Wyoming business community seeks solutions to grow state economy

(The Center Square) – As Wyoming faces significant shifts in the state’s financial outlook as a result of COVID-19, business leaders are strategizing about what needs to be done in order to foster economic recovery and growth.

“Wyoming and Wyomingites are resilient and will rise to the challenge,” Ron Gullberg, strategic partnerships director with the Wyoming Business Council, told The Center Square by email. “Alignment and collaboration are critical, whether it’s one large common crisis such as the global pandemic, or a more Wyoming-specific issue such as boom-bust cycles. Having both happen simultaneously in Wyoming, we have learned we cannot just hunker down and survive until whatever crisis abates. Our communities and businesses have shown resilience, innovation and, in some cases, growth this past year. We are adding value to our core industries of energy, tourism and agriculture, and activating new sectors.”

Gullberg said communication is key to moving initiatives forward for the state.

“For example, we have been working with industry associations able to provide the Wyoming Business Council with greater insight into their client bases,” Gullberg said. “We’ve forged stronger alignment with fellow agencies, from the State Auditor’s office to Workforce Services and Tourism.”

This pooling of resources and communication among partners, stakeholders and industries not only enhances awareness of existing services for businesses, it also is providing opportunities to understand what their needs are and respond accordingly, Gullberg said.

“Response can come in many forms, from agency to agency, public-private, and B2B,” Gullberg said. “The Business Council serves as a conduit. Wyoming and its low population, open spaces, adventurous lifestyle and no-to-low taxes became much more attractive to individuals, families and businesses this past year.”

Gullberg said that basic business fundamentals still apply for potential changes to address other economic challenges, whether it’s a pandemic, market shifts or disruptive technology.

“This is where the alignment of resources in Wyoming will be critical; from workforce recruitment and training, to basic business technical assistance and developing strategies for procuring capital investment for startups and existing businesses, and so on,” Gullberg said. “Individual businesses, and the state as a whole, need to take what we’ve learned about agility and open-mindedness this year into the future. We need to be ready to adjust to market forces quickly and with as much certainty as possible to remain resilient.”

More options are expected to take shape as the year unfolds.

“While we are not out of the woods yet, this can be an historically transformative period in Wyoming history, one where we collectively work to add value to our core industries, activate new sectors, and innovate and grow the Wyoming we want,” Gullberg said.

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