Planning to Survive Recession
Now is the time for the community to bring their leadership team together in order to rethink about how they can support existing businesses and attract new investments. The three primary tasks are essential whether they’re updating an existing plan or bringing together their local leadership team.
Federal stimulus may be a temporary economic shot in the nation’s arm.
The short-term stimulus projects provided by the government should be managed alongside a long-term plan towards economic health. The economy is perpetually resetting itself, and communities need to commit to a long-term implementation plan.
Definitely, a successful planning effort should include three primary tasks.
- Assess and educate – this embraces objective and nonpolitical identification as well as evaluation of liabilities and local assets. You need to educate yourself and your team about the local, regional, national, and global economic environment. The heart of every economic development strategy is focusing on existing business. This is true, especially in this current economic condition.
- Appraise and prioritize – this does not only mean physical infrastructure but human capital as well. This includes social networks driven by technology. Ask questions like: what is the meaning of success, what can be abandoned, what can be maintained, and what new infrastructure needs must be in place to position for recovery.
- Identify and pursue – this is all about business development opportunities. The community must understand the assets and competitive environment to compete. Therefore, it can view business development in a new light. Non-primary sectors (tourism, security, education, healthcare), counter-cyclical sectors (energy efficiency, refurbishing, repair, discounters), and regional or national business consolidations must be pursued.
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