Ten Tools for Economic Development Della G. Rucker, AICP  JACOBS | Advance Planning Group Ohio City/County Management Asso...
What are the  Goals  of Economic Development? <ul><li>Jobs </li></ul><ul><li>Tax Base  </li></ul><ul><li>Diversify </li></...
What are the  barriers  to economic development? <ul><li>Hanging on to hope for obsolete industries </li></ul><ul><li>Unwi...
Ten Key Tools: <ul><li>Know thyself. </li></ul><ul><li>Focus on your assets. </li></ul><ul><li>Make a plan to get what you...
Ten Simple Steps: <ul><li>Prune your retail. </li></ul><ul><li>Brand, but do something with it.  </li></ul><ul><li>Use you...
1. Know thyself. <ul><li>What does your community need? </li></ul><ul><ul><li>Jobs for residents? </li></ul></ul><ul><ul><...
2. Focus on your assets. <ul><li>What are these?  </li></ul><ul><ul><li>Provide/do/support better than others. </li></ul><...
3. Make a Plan to Get What You Want <ul><li>Ambitious … visionary … impossible?  </li></ul><ul><li>Identify a small number...
4. Retain your healthy businesses (especially the smaller ones) <ul><li>Who is healthy? </li></ul><ul><ul><li>Growing --sa...
4. Retain your healthy businesses, Part 2 <ul><li>How do you retain them? </li></ul><ul><ul><li>Talk frequently and honest...
5. Recruit and Grow Small Businesses <ul><li>How do we find them? </li></ul><ul><ul><li>Word of mouth  </li></ul></ul><ul>...
6. Prune Your Retail <ul><li>Why?  </li></ul><ul><ul><li>Most markets have too much  </li></ul></ul><ul><ul><li>New retail...
7. Brand, but do something with it. <ul><li>Brands are valuable. </li></ul><ul><li>A cool brand won’t do the job alone. </...
8. Use your hidden resources <ul><li>Non profit organizations </li></ul><ul><li>Charities and Foundations  </li></ul><ul><...
9. Keep your focus <ul><li>Hard decisions are a fact of life. </li></ul><ul><li>A wobble may cost you the ability to use t...
10. Be in it for the long haul <ul><li>Quick solutions usually don’t work, or not for long </li></ul><ul><li>Celebrate eve...
Questions?  Insights?  Good ideas?
<ul><li>“ Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessf...
Thank you ! <ul><li>Della G. Rucker, AICP </li></ul><ul><li>JACOBS | Advance Planning Group  </li></ul><ul><li>1880 Waycro...
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Econ Dev Presentation Ocma 02 25 09

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Econ Dev Presentation Ocma 02 25 09

