Let's generate right types of economic growth

Russell Bell Business Zen Zenith Solutions Tracey Grant photo WGC 28Apr12 - WGG 15Nov12 - SPEAKING OUT: Brian Doughty, Keith Beautrais, Russell Bell, Jenny Duncan, Tim Groser.

I'm hearing a lot about encouraging some of the tidal wave of baby boomers to live their later years here.

The idea has merit, but why not instead focus on backing existing local businesses and young entrepreneurs? They could live here for a lifetime (their kids too).

You can generate economic growth in many ways but the key is to generate the right types of growth.

I was pleased this week to assist two local businesses who have come up with something innovative and exciting and are moving quickly to take a strong foothold in the market.

As with most of these types of endeavours, there will come a time when many will say: "Gee, I could have thought of that." Well, guess what - they thought of it first.

So when I think about their ideas, my ideas and some of the projects and start-ups appearing here, I get excited that maybe Wanganui can become established and embedded as the place for business ideas to grow.

Despite the naysayers - there are a few - our city could be in a unique position to give rise to a new wave of economic growth.

From the completion of the UFB roll-out to being recognised as an "intelligent community" to our existing manufacturing power base (Heads Rd etc) to harnessing and supporting innovation in the many and varied forms in which it arises, Wanganui has advantages which should be capitalised on.

Last week I was in Sydney. One of the recurrent themes there is how micro-businesses are popping up and filling gaps caused by the attrition of traditional business models. Australia is experiencing tough economic times but travelling through Sydney and its suburbs you would not believe it. I lost count of the logos and signage advertising e-businesses and web-commerce entities.

With the support of economic development programmes and locals, these new businesses can become successful in places such as ours. Community groups can also work to attract businesses and our natural resources can give rise to the development of "value-add" products.

The environment must be right for local businesses to thrive. It is time to focus on allowing the opportunities and possibilities to dominate our collective thinking. Then Wanganui can become renowned as a place where good ideas become great business.

-Russell Bell's Zenith Strategic Solutions is a specialist Wanganui business advice and consultancy practice - 021 2442421.