Experts tell businesses to stick to basics in tough economic times

Stressing core strengths, they say, is key to riding out bump in region’s economy

With home sales down, retail sales flat, and credit tightening, Spokane and Inland Northwest businesses have plenty of reason to be cautious, economic observers here say.

It’s a time for businesses to stick to what they do best, says Steve Scranton, chief investment officer for Spokane-based Wash­ington Trust Bank.

“It’s going to be a much more competitive environment,” Scranton says. “There’s going to be pressure on profit margins. Raw materials prices are going up dramatically. Consumers want a bargain or a discount before they’re going to be willing to spend a lot of money. Well-run business will survive and capture market share,” while businesses that aren’t well run face a much tougher time, he says.

By Richard Ripley

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