  1. 1. Ten Tools for Economic Development Della G. Rucker, AICP JACOBS | Advance Planning Group Ohio City/County Management Association February 25, 2009
  2. 2. What are the Goals of Economic Development? <ul><li>Jobs </li></ul><ul><li>Tax Base </li></ul><ul><li>Diversify </li></ul><ul><li>Get ahead of change </li></ul><ul><li>Improve quality of jobs </li></ul><ul><li>Keep young people </li></ul><ul><li>Others? </li></ul>
  3. 3. What are the barriers to economic development? <ul><li>Hanging on to hope for obsolete industries </li></ul><ul><li>Unwilling to make investments/take risks </li></ul><ul><li>Looking for one-shot solutions </li></ul><ul><li>There’s no obvious solution paralysis. </li></ul><ul><li>Chasing after anything that comes along, whether it fits or not </li></ul><ul><li>Who’s gonna do it? </li></ul>
  4. 4. Ten Key Tools: <ul><li>Know thyself. </li></ul><ul><li>Focus on your assets. </li></ul><ul><li>Make a plan to get what you want. </li></ul><ul><li>Retain your healthy businesses, especially small ones. </li></ul><ul><li>Recruit and grow small businesses in healthy segments. </li></ul>
  5. 5. Ten Simple Steps: <ul><li>Prune your retail. </li></ul><ul><li>Brand, but do something with it. </li></ul><ul><li>Use your hidden resources. </li></ul><ul><li>Keep your focus. </li></ul><ul><li>Be in it for the long haul. </li></ul>
  6. 6. 1. Know thyself. <ul><li>What does your community need? </li></ul><ul><ul><li>Jobs for residents? </li></ul></ul><ul><ul><li>Income/earnings taxes? </li></ul></ul><ul><li>What parts of town need attention? </li></ul><ul><li>What needs to happen ? </li></ul><ul><ul><li>Growth </li></ul></ul><ul><ul><li>Change in quality </li></ul></ul><ul><ul><li>Property taxes? </li></ul></ul><ul><ul><li>Improved reputation/ appearance? </li></ul></ul><ul><ul><li>Improved appearance </li></ul></ul><ul><ul><li>New jobs </li></ul></ul>
  7. 7. 2. Focus on your assets. <ul><li>What are these? </li></ul><ul><ul><li>Provide/do/support better than others. </li></ul></ul><ul><ul><li>Unique to your community. </li></ul></ul><ul><li>How do you find them? </li></ul><ul><ul><li>Analysis - high growth/high share sectors. </li></ul></ul><ul><ul><li>Examine successful, similar places. </li></ul></ul><ul><ul><li>Ask your business owners, leaders, residents. </li></ul></ul>
  8. 8. 3. Make a Plan to Get What You Want <ul><li>Ambitious … visionary … impossible? </li></ul><ul><li>Identify a small number of prime sectors to target (and the businesses that support them). </li></ul><ul><li>Build buy-in throughout. </li></ul><ul><li>Put it in writing. </li></ul><ul><li>Remember: </li></ul><ul><ul><li>Not all economic development is good economic development. </li></ul></ul><ul><ul><li>Not all short-term gains are worth the long-term costs . </li></ul></ul><ul><ul><li>Sometimes it’s best to let go. </li></ul></ul>
  9. 9. 4. Retain your healthy businesses (especially the smaller ones) <ul><li>Who is healthy? </li></ul><ul><ul><li>Growing --sales, employment, site </li></ul></ul><ul><ul><li>Fits target sectors (or has synergy with them) </li></ul></ul><ul><ul><li>Benefits the community </li></ul></ul><ul><li>What’s so great about small businesses? </li></ul><ul><ul><li>Biggest source of job growth </li></ul></ul><ul><ul><li>More likely to be locally owned (and stay when they get bigger) </li></ul></ul><ul><ul><li>Often better able to adapt to economic changes </li></ul></ul><ul><ul><li>Your target industry sectors may be dominated by small businesses. </li></ul></ul>
  10. 10. 4. Retain your healthy businesses, Part 2 <ul><li>How do you retain them? </li></ul><ul><ul><li>Talk frequently and honestly. </li></ul></ul><ul><ul><li>Take their concerns seriously </li></ul></ul><ul><ul><li>Fix them if you can. </li></ul></ul><ul><ul><li>Help them find other things they need (e.g, loans). </li></ul></ul><ul><ul><li>Make sure they know that you value them. </li></ul></ul><ul><ul><li>Encourage them to participate in the community. </li></ul></ul><ul><ul><li>Thank them. </li></ul></ul>
  11. 11. 5. Recruit and Grow Small Businesses <ul><li>How do we find them? </li></ul><ul><ul><li>Word of mouth </li></ul></ul><ul><ul><li>Next door </li></ul></ul><ul><ul><li>Potential entrepreneurs </li></ul></ul><ul><ul><li>Business incubator tenants </li></ul></ul><ul><li>How do we help them grow? </li></ul><ul><ul><li>Talk to them </li></ul></ul><ul><ul><li>Listen to them </li></ul></ul><ul><ul><li>Know where to find help </li></ul></ul><ul><ul><li>Help them talk to each other </li></ul></ul>
  12. 12. 6. Prune Your Retail <ul><li>Why? </li></ul><ul><ul><li>Most markets have too much </li></ul></ul><ul><ul><li>New retail vacant old retail </li></ul></ul><ul><ul><li>Obsolete retail depresses market demand & values </li></ul></ul><ul><ul><li>Much obsolete retail has a better potential use </li></ul></ul><ul><ul><li>Use your zoning to move that way </li></ul></ul>
  13. 13. 7. Brand, but do something with it. <ul><li>Brands are valuable. </li></ul><ul><li>A cool brand won’t do the job alone. </li></ul><ul><li>What else can you do with it? </li></ul><ul><ul><li>Traditional </li></ul></ul><ul><ul><li>Internet </li></ul></ul><ul><ul><li>High-touch </li></ul></ul><ul><li>Stick to the story. </li></ul>
  14. 14. 8. Use your hidden resources <ul><li>Non profit organizations </li></ul><ul><li>Charities and Foundations </li></ul><ul><li>Service Groups </li></ul><ul><li>Schools </li></ul><ul><li>What can they do? </li></ul><ul><ul><li>Planning </li></ul></ul><ul><ul><li>Community Improvements </li></ul></ul><ul><ul><li>Wisdom/Expertise </li></ul></ul><ul><ul><li>Ambassadors </li></ul></ul>
  15. 15. 9. Keep your focus <ul><li>Hard decisions are a fact of life. </li></ul><ul><li>A wobble may cost you the ability to use the plan </li></ul><ul><li>Communicate to everyone (and refer to the plan) </li></ul><ul><li>Remember: </li></ul><ul><ul><li>You can’t change the past. </li></ul></ul><ul><ul><li>Not all economic development is good economic development. </li></ul></ul><ul><ul><li>Not all short-term gains are worth the long-term costs . </li></ul></ul><ul><ul><li>Sometimes it’s best to let go. </li></ul></ul>
  16. 16. 10. Be in it for the long haul <ul><li>Quick solutions usually don’t work, or not for long </li></ul><ul><li>Celebrate every small success </li></ul><ul><li>Communicate the Vision </li></ul><ul><li>Stay the course! </li></ul>
  17. 17. Questions? Insights? Good ideas?
  18. 18. <ul><li>“ 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 &quot;press on&quot; has solved and always will solve the problems of the human race” </li></ul><ul><li>- Calvin Coolidge. </li></ul>
  19. 19. Thank you ! <ul><li>Della G. Rucker, AICP </li></ul><ul><li>JACOBS | Advance Planning Group </li></ul><ul><li>1880 Waycross Road </li></ul><ul><li>Cincinnati, OH 45240 </li></ul><ul><li>Phone: 513-288-6613 </li></ul><ul><li>[email_address] </li></ul>

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