Source: Chad Jackson, 785-341-6423, cjackson@k-state.edu
News release prepared by: Tyler Sharp, 785-532-2535, media@k-state.edu

Friday, June 24, 2011

MEDIA ADVISORY: EXPERT CAN COMMENT ON GAS PRICES AND EFFECTS ON SMALL BUSINESSES

MANHATTAN -- High gas prices are having a variety of effects on the economy. Chad Jackson, Kansas State University's associate director of the Center for the Advancement of Entrepreneurship and a small business expert, can discuss this issue in detail.

Jackson says small businesses are facing challenges because less personal income is being spent on goods and services. This income is going toward fuel. Rising production and distribution costs are also forcing businesses to pay higher costs to acquire or manufacture goods

Their responses are varied.

According to Jackson, many businesses have reduced staff and overhead expenses to remain profitable. More successful business owners have created solutions that are not dependent on fuel costs or come up with unique alternatives to doing business. A continued focus on differentiating their offerings from those of larger firms is important for small businesses. Most small businesses also can be more flexible and able to respond to changing the market conditions. It is important for these businesses to continue to satisfy the needs of a target market.

Jackson can be reached at 785-341-6243 or cjackson@k-state.edu.