Through a collaborative, consensus-building process, Smart Solutions Group will facilitate a process to develop a “Community Economic Development Roadmap to Success.” 

The Roadmap will include:

• An assessment of the current economic development situation including a demographic/economic profile and analysis of the competitiveness of the “product”—the community—as a business prospect/site location consultant would analyze a location’s assets, strengths, weaknesses and opportunities for an investment opportunity. Also included will be an analysis of the competitiveness of the community economic development policies and tools to generate and spur economic development growth.
  
• Determining “best fit” target industry investment opportunities based on “market-driven” intelligence.
  
• A comprehensive, integrated strategic marketing plan including goals and objectives; target audiences; brand position statement/key messages; strategies and tactics; measurements of success; budget; and an action plan/timeline. Specific strategies will include: business attraction, retention and expansion approaches and competitive product enhancements.
  
• An organizational framework that will align the various organizations involved in economic development in the community to effectively and efficiently implement the plan to achieve and maximize success.

A community Economic Development Roadmap to Success Steering Committee will need to be established to direct the development of the plan. 

Prior to the first Steering Committee session, Smart Solutions Group will conduct a comprehensive audit of the current economic development situation including current perceptions/attitudes, marketable assets/strengths, weaknesses/challenges to growth and roles of the key players in economic development. The audit will involve primary research including one-on-one interviews with key internal and external stakeholders/influencers and secondary research. The findings will be presented to the Steering Committee to provide further insights/perspective. This step will also involve an analysis of the community’s economic tools and policies to identify potential competitive enhancements

• A report summarizing the current economic development situation in the community to be used as a planning tool for decision-making. 
• A key deliverable of this step will be the identification of potential “desirable/best fit” industries for the community. 
  

Step 2: Development of the Strategic Marketing Plan

In this step, Smart Solutions Group will strategize with the Committee to develop the critical foundation elements of the plan:

• Brand Positioning Statement
• Key Messages 
• Marketing Strategies and Tactics
• Measurements of Success
• Action Plan/Implementation Timeline

Economic Development roadmap to Success including the following elements:

• Overview of the Current Economic Development Situation 
• Target Audiences—Internal and External
• Goal(s) and Objectives
• Brand Positioning Statement (The Core Message)
• Key Messages
• Strategies and Tactics
• Measurements of Success—Short-Term and Long-Term
• Budget
• Action Plan/Implementation Timeline
• Recommendations for Organizing for Success 
  

Optional Step 2a: Target Industry Identification

Utilizing existing industry business/market intelligence focus groups comprised of industry leaders within the community area and industry experts, e.g. university, and community college, further analysis of the “best fit” target industry investment opportunities identified through the stakeholder/influencers interviews and the overall economic analysis will be conducted. 

Smart Solutions Group will facilitate a strategy session with each industry group identified to analyze the potential target industry sectors from the industry leaders’ perspectives. The sessions will explore a number of questions with industry leaders in an effort to gain their insights/perspectives on key issues relative to the potential growth of the industry in the community area including:

• What are national/regional trends in the industry?
• Is the industry growing/has the potential for growth in the area?
• What are the competitive strengths of the community in terms of the economic foundations for growth—workforce, physical infrastructure, financial capital, business climate, access to technology? What enhancements should be made to make the community an even more attractive/competitive product for the potential industry target?
• Will the industry diversify, add value to the local economy—attract new wealth and create high-wage job opportunities?
• What are the “opportunity niches” that have the greatest potential for growth and development in the area?
• Is there industry support to develop the industry segment in the community area?
  

Business Development Target Industry Analysis Report including:

• Key findings/recommendations of the industry focus group analysis.
• Identification of the target industry sectors for growth and development.
  

Optional Step 3a: Business Incentive Tools Assessment

Smart Solutions Group will conduct an extensive review of existing and potential business incentive tools utilized by the community or group. This review will consider the previous use, results and potential for utilization of these tools. Our recommendations will cover such items as Revolving Loan Funds, Tax Increment Financing approaches, Industrial Tax Abatements, Infrastructure Assistance, Regulatory and Permitting Policies/Procedures, Land Use and Zoning Plans and utilization of State and Regional assistance programs and funding.

Depending on the size of the community/area, the amount of existing background information and nature of the current local economic development group, the cost for each analysis would $8,000 to $15,000 plus expenses, assuming that, at the high end, the community utilized our services for Optional Steps 2a and 3a.

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For more information, complete our Information Request Form or contact your Economic Development Team Representative.