan to reach out to absentee heirs with essentially the same message . . . we are here to help you manage your inheritance. Your plan for resident and non-resident heirs is comprised of three main parts: relationship (a face); services; and technology. Next time, more on this subject.
Wednesday, January 14, 2009
A Strategy for Revitalization
Today I was privileged to be a part of the inaugural strategic planning process for the Crossroads Coalition - www.crossroadscoalition.org - the regional economic development group I have been a part of for the better part of the last two years. The particular group I participated in was focused on community development, yet from all reports, the strengths and weaknesses identified by the other groups were similar. Two overriding issues were presented: the need to promote the value of education throughout the region, and the need to identify, and even reclaim, the quality of life that small town rural America can offer.
I am hopeful that the sharing and consolidation of ideas that took place today can ferment into a solid course of action that provides a needed boost to a depressed region.
I am hopeful that the sharing and consolidation of ideas that took place today can ferment into a solid course of action that provides a needed boost to a depressed region.
Saturday, January 10, 2009
Population Retention
After a hiatus during the fourth quarter of 2008, I am back to continue my thoughts on the role of community banks in the economic revitalization of rural America. Back to my prior post, about generational transfer, let's discuss item one: Population Retention. Remember that at the core, banks are in the business of buying and selling money. A thriving business community is essential to the success of any community bank. Businesses, in turn, must have both customers and a workforce available to them, to be successful. The key to population retention is primarily a quality of life issue. Reversing the trend of exodus from rural America is critical to the survival of small communities. Often, these communities waited too long (or never started) civic pride and quality of life marketing campaigns. Doing so pays big dividends, in rebuilding both the customer base and workforce that small businesses need. Next time, a deeper dive into quality of life campaigns.
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