THIS ARTICLE APPEARS IN THE RED ROCK NEWS

January 5, 2024

 

Economic forecasters are hoping for a boring 2024.

According to J.P. Morgan’s financial professionals, “The U.S. economic forecast for 2024 can be summed up by the number 2024 – 2% growth, 0 recessions, 2% inflation and unemployment staying at roughly 4%. However, there are clearly risks that could divert us from that path.”

The U.S. Chamber of Commerce and Metlife indicates that 25% of the businesses believe the U.S. economy is in good health. 53% of small businesses say inflation is the top challenge they’re facing, while 53% agree there is a worker shortage in their local area.

Arizona’s economy is forecasted to grow by 1.6% in 2024, slower than last year, and roughly in line with Comerica’s forecast for 1.4% national economic growth.

Arizona State University experts noted that 2023-24 would be a weak economy and didn’t forecast a crisis or collapse. However, Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic Outlook Center said they expect the economy to return when interest rates begin to fall the first half of 2024. But whether there’s a recession in the mix remains to be seen.

McPheters stated, “We’ve had a recession watch for over a year and a half. To have a recession, you need to have a lot of unemployment. Those things go hand in hand,” he said. Arizona’s unemployment numbers are the lowest it’s ever been at 3.5%.

While the economic outlook remains stable, small business owners are looking for ways to adapt to the fluctuating trends. Locally, there are programs and organizations available that may assist in times of crisis or offer one-on-one business counseling to set your business up for future success.

Yavapai College Small Business Development Center (SBDC) offers business consulting services for all types of business that are in different stages of growth. The SBDC offers workshops and training programs, business plan assistance, market feasibility and research SBA Loan Assistance among other programs. They will perform a business “check-up” that reviews your business goals, operating systems and procedures in key business areas. Schedule an appointment at 928.717.7232 or go online at azsbdc.net.

Local First Arizona also assists small businesses by addressing the challenges they face. Beginning February 21, Local First Arizona is offering a six-week program providing a comprehensive understanding of the retail landscape, including best practices, the latest trends and real-world applications. There is a small fee to participate, however the program offers business owners the skills necessary to go after new sources of income that build resiliency. To find out more, visit localfirstaz.com.

Additionally, the Arizona Commerce Authority is offering a small business boot camp webinar beginning January 9 at 9:00 a.m. It’s a three-part series which entails,” Identifying your Businesses Climate,” “How to Build a Growth Plan that will Meet Your Goals” and “How to Implement Your Growth Plan.” The program is designed to help increase revenue in 2024. Visit azcommerce.com/small-business-boot-camp for more information.

The Verde Valley Regional Economic Organization (VVREO) is another great organization to explore. Their mission is to provide access to resources for regional business creation, attraction, retention and expansion. VVREO offers business loans —whether you are thinking of starting a new business, expanding an existing one or even relocating your business to the Verde Valley. Loans may be used for working capital, inventory or equipment, business acquisition or renovation. As a board member of VVREO, I can attest to the great value that this organization provides to our region. Contact VVREO to see if your business needs are eligible for financing at vvreo.com.

SCORE Business Counseling also offers guidance to small business owners through remote mentoring and education. They also host online workshops that will assist your business growth. To schedule an appointment, call 928.778.7438 or visit Score.org/northernarizona.

While operating a small business, owners are constantly faced with new challenges. It is our goal at the Sedona Chamber of Commerce & Tourism Bureau to keep abreast of the constant changes and to keep business owners informed on how to achieve and maintain business success. Check out our events page at sedonachamber.com as well as follow our Business Bulletin eNewsletter for programs you may be interested in.

–Michelle Conway Kostecki, President/CEO

Sedona Chamber of Commerce & Tourism Bureau

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