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Formula for Economic Development Success®
People and organizations working in collaboration, to leverage the Economic Development Process - triggering economic development success.
People (and organizations) are a multiplier of the Process. A weakness in either People or Process results in significantly LESS success in keeping, growing and attracting business investment.
- People: The right attitude and belief of people and organizations that they can affect positive community and economic change through collaboration.
- Process: The McSweeney Economic Development Process Wheel indicates a logical build order for economic activities. Preparing activities are fundamental, upon which Analyzing and Strategizing activities can occur, all of which support Economic Doing® activities that are core to economic development, such as business visitation and investment attraction.
- Power of Economic Development: to increase the economic sustainability (and quality of life) by keeping, growing, and getting businesses that succeed. Growing businesses pay more employees, re-invest more in their community, and pay more taxes – thereby supporting other aspects of community development.
McSweeney Economic Development Process Wheel
- Preparing: These activities form a strong foundation for economic success and other higher level economic activities around the Wheel. They include, but are not limited to: current year data; community/economic profile; an inventory of available properties; maps, and an economic development website.
- Strategizing: In our opinion, the greatest challenge in economic development is the ability to focus. Analyzing and strategizing activities (such as an economic base analysis, or preparing an economic development strategy) help you to focus on which Economic Doing® activities will achieve the greatest return on limited economic development resources.
- Economic Doing®: These are the activities that really engage with businesses (such as BR+E, entrepreneurship support, investment attraction) whereby economic development officers work to keep, grow and attract business investment.
The Preparing and Strategizing activities greatly enhance successful outcomes from Economic Doing® activities.
Apply your economic development resources to optimize successful outcomes!
- Elected representatives and businesses reasonably expect economic development officers to apply their efforts to Economic Doing® activities that make a real difference to business. The success of these efforts may be hampered however by weaknesses in the Preparing and Strategizing activities.
- Let McSweeney & Associates assist you with Preparing and Strategizing activities, thereby freeing up scarce economic development resources to devote to Economic Doing® activities – boosting your successful outcomes - and Inspiring Economic Sustainability®.
Economic Doing® is intervening quickly, strategically and deliberately in collaboration with economic development partners, stakeholders, and networks, to keep, grow, and attract business investment (while making adjustments along the way). Also see Strategic Doing, the genesis of Economic Doing®.