Williamson Inc. looked back at 2023 in Tuesday’s Outlook Williamson presentation. President and CEO of the chamber, Matt Largen, revealed that last year’s nationwide inflation barely slowed the county’s economic growth, and panelists from a variety of local and national businesses shared their insights into some of the current economic challenges and opportunities in Williamson County.
Williamson County continues to be a “growth engine in Middle Tennessee,” said Largen. In the last four years, the county has added 15,000 jobs and remains one of only four counties in the state with a higher average per capita income than the nation.
“Williamson County’s economic reach really extends beyond the county’s and the region’s borders and really benefits the entire state of Tennessee,” said Largen.
However, there have been some slight changes in perspective. More businesses were worried about inflation and recruitment and retention last year — issues that persist throughout the country and have no easy solution.
When it comes to hiring, Largen said companies are worried about the roles transportation and housing options play. Williamson County lacks access to affordable housing and a regional transit system, making it harder for some companies to sell the area to potential employees. But Largen is hopeful that local and state governments and organizations are working to make progress in these areas soon.
2023 set a record for ribbon cuttings in the chamber. Eighty-three companies celebrated openings last year, many of which were small or locally owned businesses.
Small businesses and inflation
Jena Potter and Leigh Bawcom of Williamson Inc. moderated a discussion with local business owners about the struggles inflation and supply chain shortages have brought to small businesses and how they’ve made the most of it.
“We’re kind of always looking at what we’re offering and assessing what works and what doesn’t work,” said Brooke O’Dell, chief sprinkle officer at Sugar Drop. Many businesses like O’Dell’s have had to learn to pivot on a dime.
As for hiring and retaining talent, Jay Deluca, owner of two local Nothing Bundt Cakes franchises, said investing in employees is key.
“In order to recruit and retain that talent, you have to actually build it,” Deluca said. Whether that means providing skills training and education, paying for insurance and employee benefits, or even just making genuine connections with employees, Deluca says the investment is what matters.
Ninety percent of Williamson Inc. members are small businesses, according to Bawcom, but so often the local community gets trapped supporting the most convenient or inexpensive options for goods and services. Matt Brown, owner of BrandMETTLE and the Five Points Post Office, urged residents to support the local businesses they care about.
“We take for granted that these things are always going to be here on the generosity of the owners and everyone else, and at the end of the day if we don’t give them our business, they’re going to close their doors,” Brown said.
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