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When planning a Local Economic Development (LED) strategy, a simple plan can help you achieve quantifiable results. Prioritizing and addressing local issues is an effective way to ensure your limited resources are well represented and used.
First, organize your community. Make an effort to identify people, businesses and local organizations with vested interest in the local economy. Contact them to build a foundation with the skill sets needed to implement a successful strategy.
Secondly, assess your assets and liabilities. You will have a unique environment to present to potential development. Identify your community's strengths like available workforce and building sites. Don't forget your weaknesses, limited space for development for instance, as they could derail your efforts to develop your local economy.
Next, start to develop your strategy. Invite all the stakeholders in your community to take part. Make sure all objectives are defined, given a clear road map to implementation, and who is responsible to manage them. Give each partner a sense of ownership and better results will be seen because no one wants to fail.
Then, put your LED into action. Using processes defined previously monitor and evaluate your objectives to see their progress. Stick with your plan and resist the temptation to change it without a history of data to justify it. Wait until the agreed time you set during planning to review your success or setbacks.
Finally, continuously review your development strategy. Determine successful practices and justify expenditures with good monitoring and periodic review. Develop best practices through quantifiable proof that your plan is effective in its local economic development effort. Reward the successes and learn from your failures.
About this Author
Carl Drummond is a local writer and local economic development strategist focusing on using Web technology and techniques. He gives back to his community by writing content on various research projects on local economic development strategies.
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