About The LEDC 5min


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About The LEDC 5min

  1. 1. About the Latah Economic Development Council Update 1
  2. 2. LEDC Needs Identified <ul><li>Community/County Support </li></ul><ul><li>Community/County Involvement </li></ul><ul><li>Active Communication Channels </li></ul><ul><li>Strategic Plan For Economic Development </li></ul><ul><li>Rural Economic Development Plan </li></ul><ul><li>Image Update and Value Resassurance </li></ul><ul><li>An Executive Director </li></ul>
  3. 3. Cynthia’s Greatest Strengths: -Working with people in collaborative ways to get things accomplished. -Getting the word out about what we are going to do, what we are doing, and what we did.
  4. 4. Recent Accomplishments <ul><li>Generated Interest in the LEDC </li></ul><ul><li>Successful Fund-raising Campaign </li></ul><ul><li>Identity Update </li></ul><ul><li>Board Management </li></ul><ul><li>Board Education </li></ul><ul><li>Community Education </li></ul><ul><li>Opened Communication Lines </li></ul><ul><li>Generated knowledge of our mission and accomplishments. </li></ul><ul><li>Garnered Support from BOCC </li></ul>
  5. 5. To achieve our mission, I organize my efforts in these areas: <ul><li>Economic Development </li></ul><ul><li>Marketing (Communication) </li></ul><ul><li>Short and Long-Term Goal Management </li></ul>
  6. 6. Economic Development: 3 Purposes <ul><li>To give a greater number of people greater access to wealth through personal economic growth. </li></ul><ul><li>To increase the tax base of communities in order to provide higher quality public services to citizens. </li></ul><ul><li>To diversify the economic base and thereby cushion the community against economic shocks. </li></ul>
  7. 7. Economic Development: <ul><li>Business Retention and Expansion </li></ul><ul><li>Entrepreneur Development </li></ul><ul><li>Business Recruitment </li></ul><ul><li>Communication (Marketing/PR) </li></ul>
  8. 8. Business Retention and Expansion <ul><li>80% of growth will come from </li></ul><ul><li>existing businesses. </li></ul>
  9. 9. Retention and Expansion <ul><li>Specific Procedures For: </li></ul><ul><ul><li>Visiting key businesses at least annually </li></ul></ul><ul><ul><li>Communicating with businesses quarterly </li></ul></ul><ul><ul><li>Surveying businesses annually </li></ul></ul><ul><ul><li>Providing Marketing and Advertising Services </li></ul></ul><ul><ul><li>Positioning ourselves as a valuable resource </li></ul></ul><ul><ul><li>Pubic Relations to reinforce what we do for them, have done for them, will do for them……………... </li></ul></ul><ul><ul><li>All With The Focus On Their Bottom Line! </li></ul></ul><ul><ul><li>Generally providing consulting services to our local businesses in all aspects of retention (service) and expansion using our assets at hand, on our board, with the state, INEA. Including them in the process. Showing them we are on their team and looking out for opportunities to grow their businesses. Identify Imports and Exports. We let them know we are focusing on that, they let us know what they want us to focus on. </li></ul></ul>
  10. 10. Top Ten Reasons to Expand your Business in Idaho <ul><li>1. Reputation- Economy.com puts Idaho among the top 10 states for low business costs and the Milken Institute ranks us in the top 5. </li></ul><ul><li>2. Affordability- Since 1995, workers’ comp rates have dropped by more than 25% and Idaho companies pay some of the lowest premiums in the nation. </li></ul>
  11. 11. Top Ten Reasons to Expand Your Business In Idaho <ul><li>3. Lights Are Always On- Idaho’s clean, reliable energy sources keep costs at about half of what other western states are paying. </li></ul><ul><li>4. Skilled Workforce- Idaho offers a ready pool of technically skilled and dedicated workers. Qualified companies can receive $2,000 to $3,000 per employee for training costs. </li></ul>
  12. 12. Top Ten Reasons to Expand Your Business In Idaho <ul><li>5. Progressive Business Climate- Companies receive tax credits and incentives for job creation, capital investment, research and development and manufacturing production. </li></ul><ul><li>6. The Idaho Advantage- Idaho’s Corporate Advantage and Business Advantage incentives feature highly competitive tax breaks for companies relocating headquarters or making significant expansions to the Gem State. </li></ul>
