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Updated: 12:03 AM Nov 9, 2008
Slow Economy Through Eyes of Small Business
Lincoln As the economic struggles of automotive and retail giants like General Motors and J.C. Penney play out in the public eye, the majority of small businesses are silently riding out the slumping economy.
Posted: 10:30 PM Nov 8, 2008Reporter: Chie Saito Email Address: chie.saito@kolnkgin.com |
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On a cold day Kat Wood serves up some warmth in a cup at a coffee shop and deli in Lincoln. But now that the economy has cooled, owner Evette Balkus is feeling the pinch.
"We have seen the trend that maybe some of the customers that come in every morning for their coffee of their specialty beverage are not coming as often," said Balkus.
According to Eric Thompson with UNL's Bureau of Business Research Nebraska has not seen the large scale impact of the weakened economy.
"I think there are differences between the national economy, and the Nebraska economy, and we certainly weren't effected as much by the housing crisis in a lot of parts of the country," said Thompson.
But for small business owners like Balkus, it is not just the slowdown of the economy she faces. She says businesses like hers have been hit on several fronts.
"Products have been going up month after month, national chains are locked into prices but small businesses are not so they're at the mercy of the markets," she said.
However that is something that experts say may be unavoidable no matter how well Nebraska's economy is doing compared to the rest of the country.
"At the end of the day, the Nebraska economy is very integrated to the national economy, and the world economy, and with this national and global recession coming on, it's going to affect us too," he said.
However Balkus feels she won't be the only one to lose out.
"In the end if you do not support your small business, they will go by the wayside and then so will your choices," she said.
As it threatens to change where the average Joe, can get a cup of joe.
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