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By Marshall Kirby, Public Policy Analyst
Do you own a business based in the rural economy? If you do, there have been two really great articles recently. Whether you own/operate a farm, shop, or a service related to business in small towns across the country, you have probably recognized that you are the driver of economic growth and employment for your town or county.
This article details some trends and forecasts to expect in the coming months of 2011. A couple key points from the article include the following. Farmers’ roles in society are quickly changing. People are becoming more interested in knowing where their produce and meat is coming from and are paying attention to how it is grown/raised. This can pay dividends for farmers seeking to connect to more customers and new supply chains. Additionally, there has also been more attention paid to local businesses in rural areas, which can lead to growth and expansion opportunities. On a related note, with tourist projections for 2011 being very promising, operators of businesses in small towns should pay more attention to attracting out of town visitors. Additionally, the article mentions that this means that rural businesses need to begin to spend more time using social networking and other forms of advertising as small towns are catching up on the use of Google and other review sites to find and review businesses.
What else can we expect? Well there is some troubling news ahead for businesses in rural areas. With budget shortfalls affecting so many states, counties, and towns, individuals and business owners in rural areas may begin to feel the effects of budget cuts trickle down to them. The article warns business owners to be aware that the budget shortfalls could mean that school consolidations and closing of post offices lay in store for many small towns. Also, the article mentions the Health Care Reform law passed last year. Some new things will be kicking in which will affect small businesses, including a 35% tax credit available to small businesses offering health insurance to its employees. Very important to rural areas, there will also be an increased payment structure to rural medical centers and doctors, which will help to keep pace with increased demands for service. Read the rest of this entry »