Back in January of 2006, I reminded you of the old bumper sticker joke:
My question then was what will you do with this oil boom? We’re nearly three years further into this boom since I asked. Let me remind you of two of the answers:
- For community development, Community Foundations help keep more of the wealth at home. They allow your community to capture a small percentage of the wealth that is about to be transferred out of town when the “old” generation dies off, and leaves the land and minerals to their city-dwelling kids.
- For your business, save some proceeds towards the lean times ahead. You know that every boom has a bust. Do what you can to be ready.
Local motels have stayed full of work crews. Restaurants have fed lots of extra meals. Mechanics have had lots of extra business. Certainly the liquor business has benefited, as well.
It’s been easy for everyone who wants a job, to find one. It’s been tough for businesses to find enough people to fill the available openings and to compete with wages offered by oil field jobs.
And it’s all temporary. We know full well that it will come to an end. The recent decline in crude oil and gasoline prices are enough to remind us.
So I ask again, what are you doing with this oil boom?
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.