APRIL PRESIDENT’S MESSAGE First and foremost, a HUGE “thank you” to Doug Nielsen and his volunteer committee for a fun and very successful Chamber banquet last month. Along with that is also a “thank you” to the many businesses AND individuals that donated items and services for our live and silent auctions. Thank you also to our successful bidders. These auctions are VITAL to the Chamber’s fundraising efforts because they contribute a significant portion to the Chamber’s annual operating expenses. Perhaps the most enjoyable portion of the evening was the awards celebration. Look elsewhere in this newsletter for a list of the well-deserving individuals, businesses and service organizations that were presented awards for their contributions to the community of Rexburg and the surrounding area.
The calendar says it's spring, but we know that in Idaho sometimes that doesn’t mean much! There is a lot planned this month to help us get in the spring “mood”. BYU-Idaho graduation happens along with the start of the spring semester at the University. Yellowstone National Park will open to vehicle traffic this month too. Why are these events important to us? Recently I’ve been reading a series of articles published by several different University extension services on the concept of community based economic development. Many of you may already be familiar with this concept but I thought it worth sharing. Here’s my interpretation of what I have been reading.
The economy of a community is like a rain barrel…money flows into the barrel and money leaks out. The level of money in the barrel depends upon how much goes in and how much leaks out. So where does the money come from? There are primarily two different sources: 1) a local business sells a product or service to an outside customer and 2) dollars are brought into the community from outside sources. An example of number one is when a farmer sells his potatoes to a warehouse or processor outside of Madison County. Perhaps the best example of number two is when new students come to Rexburg to attend the University or a tourist stops in Rexburg to make a purchase. So as you can see, the start of a new semester at the University and the opening of Yellowstone National Park create money that flows into our barrel.
So how does money LEAK from our barrel? Unfortunately, there are more ways for that to happen than there are ways to get money into our barrel. Here are some prime examples:
1. A local business buys their goods and services from businesses outside its community.
2. Local people go out-of-town (county) to buy goods and services.
3. Community citizens take investment dollars and put them into outside business ventures instead of investing in local business opportunities.
I think you get the picture. The way to INCREASE money in OUR community’s rain barrel is to embrace opportunities to bring money into Rexburg/Madison County from outside our community while DECREASING leakage!
The way to decrease leakage is pretty simple…we as businesses and individuals must change our habits and SHOP AT HOME more! Going to Idaho Falls is NOT shopping at home, it's merely filling THEIR rain barrel. There are dozens upon dozens of businesses in Madison County that need us to support them, especially during challenging economic times. Sometimes we may find it difficult to purchase everything we need in Rexburg/Madison County, but I know people who will drive to Idaho Falls to save three cents on a gallon of gas. If your tank holds 20 gallons, you’re saving LESS than $1. You may think that all the other purchases you make while in Idaho Falls will increase the 60 cents you saved at the pump, but consider the impact you are having on your local businesses and your neighbors that own or work in those local businesses. A continuation of this behavior could result in fewer businesses in Rexburg! Think that’s not possible…drive through downtown in one of our neighboring communities.
My message is not to chastise anyone but to try and get us all to think more about WHERE we make our purchases. Buy with businesses in Madison County and you help keep money in our collective rain barrel. Think about it…
