Economic Development
ONE Group definition of economic development.
Economic development is a program, a group of policies, or activities that seeks to improve the economic well-being and quality of life for a community.
Ideally it will create and retain jobs that facilitate growth and provide a stable tax base. It defines the community’s needs, recognizes roadblocks and deficiencies that are preventing a new primary economic revenues. No single strategy policy or program can assure success for a community. Some communities will succeed while others will have to develop their assets to become marketable.
Generally speaking there are five elements of economic development:
- organizational development
- product development,
- market development,
- business development,
- workforce development.
Organizational development means creating common objectives through the gathering of intelligence about the community . This is accomplished by interviewing key community leaders and business owners. Once digested disinformation will be used to create a forum for exchanging ideas and addressing the needs of the community. A kick off workshop is held for the entire community that informs and announces to the community the purpose of this economic development project.
From these forums and interviews a volunteer staff of key persons is identified to serve on the first economic development Board. A blend of leaders and skeptics each with a sincere and enthusiastic desire to help the community will be formed.
Using the intelligence from the research and demographics information the development Board will define the opportunities for new investment expansion and sustainability of existing businesses in the community. Once defined and clarified the visions and objectives of the project announced to the community.
Developing community cluster teams will review their work and reassess if necessary and/or expand the scope of this work. Then a cluster committee holds public meetings to receive citizen input on the needs of their community.
Following a carefully constructed checklist of benchmarked activities, the cluster teams will then prepare a roadmap that defines the path needed to seek new opportunities appropriate for their community.
The cluster teams reports to provide the knowledge necessary to attract investors and entrepreneurs, existing businesses, government agencies and new outside sources the vision to achieve the community’s objectives.
By marketing the opportunities, this revitalization program should create excitement throughout the community and effect a positive image of the future and create an effective marketing campaign that will include a community wide kickoff celebration, various forms of advertising, retail promotion activities and other special events. This economic restructuring will help revitalize existing businesses recruit new businesses provide a balanced mix converting unused space into productive property and a sharpening of the competitiveness of existing business enterprises.