Conference outlines economic success

SANDPOINT — A few businesses with great potential need to go big to bring prosperity to everyone else.

That was the message at a Greater Sandpoint Chamber of Commerce  luncheon Thursday afternoon sponsored by D.A. Davidson and Associates. Before Galcier Bancorp CEO Mick Blodnick presented an economic forecast for the near future, Bill Jhung of the Idaho Small Business Development Center outlined some suggestions to establish a healthier economy in North Idaho. One of the most important elements in fostering that development was introducing outside capital into the local economy, Jhung said.

“North Idaho simply has too many local businesses versus regional, national and global businesses,” he said.

Outside capital generated by businesses with a long reach allow communities to spread the wealth in the most literal sense, Jhung said. Businesses hire additional employees or contract labor as they expand, employees spend paychecks at their favorite local businesses and everyone enjoys a greater degree of success.

The real trick, Jhung said, was figuring out how to make that happen. The first step was to identify local businesses with great potential. A little community help could be all a successful local business needs to expand operations to a regional level. After high-potential businesses are identified, the next step is to develop initiatives to accelerate their growth. Jhung described that process as building a pipeline to prosperity.

“We help businesses by helping them reshape their value,” he said.

Of course, individual examples of great leadership are also necessary to make that expansion possible. As Jhung illustrated at the beginning of his presentation, too many business owners adopt of a reactive style of management as opposed to a proactive one. By taking initiative, business owners are able to shape their business into an environment that promotes returning customers. By promoting innovative thinkers in local business, communities may see some additional benefits as well, Jhung added.

“When the leadership quotient goes up, your community becomes more effective, because leadership is a life skill,” he said.