Risk & Resilience: How prepared is your EDO?

In a white paper published last year by the Hickey Institute titled “Risk & Resilience: Strategic Framework to Prepare for Tomorrow,” the team addresses risk and resilience planning from a site-selection standpoint. The paper does much to help communities think about redundancy, define acceptable risk levels to help make informed decisions about mitigation needs, and understand the cost implications of having no plan for how to help corporations keep the motors running and lights on in the case of a disaster, versus having a local disaster preparedness plan for continued operations. These approaches are undoubtedly critical, but what else can we do, from an economic development perspective, to help our communities prepare for the unpredictable landscape of disruptions?

Several years ago, when the COVID-19 pandemic began, I was working for a regional EDO in one of the nation's largest metropolitan areas. The EDO was well funded, the Board included more than a handful of Fortune 500 companies, and there were excellent means of communication with organizational members, all of whom were generally well engaged. Still, as we discovered more and more each day how severe the national shutdown was, and how unpredictable the timing of the shutdown would be, it became clear that the region, as stable as it seemed in normal times, did not have a risk and resiliency plan of any kind in place to sustain economic development progress over the long term.

Despite the organization's high engagement, there were no tried-and-tested ways to share critical information promptly with everyone who needed it. Challenging infrastructure issues weren’t the problem; instead, it was the depth and nature of our communication network. It was effective for scheduling meetings and bringing young professionals and other interested parties to the table. Still, it fell short of a system capable of delivering critical instructions and advice to companies.

As much of the country came to a halt during the recent snowstorm, I began to consider how prepared communities are to communicate with their businesses and disseminate important messages. Even after the pandemic, have EDOs learned their lesson and developed reliable methods for disseminating critical operational information? Here are five things to think about, in no particular order, if you want to avoid feeling like a sitting duck the next time disaster strikes.

Visualize risk areas with heat maps. Some areas of the community may be more vulnerable than others. Identify those areas first and develop a plan to establish lines of communication and ensure all areas of your business community are equally prepared for the unknown.

Build strong and responsive information networks. Does your community tout a “one-stop-shop” approach to economic development? Expand the one-stop resources to include collaborative networks for sharing critical news and updates on issues that will affect local business operations.

Facilitate transparent, shared ownership of critical information. Don’t gatekeep data, tools, or information designed to help the business community. Allow companies to access a database of solutions from which they can plug-and-play the most appropriate approach.

Keep trust at the center of your approach. Ensuring that messaging is consistent is incredibly important. If there are multiple entities in your information-sharing network, ensure that all entities share the same information to avoid disseminating contradictory or incomplete information to the public.

Learn from past mistakes. If something went wrong the last time there was a local disruption, don’t hide from those challenges. Instead, address them head-on to avoid repeating the same mishaps in the future.

These suggestions only scratch the surface of local preparedness. In an era where uncertainty is the only constant, taking proactive steps to strengthen your community’s economic resilience is essential. By focusing on clear communication, building robust information networks, and learning from past experiences, you can position your community to weather future disruptions with confidence. For expert guidance and tailored strategies, connect with Hickey Global. The team is ready to support you in developing and implementing comprehensive risk and resiliency plans, ensuring your economic development efforts remain strong—no matter what challenges arise.