Econ Dev Presentation Opc 09 25 09
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The document outlines 10 tools for sustainable economic development: 1) Know your community's needs and assets, 2) Focus on your assets, 3) Make a plan to target key sectors, 4) Retain and support healthy small businesses, 5) Recruit and help small businesses grow, 6) Prune obsolete retail, 7) Develop a brand and use it consistently, 8) Leverage hidden community resources, 9) Stay focused on the long-term plan, and 10) Commit to the long-term work of economic development. The presentation provides guidance on implementing each tool and emphasizes the importance of persistence to achieve sustainable economic growth.
Econ Dev Presentation Opc 09 25 09
- 1. Ten Tools for Sustainable Economic Development Della G. Rucker, AICP, CEcD JACOBS | Advance Planning Group Ohio Planning Conference September 25, 2009
- 2. What is sustainable economic development? Ohio City/County Management Association February 25, 2009
- 3. What does Sustainable Economic Development look like? Well-paying, satisfying jobs Strong tax base Diverse, resilient economy Anticipate and get ahead of change Keep young people/knowledge workers/creatives. Others? Ohio City/County Management Association February 25, 2009
- 4. What are the barriers to sustainable economic development? Hanging on to hope for obsolete industries Unwilling to make investments/take risks Looking for one-shot solutions There’s no obvious solution paralysis. Chasing after anything that comes along, whether it fits or not Who’s gonna do it? Ohio City/County Management Association February 25, 2009
- 5. Ten Key Tools: 1. Know thyself. 2. Focus on your assets. 3. Make a plan. 4. Retain your healthy businesses, especially small ones. 5. Recruit and grow small businesses in healthy segments. Ohio City/County Management Association February 25, 2009
- 6. Ten Simple Steps: 6. Prune your retail. 7. Brand and use it consistently. 8. Use your hidden resources. 9. Keep your focus. 10.Be in it for the long haul. Ohio City/County Management Association February 25, 2009
- 7. 1. Know thyself. What does your community need? −Jobs for residents? − Property taxes? −Income/earnings taxes? − Improved reputation/ appearance? What parts of town need attention? What needs to happen? −Growth −Improved appearance −Change in quality −New jobs Ohio City/County Management Association February 25, 2009
- 8. 2. Focus on your assets. What are these? Provide/do/support better than others. Unique to your community. How do you find them? Analysis - high growth/high share sectors. Examine successful, similar places. Ask your business owners, leaders, residents. Ohio City/County Management Association February 25, 2009
- 9. 3. Make a Plan to Get What You Want Ambitious … visionary … impossible? Identify a small number of prime sectors to target (and the businesses that support them). Build buy-in. Put it in writing. Remember: −Not all economic development is good economic development. −Not all short-term gains are worth the long-term costs. −Sometimes it’s best to let it go. Ohio City/County Management Association February 25, 2009
- 10. 4. Retain your healthy businesses (especially the smaller ones) Who is healthy? − Growing --sales, employment, site − Fits target sectors (or has synergy with them) − Benefits the community (double/triple net) What’s so great about small businesses? − Biggest source of job growth − More likely to be locally owned (and stay when they get bigger) − Often better able to adapt to economic changes − Your target industry sectors may be dominated by small businesses. Ohio City/County Management Association February 25, 2009
- 11. 4. Retain your healthy businesses, Part 2 How do you retain them? − Talk frequently and honestly. − Take their concerns seriously − Fix them if you can. − Help them find other things they need (e.g, loans). − Make sure they know that you value them. − Encourage them to participate in the community. − Thank them. Ohio City/County Management Association February 25, 2009
- 12. 5. Recruit and Grow Small Businesses How do we find them? −Word of mouth −Next door −Potential entrepreneurs −Business incubator tenants How do we help them grow? −Talk to them −Listen to them −Know where to find help −Help them talk to each other Ohio City/County Management Association February 25, 2009
- 13. 6. Prune Your Retail Why? − Most markets have too much − New retail vacant old retail − Obsolete retail depresses market demand & values − Much obsolete retail has a better potential use − Use your zoning to move that way Ohio City/County Management Association February 25, 2009
- 14. 7. Brand, but do something with it. Brands are valuable. A cool brand won’t do the job alone. What else can you do with it? −Traditional −Internet −Relationships/loyalty Stick to the story. Ohio City/County Management Association February 25, 2009
- 15. 8. Use your hidden resources Non profit organizations Charities and Foundations Service Groups Schools What can they do? −Community Improvements −Wisdom/Expertise −Entrepreneurs −Ambassadors Ohio City/County Management Association February 25, 2009
- 16. 9. Keep your focus Hard decisions are a fact of life. A wobble may cost you the ability to use the plan Communicate to everyone (and refer to the plan) Remember: − You can’t change the past. − Not all economic development is good economic development. − Not all short-term gains are worth the long- term costs. − Sometimes it’s best to let go. Ohio City/County Management Association February 25, 2009
- 17. 10. Be in it for the long haul Quick solutions usually don’t work, or not for long Celebrate every small success Communicate the Vision Stay the course! Ohio City/County Management Association February 25, 2009
- 18. Questions? Insights? Good ideas? Ohio City/County Management Association February 25, 2009
- 19. Parting thought “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race” - Calvin Coolidge. Ohio City/County Management Association February 25, 2009
- 20. Thank you! Della G. Rucker, AICP, CEcD JACOBS | Advance Planning Group 1880 Waycross Road Cincinnati, OH 45240 Phone: 513-288-6613 Della.Rucker@Jacobs.com Ohio City/County Management Association February 25, 2009