Perceptions: Compiling the perspectives of business leaders representing a wide range of interests creates a picture of the wider economy that would be inaccessible by individuals alone.  These themes are significant as they color the actions of businesses owners and consumers alike.

Holding pattern

Both businesses and consumers are in “wait and see mode” because the future is unpredictable.

• Large businesses are reluctant to make big changes, opting instead to wait out the recession by relying on resources they already have.
• Smaller and newer businesses are more willing to take risks to gain a foothold in the economy.
• Consumers are not making major purchases, wanting to save money in an unstable job market.

A challenging community

In different ways for different sectors of the economy, Northfield is a challenging place to do business because of market size, recent changes, political ideals, and tax policy. 

• Businesses have to capture a high percentage of the small market to make a profit
• Social hubs like the middle school have moved to the outskirts—moving potential customers away from any shopping areas
• The liberal consumer base is seen as anti-development
• The tax base is skewed to residential, and
• Property taxes downtown are artificially high

Optimism

Business leaders are encouraged by the history of local success and innovation.

• Many customers “shop local” despite the proximity to metro areas.
• These metro areas offer potential for tourism.
• Development of “backdoor” or internet business is helping some businesses actually grow during the recession.