Econ Dev Presentation Opc 09 25 09

Ten Tools for Sustainable Economic Development

Della G. Rucker, AICP, CEcD JACOBS | Advance Planning Group Ohio Planning Conference

September 25, 2009

Ohio City/County Management AssociationFebruary 25, 2009

What is sustainable economic development?


What does Sustainable Economic Development look like?

Well-paying, satisfying jobsStrong tax base Diverse, resilient economy Anticipate and get ahead of changeKeep young people/knowledge workers/creatives.

Others?


What are the barriers to sustainable economic development?

Hanging on to hope for obsolete industriesUnwilling to make investments/take risksLooking for one-shot solutionsThere’s no obvious solution paralysis.Chasing after anything that comes along, whether it fits or notWho’s gonna do it?


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.


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.


1. Know thyself.

What does your community need?−Jobs for residents?−Income/earnings taxes?

What parts of town need attention?What needs to happen? −Growth −Change in quality

−Property taxes?−Improved reputation/

appearance?

−Improved appearance−New jobs


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.


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-termcosts.−Sometimes it’s best to let it go.


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.


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.


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


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


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/loyaltyStick to the story.


8. Use your hidden resources

Non profit organizationsCharities and Foundations Service GroupsSchools What can they do? −Community Improvements−Wisdom/Expertise−Entrepreneurs−Ambassadors


9. Keep your focusHard decisions are a fact of life.A wobble may cost you the ability to use the planCommunicate 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.


10. Be in it for the long haul

Quick solutions usually don’t work, or not for longCelebrate every small success Communicate the Vision Stay the course!


Questions? Insights? Good ideas?


“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.

Parting thought


Thank you!

Della G. Rucker, AICP, CEcD

JACOBS | Advance Planning Group

1880 Waycross RoadCincinnati, OH 45240

Phone: 513-288-6613

[email protected]

Documents

Econ Dev Presentation Opc 09 25 09