NWA Business Journal Kicks off Downturn Series

With this issue, I’m pleased to introduce Business Journal readers with the first in a series of stories entitled “Dealing with the Downturn.” The aim of this series is to help our readers make sense of the economic issues we face together as a self-sufficient market, as part of the great state of Arkansas and as a nation.

Our goal is not to be alarmist, but to be informative, accurate and honest about what is happening in our six-county market. It’s our editorial board’s belief that businesses need to be armed with the facts — sometimes easy to swallow, sometimes not — in order to make the best decisions. Now is the time when the decision making process needs to be fine tuned to optimal efficiency.

In his cover story, associate editor Andrew Jensen explores the job market in Northwest Arkansas and points out where we’re seeing job growth and what sectors are shrinking.

In an interview with Kathy Deck, director of the Center for Business and Economic Research, Jensen points out that we need to be looking for next growth opportunity.

The big three companies — Wal-Mart Stores Inc., Tyson Foods Inc. and J.B. Hunt Transport Services Inc. — have done this region a fantastic favor, but as a market we need to work together and diversify our strengths.

There’s no way around it, job growth is slowing and the number of people moving to the market is slowing. It’s up to us to be the harbingers of the next big industry.

Future stories planned for “Dealing with the Downturn” include how to make strategic cuts and how to know if it’s a good time to diversify.

I want to hear from you. If there is a subject you passionately feel we need to cover under the heading of this series, call or e-mail me.