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How to prepare an economic development action plan for your community

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Title:
How to prepare an economic development action plan for your community PowerPoint slides
Physical Description:
51 slides : col. ;
Language:
English
Creator:
Colie, Dennis G
University of South Florida -- Center for Economic Development Research
Florida Economic Development Council
Publisher:
Center for Economic Development Research, College of Business Administration, University of South Florida
Place of Publication:
Tampa, Fla
Publication Date:

Subjects

Subjects / Keywords:
Economic development -- Planning -- Florida   ( lcsh )
Strategic planning -- Florida   ( lcsh )
Genre:
slide   ( marcgt )

Notes

Statement of Responsibility:
prepared by Dennis G. Colie ; commissioned by Florida Economic Development Council.
General Note:
Title from PDF of first slide (viewed Aug. 18, 2009).
General Note:
PowerPoint slides converted to PDF.

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Source Institution:
University of South Florida Library
Holding Location:
University of South Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 002024751
oclc - 430986577
usfldc doi - C63-00102
usfldc handle - c63.102
System ID:
SFS0000368:00001

Related Items

Related Items:
How to prepare an economic development action plan for your community.


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Full Text

PAGE 1

How to Prepare an Economic Development Action Plan for Your Community The future economic vitality of communities is less a function of resources and geography and more a result of sound strategy and strong leadership. Kolzow, David R., Ph.D., "Strategic Planning for Economic Development," American Economic Development Council, 1998.

PAGE 2

Introduction to the Economic Development Action Plan The ED action plan is a strategic blueprint for going from where you are now to where you want to be, for getting there when you want, and for showing how to get there.

PAGE 3

Introduction to the Economic Development Action Plan

PAGE 4

Introduction to the Economic Development Action Plan Who typically initiates the planning process? Usually it is an economic development professional chamber of commerce executive, city manager, or someone in a similar position, who will provide the initial impetus (Kolzow, 1998).

PAGE 5

Introduction to the Economic Development Action Plan Obtaining the support of the community's leadership is a critical preliminary step. The community's leadership consists of elected officials and other influential persons, such as business people, clergy, educators, and civic-minded volunteers.

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Introduction to the Economic Development Action Plan Obtaining the support of elected officials

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Introduction to the Economic Development Action Plan Obtaining the support of other influential community leaders Use personal contact, letters and reports, community workshops.

PAGE 8

Introduction to the Economic Development Action Plan Maintaining the support of the community's leadership To benefit from the support already generated, consider forming a local ED advisory board

PAGE 9

Introduction to the Economic Development Action Plan The Local ED Advisory Board Who elected officials & influential community leaders, or their designated representatives. Why keep the leadership informed & solicit their ideas. When meet at least monthly while making ED goals & strategies.

PAGE 10

Introduction to the Economic Development Action Plan

PAGE 11

Introduction to the Economic Development Action Plan The Strategic Planning Time Horizon Minimum include a full budget planning/spending cycle of the community's municipal government; usually two fiscal years

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Introduction to the Economic Development Action Plan The Strategic Planning Time Horizon Considerations: Strategies for achieving some goals might logically extend beyond 2 years. Creating a new plan every 2 years might be inefficient. Thus, an horizon over two years may be desirable.

PAGE 13

Introduction to the Economic Development Action Plan The Strategic Planning Time Horizon Maximum not exceeding 5 years, because: support of the leadership may dissipate, incumbents may be replaced, and new community needs may emerge.

PAGE 14

How to Prepare an Economic Development Action Plan for Your Community Firms create competitive advantage by perceiving or discovering new and better ways to compete in an industry and bringing them to market, which is ultimately an act of innovation. Porter, Michael E., "The Competitive Advantage of Nations," The Free Press, Division of Macmillian, Inc., 1990.

PAGE 15

Formulating Goals and Strategies Goals are clearly defined objectives to be achieved over the time horizon of a strategic action plan. Strategies are ways and means for achieving the goals.

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Formulating Goals and Strategies The role of economic development is to help businesses to increase productivity.

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Formulating Goals and Strategies Matters, affecting private sector productivity, in which ED may play a role: education policy tax and incentive policy health care policy regulatory (permitting) policy environmental policy municipal budget and spending policy

PAGE 18

Formulating Goals and Strategies 1. Proceed directly from an identified need to the strategies to satisfy the need. Designing the ED Action Plan Alternatives

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Formulating Goals and Strategies 1. Proceed directly from an identified need to the strategies to satisfy the need. 2. Set intermediate goals, which lead up to the satisfaction of a need. Designing the ED Action Plan Alternatives

PAGE 20

Formulating Goals and Strategies 1. Proceed directly from an identified need to the strategies to satisfy the need. 2. Set intermediate goals, which lead up to the satisfaction of a need. 3. Define performance measures as a guide for satisfactory achievement. Designing the ED Action Plan Alternatives

PAGE 21

Formulating Goals and Strategies When your community's ED requirements exceed available resources, but obtaining all of those added resources is not practical. The Need for Prioritizing

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Formulating Goals and Strategies What does "Prioritizing" mean? Goals for meeting some of your community's ED requirements can be set for completion within the time horizon of the plan, while the satisfaction of other needs must be postponed

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Formulating Goals and Strategies Targeting is a form of prioritizing. Targeting is the application of scarce resources to specific industries or industry-clusters. What is "targeting"?

