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Leadership for Leadership for Economic DevelopmentEconomic Development
A Primer for Policy Makers and Community Leaders
Economic Development Economic Development Strategies (a partial list!)Strategies (a partial list!)
Recruit New BusinessHelp Local Companies ExpandHelp Companies Facing ChallengesHelp Support New Business CreationInternational Trade DevelopmentPromote Tourism and ConventionsDevelop Property and InfrastructureDowntown RevitalizationWorkforce training/developmentWork to resolve business climate issues
(advocacy): taxation, regulation, etc.Research/Information Clearinghouse
As the need or popularity for economic development grows… this list of activities grows as well. Don’t be surprised to see issues like housing & social services get on this list
Economic Development: Why All the Hoopla!?
• Create Jobs• Raise Incomes• Raise Tax Base• Help Local Industries• Stabilize the Economy• Avoid Obsolescence• Develop Resources• Revitalize Community
Lots of nonprofits and other organizations are using “return on investment” metrics. As a result we are no longer unique and the competition for funds is stiff.
New Priorities New Priorities
1970 - 2000 Ensure strong
transportation and utility infrastructure
Offer low cost labor Assemble constituent
groups to finance industrial parks
Attract large businesses with large manufacturing facilities
Now: Ensure strong technology
infrastructure: telecomm, incubators, networks, etc…
Offer highly skilled workforce Build collaborations to
leverage human capital and innovation centers
Encourage entrepreneurship and small start-ups
Always Be Learning…Bank on ChangeAlways Be Learning…Bank on Change
The industrial recruitment
paradigm is dead!
Sitting On Governing Boards Sitting On Governing Boards & Committees& Committees
Board Responsibilities:• Financial Oversight• Strategic Planning• Raising Funds• Developing Policy• Community Relations• Monitoring and Evaluation• Hiring/firing Executive Director• Board Development• Providing Counsel/Assistance
Remember Boards Sustain An Organization – Staff Comes and Goes
Are you helping sustain the Board and the organization?
Tools for Effective Organizations Tools for Effective Organizations (codewords for Leadership!)(codewords for Leadership!)
Time Management: – Clearly understand what is time sensitive, what are the top
priorities, and stay focusedMaster the ability to work with groups and
committees:– Be great facilitators– Empower your peers and participants– Make it worthwhile… be objective oriented and do not meet for
the sake of meetingRun effective meetings:
– Did I tell you to be prepared?!?! – Have an agenda– Send important materials out in advance!– Get input from everyone
Manage Change – don’t become a roadblock!
You would be surprised how many organizations don’t do this… and the amount of trouble it can cause
Enron & the New World of Enron & the New World of AccountabilityAccountability
• Congress passed the Sarbanes-Oxley Act to make Corporations more transparent and accountable.– This act applies to nonprofits
• All nonprofits should now have:– Document retention policies– Whistleblower protection policies– Conflict of interest policies (signed annually!)
• For economic development boards you should also have a “confidentiality” policy
A confidentiality policy can work side by side with public disclosure requirements… if you are careful!
Accounting and FinanceAccounting and Finance
• Choose a financial report that is easy to develop and convey:– Suggestion: Use a “Cashflow Statement”
• Establish internal controls to prevent fraud!– Review bank statements– Have the Board approve financial statements for every month– Two signatures on checks– Establish fiscal policies– Review and approve audits or financial reviews– Review Executive Compensation (the law)– Review and approve IRS form 990 (the law)
Does your organization
take these (or other ) steps
to prevent fraud?
Staffing and PersonnelStaffing and Personnel
• Often the most important component affecting success of the organization
• Create a fair and formal employment “system”– Job Descriptions– Organizational Chart– Personnel Policies– Evaluations
• Hiring the right director – what to look for…• Getting new staffers off to a good start
– Developing goals and sharing expectations
Defining expectations for new hires (including management) is as
important as finding the right person!
Working in 2012Working in 2012
• Recognize that there are several generations in the workforce right now:– Traditional, Baby boomers, Generation Xers, Millenials– Each of these generations have a different attitude
towards work
• Develop generational awareness– How to recruit, motivate, train, retain and supervise
changes from generation to generation
Anyone who employs a multigenerational
workforce understands the challenges first
hand
When Generations Collide
Traditional Boomers Xers Millenials
Goals Build Legacy Build Stellar Career
Build Portable Career
Build Parallel Career
Rewards Job Well Done Money, Title, Office
Freedom to Do Work with Meaning
Training Learn Hard Way
Train ‘em & they leave
Training an incentive to stay
Continuous Learning
Feedback No News Good News
Annual Review and data
Will ask when wanted
Instant Feedback
Changing Jobs Change a stigma
Change puts you behind
Change necessary
Change a daily routine
Life Balance Support in shifting and balancing
Help me find meaning
Give me balance now Not at 65
Flexibility to balance all activities
Retirement Reward Retool Renew Recycle
Principles for Successful Principles for Successful ED OrganizationsED Organizations
• Sharkproof Principles For Success (or Survival)
• Based on over 100+ years of combined practitioner experience
• Focused on:• Partnerships• Communication/Public Relations• Board Management• Organization• Program/Personnel
Working with PartnersWorking with Partners
County Chambers
Economic Dev. Councils
Business Community
SBDC
Utilities
Port Districts
Revolving and Micro-Loan Funds
Government (Federal, State, Cities and Tribal)
Economic Development Districts
Community Action Programs
Visitors & Convention Bureau
High Schools
Community Colleges
Vocational Schools
Property Development Recruiting
Access to Capital Technical Assistance
Business Development Coalition Building
Funding Business Climate
Community Development
Tourism
Workforce Development
Business Climate Quality of Life
Business Development Coalition Building
Infrastructure Support Development
No one has a No one has a franchise on franchise on economic economic development!!development!!
PartnershipPartnership
Get Your Partners Involved!! Resolve or Avoid “Turf” Issues with
Partners!! ED is a Team Sport -- Spread the Credit Spread the Credit
around!around!
The more you give the credit away… the
more it will come full circle back to you!
Keep Your Stakeholders Informed!! Your ED program should tangibly address
community issues Economic development organizations MUSTMUST
engage in public relations and community education
Communications/Communications/Public RelationsPublic Relations
Ask Yourself What does your organization do to stay in touch with your
key stakeholders, members & investors? Can you and your fellow board members cite your local
EDC’s top priorities and recent accomplishments? What “tools” are available to support public and investor
relations?
Nurture and Grow a Strong Board of Directors
Clearly Define the Board’s Responsibilities Keep Board members Informed and
Educated Keep Your Board Focused and Involved
Board Board ManagementManagement
Ask Yourself
How do you get new Board members plugged in and up to speed?
Strong Organizations are the Function of Boards, Stakeholders & Staff
Organizations Depend on Quality Leadership
Organizations Are Dynamic so Stay Ahead of the Curve
Healthy Organizations Depend on a Solid Administrative Foundation
OrganizationOrganization
Once the Board Adopts a Program & Budget - Focus on Execution
Build Evaluation Activities Into Your Program
Provide Clear Direction For Management Invest in Training for Staff Invest in Technology for Staff Effective Communication is Key to Staff
and the Organization
Program/PersonnelProgram/Personnel
One Last ThingOne Last Thing!
• Economic development strategies should ideally be tailored to your region and based on the unique assets you have that can support business growth and wealth creation– Be careful about “cookie cutter” approaches;– Be careful about comparing your community to others;
• Be patient!
Remember the best home run hitters will tell you they don’t focus on hitting it out of the park. If you look to “connect” instead… good things usually happen. You can score a lot of runs with singles!