Is it time for a reset?

There are so many times in life when it would be easier to keep working at something that’s not quite going as planned, even when you know you could stop, reset, and start over to be more successful. Instead, we keep going, hoping something new happens and things will “click.”

Ultimately, the level of disruption or delay we experience due to our unwillingness to reevaluate our efforts depends on how long we continue to move forward at a less-than-optimal pace. This can have big consequences. On a road trip, wondering if you missed an exit, but driving ahead until you’re sure costs time and fuel. At the gym, using bad form over and over can result in injury, stopping your workouts for an extended period. Ignoring emerging technologies and shifting investment trends in economic development can cost jobs and economic activity.

It’s indisputable that much has changed regarding economic development this year. There are more opportunities than ever to recruit industry subsets to communities, signaling a new trend in business attraction. Conversations about the cost and predictability of US market entry dominate discussions with FDI prospects. Even without these shifts, some communities lack the confidence that, if faced with a big project opportunity, they would be able to usher the process from start to finish in a coordinated manner.

It may be time for a reset based on how your community is prepared to manage these changes. If you’re uncertain where you stand, we have five quick statements to which the answer for ALL should be “yes.” We’ve even provided some reasoning to support our position.

Statements:

My community’s target industries are growing and still show interest in my market. This means that your community’s strategic focus is validated and signals an ability to foster and sustain a healthy business environment.

I know who my economic development competitors are. This is essential knowledge for crafting a unique value proposition and differentiating your community in a crowded marketplace.

My economic development strategic plan is up to date and being put into action. An active and relevant strategic plan provides a clear roadmap for consistent and purposeful progress, ensuring your community can act on its economic development priorities.

My economic development partners are aware of my community’s assets. Economic development works best when played as a team sport. Shared knowledge among partners is crucial for a cohesive and collaborative approach to business attraction and retention efforts.

Messaging about the benefits of doing business in my community is clear. Clear messaging effectively communicates your community's unique value, making it easier for existing and prospective businesses to understand and act on available opportunities.

If your community can tick all the boxes, proceed to the next exit, next rep, or next economic development win. Having trouble finding the affirmative? Send me a note at BMiller@HickeyGlobal.com.