Two widely watched reports were released by the government last week demonstrating continued sluggishness in the economy. The U.S. Bureau of Economic Analysis found that the economy had slowed in the past quarter, primarily due to softening consumer spending. The White House Office of Management and Budget also released its Mid-Session Review to Congress.

The White House’s mid-year forecast of the nation’s fiscal solvency and forecast of economic growth was consistent with a variety of other economic projections. On the issue of job creation the report predicts unemployment will decline modestly to 7.9 percent by the end of the calendar year.

However, the most important conclusion in the report for small businesses is the forecast that national unemployment will remain above 6 percent through 2016. Thankfully Naperville has recovered more robustly than other communities in Illinois and across the nation.

In the past year Naperville’s unemployment rate has dropped almost an entire point and stands at 6.9 percent. This progress in economic recovery has instilled confidence in our local business community and real growth is occurring.

The Finance Department at the City of Naperville has reported strong growth in sales tax receipts, a key barometer of local economic activity. However, broader economic forces will impact Naperville’s businesses large and small. In particular, a blanket of uncertainty hovers over our small business community.

The unease over future demand, tax rates and business costs, weighs heavily on the minds of business owners and executives. Last week’s reports predict this environment to continue for the foreseeable future.

Until the fog of the election and the so-called “fiscal cliff” is lifted and a pattern of consistent growth emerges, small businesses will continue to do more with less. After living through the economic turbulence of the past few years, the reluctance to incur new debt, make new hires or reinvest is understandable.

However, the turbulence in the economy doesn’t mean small businesses should turn a deaf ear to opportunity or stop your quest for new customers. Just the contrary, in a world of tepid growth, great entrepreneurs take a step back and try to reinvent their business, enter new markets or provide additional value to their existing customers. This creative process will ultimately lead to new growth and additional job creation.

Don’t be deterred by the doldrums of the past few years. Continue to push your business, your employees and yourself to achieve success in spite of the headwinds. Now is the time to innovate and take risk.

In a world of uncertain economic data and I’m absolutely confident about one thing: small businesses will figure out a path to prosperity and the economic analysts and budget experts will be the last to know. For more than two centuries, America’s entrepreneurial class has lifted the economy and defied expectations.

Thank you for your continued membership and support.