Economic Development Recovery Plan

Congratulations, your community is surviving through this economic slowdown. You took the initiative and made the necessary adjustments with your strategic plan, weeded out under-performing initiatives or projects, shed unreliable marketing efforts and concentrated your marketing dollars on channels that prove to deliver a strong return on investment. Your organization may even have downsized, either voluntarily or involuntarily.

Now, you are looking for the signs that the economy is on the rebound and the opportunity to increase investment into your community and some fun. Here are a few recommendations to plan ahead:

Focus on high-potential opportunities. Make sure you focus on building relationships with the individuals and businesses in growth industries, where pent-up demand is going to be unleashed once the economy turns the corner.

Don’t assume a return to normal. The competitive landscape will have changed and you need to listen closely to your existing business base and potential investors to revise your market assumptions.

Know your lead indicators. Every economic developer should be aware of the specific indicators, macro or micro, that predict demand and interest for their community. Use common sense, take a look around your community and region to see what is happening right now.

Be ahead of the crowd. Don’t wait to heard an official declaration the recovery is underway. Get ahead of the crowd and develop your recovery plan now and pull the trigger when your lead indicators say go.