Ten Tools for Economic Development Della G. Rucker, AICP JACOBS | Advance Planning Group Ohio City/County Management Association February 25, 2009
Jan 13, 2015
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?
Ohio City/County Management AssociationFebruary 25, 2009
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?
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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
Ohio City/County Management AssociationFebruary 25, 2009
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
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
8. Use your hidden resources
Non profit organizations Charities and Foundations Service Groups Schools What can they do?
PlanningCommunity ImprovementsWisdom/ExpertiseAmbassadors
Ohio City/County Management AssociationFebruary 25, 2009
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.
Ohio City/County Management AssociationFebruary 25, 2009
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!
Ohio City/County Management AssociationFebruary 25, 2009
Questions? Insights? Good ideas?
Ohio City/County Management AssociationFebruary 25, 2009
“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.
Ohio City/County Management AssociationFebruary 25, 2009
Thank you!
Della G. Rucker, AICPJACOBS | Advance Planning
Group
1880 Waycross RoadCincinnati, OH 45240
Phone: 513-288-6613