Four years after our nation’s financial experts declared an end to the Great Recession, the pace of economic growth remains sluggish. While Maine has faired better than many other areas of the country, we too are struggling to regain the prosperity that we enjoyed prior to 2007.

In fact, a review of two measures of the vitality of the Lakes Region economy shows that we are still in the midst of a recovery. In 2012, retail sales remained $27 million below the peak established prior to the recession and the average unemployment rate in the 10 towns served by the Sebago Lakes Region Chamber of Commerce increased from 4.05 to 6.44 percent over the last five years.

Numbers like these have led many to describe the state of the economy as “the new normal” and these conditions leave us with two very simple options. We can either accept the current environment, or we can develop a new approach to revitalize commerce and generate employment opportunities. With a desire to create positive change, the chamber has chosen the latter. However, success in this endeavor will require a collaborative strategy.

At a recent meeting with the chamber’s board of directors, Richard Barter, Vice Chair of Gray’s Town Council, spoke about the need for Lakes Region communities to adopt this approach and said that we have to understand that we are not competing against each other for economic development. Rather, we are competing against the rest of the state for tourist dollars, new businesses that will create jobs, and an increased share of consumer spending. In order to grow in these areas we must pool our resources and promote the region with a common voice.

This is an opinion shared by the chamber, and work on this initiative began with a series of “Coffee and Conversation” meetings with businesses in our market. While each of our region’s 10 communities are unique and have their own character, these discussions identified the fact that the issues challenging economic growth and prosperity are similar. A common struggle for many small businesses is developing an effective marketing strategy and finding a way to fund it.

Addressing this need is a primary objective for the chamber, and clearly there is an opportunity for enhanced marketing to have an impact. A recent study showed that Lakes Region residents spend $1.25 billion dollars annually on consumer goods; however, more than half of that money is spent outside of our area. Retaining even 5 percent of this leakage would add $30 million to the local economy, and return retail sales to pre-recession levels. When you consider that 60 percent of the money spent at locally owned businesses is reinvested in the community, this would provide a significant boost to the region and help to fuel job growth.

These are ambitious goals, but to make an impact we need to aim high and be creative in our efforts to help turn the tide. In the coming months the chamber will introduce several new initiatives to highlight Lakes Region businesses. On May 16, we will host an Open House and Business Appreciation Day to celebrate the value that businesses provide our community. In June, we will launch a new website that provides more exposure to our members and towns. And this fall, we will facilitate the Sebago Lakes Summit, which will include a showcase of local businesses, educational sessions, and roundtable discussions with community leaders focused on how we can work together to a build a stronger region.

With continued work on projects such as these, collaboration and prosperity might just become the new “new normal.”

Dan Hancock is president of the Sebago Lakes Region Chamber of Commerce.