Economy
To ride out recession, control costs, hang on
Dayton area chamber official says businesses need to be 'very smart about how they operate their business.'
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Tuesday, October 14, 2008
By this point — with the Dow Jones Industrial Average down some 5,000 points in a year and most observers agreeing we're in a recession — nearly everyone expects the economy to get worse before it gets better.
Still, there are observers with a message for Dayton-area businesses: Hang on.
"Dayton business owners are some of the most savvy and strategic individuals in the business community that I have ever worked with," said Chris Kershner, Dayton Area Chamber of Commerce vice president for public policy and economic development. "They are continuing to be very smart about how they operate their businesses."
There's no single way for all companies to weather tough times. But Kershner thinks Dayton has a chance to yet again highlight some of the area's strengths: A low cost of living, good location, home to the Ohio Department of Transportation's largest project at the moment (the reconstruction of Interstate 75 through the downtown area), nearby Wright-Patterson Air Force Base and more.
Even with that foundation, though, many are uneasy.
"Our (chamber) members are concerned like every other American," Kershner said. "They're tightening up their boot straps."
Credit is crucial, said Peter Morici, an international business professor for the University of Maryland. He wants to see the federal government guarantee higher bank deposits as soon as possible, and he would like to see banks loan some of the liquidity they are seeing from the Federal Reserve.
"I think we're in a crisis, and the White House is responding too slowly," Morici said. "It's that simple."
Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.
