I was born in Scranton and have lived here my entire life.
As a resident of northern Pennsylvania for nearly five decades, a certified public accountant for 25 years and the small business practice leader at ParenteBeard, I understand the region and its businesses. I understand the challenges that our business community faces, but also the opportunities that exist.
That is why I have spent my career helping businesses in and around this region get off the ground and grow. It's also why I'm confident that these businesses can continue to find success now and in the future. But to get there we need to be honest about our current situation and how to improve it.
First, let's look at the challenges.
Unemployment is high. Lackawanna and Luzerne counties have two of the top 15 highest unemployment rates in Pennsylvania. Growth has become stagnant. Construction has been on the decline. These are realities that can be seen all around us.
The path forward will not be easy and there's no foolproof plan to achieve success. But this region is a resilient one and there are things that every business in this community can and should be doing to help themselves.
If our businesses approach their growth strategically and use the resources our region has to offer, everyone will be able to move forward. While we may be separated by different counties, together we form a strong region. This is how we must view ourselves in order to flourish individually and collectively.
Thinking regionally often requires business leaders to leave their comfort zones, but sometimes you need to be fearless when seeking growth. If you are paralyzed with the fear of entering an unknown area of business or geographic area, you may be missing out on tremendous opportunities. Don't let potential regulatory hurdles stop you from expanding into new cities or industries. If you're afraid of being able to handle the burdens of making a big change, look for partners, consultants and friends that can help. The benefits that come with growing your business throughout the region and beyond far outweigh the potential costs or headaches.
For many small businesses, it's not the fear of growth that holds them back, but the uncertainty of how to achieve it. Successful small businesses look across industries for partnerships that can aid in expansion. Our region is home to numerous industries, many of which appear unconnected on the surface.
But those seemingly unrelated companies could be the ones to help take your business to the next level. If distribution channels are an impediment to growing your business, why not engage in open discussions with one of the region's transportation companies? An impromptu conversation could ultimately turn into an unlikely but valuable partnership.
We need to look no further than our own backyard for an example of how local business owners can take advantage of the opportunities this region has to offer. One Point is a Scranton-based company which considers itself a one-stop shop for all business office needs. But it didn't start that way. At its inception it was simply a local forms and printing business. Over nearly four decades, One Point's President, Pat McMahon, has managed to grow the business in new and unexpected ways. From forms and printing, One Point added office supplies, then furniture, flooring, even interior design.
How did he do this? By not defining his business too narrowly. He joined numerous chambers, associations and networks in not just his own town, but all across the region. He sought every opportunity to connect with business leaders in all industries to gain insights or ideas that he could bring back to his hometown and implement.
Through various partnerships, joint ventures, and mergers and acquisitions - all matched with an unwavering passion for success - Mr. McMahon has been able to transform a local business with a mature product line and minimal opportunities for growth, into an expanding, regional business with a full range of diversified products.
This is only one example of how a company has used the advantages our region offers, but there are many others. We've seen challenging times before and come out stronger on the other side. This region made one of the most successful transitions this country has ever seen, shifting from a single industry to a diverse industry environment. A region once dependent on anthracite coal had the foresight to drive new growth by attracting entrepreneurs, inventors and new technology to the region.
It's time we bring back that attitude and change the way we approach business. As a region rich with potential, something as simple as thinking beyond our borders could be the catalyst we need to once again make Northern Pennsylvania the thriving community we all know it can be.
JOHN NEALON is regional managing partner of ParenteBeard's northern Pennsylvania region, practice leader of its small business group and also serves as a member of the firm's board of directors. Would you like to write for IN THIS CORNER? Contact us at business@timesshamrock.com