Raise Your Level of Economic Development (Part I)

The new year is well underway and maybe you’re finding that what was working in the past no longer does. Things have shifted dramatically in the past year and if you’re still doing economic development the same way it might be time to re-evaluate and raise the bar.

What is expected of you – this has been mentioned time and time again in previous posts. You need to know what is expected of you as an economic developer. One of the key ways to do that is to talk to your business community, your stakeholders and your prospects. Whether you pick up the phone, develop a survey or just implement a feedback form on your website, start the communication.

What’s your strategy – this has also been mentioned in previous posts. Many economic development organizations are operating on a tight budget with very little staff resources. We end up reacting instead of being pro-active. You need to be clear on your strategic objectives and goals. You need to communicate these objectives within your organization and ensure everyone is on the same page.

What is your Community doing differently – There are many examples in business where a company stands out from the crowd. Economic development can learn from them. Take Zappo’s for example, all they do is sell shoes but they manage to set themselves far apart from their competitors. What do you want your community to be known for? Can you write it down in less than 25 words? Focus on the vision for your community and then you can start to be it.

Expand your boundaries – we hear it all the time, regionalization. In a lot of cases it makes sense to partner with your neighbouring communities or even wider, a province or a state. No one can do it alone and that can be true for a community. Don’t just partner for partnering sake. Make sure the partnership is clearly defined, that each participant knows the expectations and responsibilities. The partnership has to work for everyone and not just a select few.

Web 2.0 – get on board with new technology. There are so many applications available online that can be used for economic development. Social networks can be very advantageous for community economic development but you need to be clear on what it is you want from it. Pick one of the many DIY survey websites, link to websites of value, or just commit to mastering one new technological skill.