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Formulating Goals and Strategies They provide unambiguous guideposts for day-to-day decision making within the community's ED organization. Link between Goals & Strategies

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Formulating Goals and Strategies They provide unambiguous guideposts for day-to-day decision making within the community's ED organization. They clearly delineate the collaboration and shared responsibilities among the community's various organizations. Link between Goals & Strategies

PAGE 26

Formulating Goals and Strategies They provide unambiguous guideposts for day-to-day decision making within the community's ED organization. They clearly delineate the collaboration and shared responsibilities among the community's various organizations. They provide readily observable measures of success and/or target dates for completion. Link between Goals & Strategies

PAGE 27

Formulating Goals and Strategies When setting goals and devising strategies, it will often be helpful to review why an identified need exists in the first place. The review helps to ensure that the goals and strategies really address what has to be done Reviewing the Community's ED Needs

PAGE 28

Formulating Goals and Strategies 1. Clearly identify the need in terms of Who, What, When, Where, and Why. Kolzow (1998) suggests the following steps in the review.

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Formulating Goals and Strategies 2. Research the root causes of the need. Kolzow (1998) suggests the following steps in the review.

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Formulating Goals and Strategies 1. Identify the need. 2. Research its root causes. Kolzow (1998) suggests the following steps in the review.

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Formulating Goals and Strategies 3. Determine the barriers e.g. lack of funds, inadequate research, to addressing the root causes for an ED need. Kolzow (1998) suggests the following steps in the review.

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Formulating Goals and Strategies 1. Identify the need. 2. Research its root causes. 3. Determine the barriers. Kolzow (1998) suggests the following steps in the review.

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Formulating Goals and Strategies 4. Engage the community's leadership with help from ED professionals to make a specific list of actions that is strategies to overcome the barriers causing an unfulfilled ED need. Kolzow (1998) suggests the following steps in the review.

PAGE 34

Formulating Goals and Strategies 1. Identify the need. 2. Research its root causes. 3. Determine the barriers. 4. Make list of actions to overcome barriers. Kolzow (1998) suggests the following steps in the review.

PAGE 35

Formulating Goals and Strategies 5. Evaluate the potential for an action to succeed: Can the community and its ED organization implement a particular strategy within the time horizon of the plan? Kolzow (1998) suggests the following steps in the review.

PAGE 36

Formulating Goals and Strategies 1. Identify the need. 2. Research its root causes. 3. Determine the barriers. 4. Make list of actions to overcome barriers. 5. Evaluate and select specific actions. Kolzow (1998) suggests the following steps in the review.

PAGE 37

Formulating Goals and Strategies Ultimately the economic development action plan for your community becomes a formal document. What should that document contain?

PAGE 38

Formulating Goals and Strategies Ultimately the economic development action plan for your community becomes a formal document. What should that document contain? Answer: not too much.

PAGE 39

An Economic Development Action Plan for Your Community: A formal document Introduce the plan with a brief vision statement The words can evolve during advisory board meetings as a consensus among community leaders. The ED action plan should include the following:

PAGE 40

An Economic Development Action Plan for Your Community: A formal document List each goal. The goals may be intermediate goals or final goals. The ED action plan should include the following:

PAGE 41

An Economic Development Action Plan for Your Community: A formal document Describe the strategic action for reaching each goal. Strategies should be clearly stated, but refrain from overly restrictive statements. The ED action plan should include the following:

PAGE 42

An Economic Development Action Plan for Your Community: A formal document Assign a responsible agency for implementation of a strategy. The ED action plan should include the following:

PAGE 43

An Economic Development Action Plan for Your Community: A formal document Indicate the allocated funds for carrying out a strategic action. The ED action plan should include the following:

PAGE 44

An Economic Development Action Plan for Your Community: A formal document Include detailed work plans submitted by the responsible agencies. A work plan schedules tasks and associates resources, such as staff and funding, with the scheduled tasks. The ED action plan should include the following:

PAGE 45

Plan Evaluation The evaluation has three dimensions: 1. Monitoring progress 2. Assessing performance 3. Determining the level of impact. Evaluation starts after your community's ED action plan is implemented and is a continuous process.

PAGE 46

Plan Evaluation Monitoring tracks the current status of tasks listed in a work plan.

PAGE 47

Plan Evaluation Performance assessment is a periodic appraisal of the effectiveness of a responsible agency in meeting the objectives of its work plan.

PAGE 48

Plan Evaluation The residents of the community, and their leaders in particular, need to be informed of the level of impact of economic development on the community.

PAGE 49

Plan Evaluation Some measures of the impact are: Determining the level of impact and informing the community of that impact is usually an annual project Hours spent by responsible agencies, Money spent to activate the plan, Number of prospects contacted Number of businesses attracted to the community, Number of new businesses formed (continued)

PAGE 50

Plan Evaluation Some measures of the impact are: Determining the level of impact and informing the community of that impact is usually an annual project Number of jobs gained in the community, Change in the local unemployment rate Change in median( or average) real income of local households, and Change in the community's commercial real estate occupancy rates.

PAGE 51

Plan Evaluation It is the responsibility of the ED professional to gather the data and prepare the level of impact for the members of the community.


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