  13. 13. Top Ten Reasons to Expand Your Business In Idaho <ul><li>7. We’re Connected- a 3% credit for broadband investment and more than 120,000 miles of active fiber encourages technology companies </li></ul><ul><li>8. Idahoans are Innovative- Educated and motivated, Idaho is No. 1 in the nation for patents issued per capita thanks to the efforts of our universities, the Idaho National Laboratory, and Micron Tech. </li></ul>
  14. 14. Top Ten Reasons to Expand Your Business In Idaho <ul><li>9. Fair and Balanced Tax Structure- Idaho’s tax structure results in the 2 nd lowest per capita tax burden in the West and the lowest per capita debt in the country. </li></ul><ul><li>10. A Wonderful Life- Clean air, clean, water, short commutes, low crime rates, an affordable cost of living, safe neighborhoods just minutes from work….. </li></ul>
  15. 15. Entrepreneur Development <ul><li>Business Idea Support </li></ul><ul><ul><li>Research (Feasibility, Viability, Etc.) </li></ul></ul><ul><ul><li>Business Plan Development </li></ul></ul><ul><ul><li>Method of Organization </li></ul></ul><ul><ul><li>Protect Products, Services, Ideas </li></ul></ul><ul><ul><li>Register with Secretary of State </li></ul></ul><ul><ul><li>Arrange for Income Taxes </li></ul></ul><ul><ul><li>Employer Responsibilities </li></ul></ul><ul><ul><li>Permits, Licenses, Regulations </li></ul></ul>
  16. 16. Business Recruiting <ul><li>Relationships </li></ul><ul><li>University Connections, Spin-offs </li></ul><ul><li>Marketing Latah County </li></ul><ul><li>Marketing by aligning with entities like INEA </li></ul><ul><li>Website that focuses on the benefits of doing business in Latah County </li></ul><ul><li>Accessing our LEDC Board Assets </li></ul>
  17. 17. Marketing <ul><li>Strategic Marketing Plan </li></ul><ul><li>Constant Communication </li></ul><ul><li>Provide Marketing Assistance </li></ul><ul><li>Test for Acceptance </li></ul><ul><li>Reinforce what we do, have done, and will do for our constituency……………... </li></ul>
  18. 18. TRENDS IN AMERICA Charting the course ahead. <ul><li>Will we be ready for the </li></ul><ul><li>challenges we will face in 2010? </li></ul>
  19. 19. Trends at a Glance <ul><li>Change Driver #1 Silver Society: </li></ul><ul><li>Aging of America </li></ul><ul><li>Change Driver #2 Immigrant Nation: </li></ul><ul><li>Changing Face of America </li></ul><ul><li>Change Driver #3 Growth Dynamics: </li></ul><ul><li>Regional Hot Spots </li></ul>
  20. 20. Trends at a Glance <ul><li>Change Driver #4 Economic Transformation: Knowledge Is King </li></ul><ul><li>Change Driver #5 Globalization Era: </li></ul><ul><li>New Forces at Work </li></ul><ul><li>Change Driver #6 Information Revolution: </li></ul><ul><li>Sorting it Out </li></ul>
  21. 21. Trends at a Glance <ul><li>Change Driver #7 Privacy vs. Security: </li></ul><ul><li>A Balancing Act </li></ul><ul><li>Change Driver #8 Resource Management: Sustaining Our Future </li></ul><ul><li>Change Driver #9 Polarized Populace: </li></ul><ul><li>Eroding Common Ground </li></ul><ul><li>Change Driver #10 Ambiguous Authority: </li></ul><ul><li>Who’s In Charge? </li></ul>
  22. 22. Short and Long-Term Goal Management <ul><li>To Meet the Needs of our Constituency </li></ul><ul><li>To Achieve Our Mission </li></ul><ul><li>To Manage Change </li></ul>
  23. 23. In The Next 30 Days <ul><li>Maintain Momentum and Basic Operations </li></ul><ul><li>Roll Out Stage 2 of the Fund-raising Plan </li></ul><ul><li>Advertise Accomplishments </li></ul><ul><li>Continue Board Education </li></ul><ul><li>Board Member Survey </li></ul><ul><li>Anonymous Focus Group Survey </li></ul><ul><li>Communication With and Management of Incubator Tenants </li></ul>
  24. 24. In The Next 60 Days <ul><li>A Year-In-Review Report </li></ul><ul><li>Activation of LEDC Committees </li></ul><ul><li>Facilitate the Update of Strategic Plan </li></ul><ul><li>Transfer Alturas Phase II Management from URA to LEDC </li></ul><ul><li>Roll Out Quarterly Newsletter </li></ul><ul><li>Board Education and Appreciation </li></ul><ul><li>Recognition of 2005 Contributors </li></ul><ul><li>Begin Web Site Design Upgrade </li></ul>
  25. 25. In the Next 90 Days <ul><li>LEDC Pride Soars </li></ul><ul><li>Groundwork Laid </li></ul><ul><li>Strategic Plan Completed </li></ul><ul><li>Committees Functioning </li></ul><ul><li>New Marketing Campaign Begins </li></ul><ul><li>Site Visits to Key Businesses Begin </li></ul><ul><li>Alturas Phase II Focus </li></ul>
  26. 26. A Plan For Success: Focus on the Process <ul><li>Creates ownership </li></ul><ul><li>Creates awareness </li></ul><ul><li>Creates teamwork </li></ul><ul><li>Creates pride </li></ul><ul><li>Creates interest </li></ul>
  27. 27. The LEDC has what it takes to get the job done!