Econ Dev Presentation Ocma 02 25 09

Ten Tools for Economic Development

Della G. Rucker, AICP

JACOBS | Advance Planning Group

Ohio City/County Management Association

February 25, 2009

Ohio City/County Management AssociationFebruary 25, 2009

What are the Goals of Economic Development?

Jobs

Tax Base

Diversify

Get ahead of change

Improve quality of jobs

Keep young people

Others?


What are the barriers to economic development?

Hanging on to hope for obsolete industries Unwilling to make investments/take risks Looking for one-shot solutions There’s no obvious solution paralysis. Chasing after anything that comes along,

whether it fits or not Who’s gonna do it?


Ten Key Tools:

1. Know thyself.

2. Focus on your assets.

3. Make a plan to get what you want.

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, but do something with it.

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 throughout.

Put it in writing.

Remember: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.


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

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 doorPotential entrepreneurs Business incubator tenants

How do we help them grow?Talk to themListen to themKnow where to find helpHelp 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?

TraditionalInternetHigh-touch

Stick to the story.


8. Use your hidden resources

Non profit organizations Charities and Foundations Service Groups Schools What can they do?

PlanningCommunity ImprovementsWisdom/ExpertiseAmbassadors


9. Keep your focus

Hard decisions are a fact of life. A wobble may cost you the ability

to use the plan Communicate 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 long

Celebrate 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.


Thank you!

Della G. Rucker, AICPJACOBS | Advance Planning

Group

1880 Waycross RoadCincinnati, OH 45240

Phone: 513-288-6613

[email protected]

Economy & Finance

Econ Dev Presentation Ocma 02 25 09