A vibrant, thriving community only happens at the intersection of many critical factors. By successfully fostering and coordinating these factors, communities can flourish and sustain themselves even in challenging times.
In this blog, we cover the 5 key areas that – when properly coordinated by a capable Local Economic Development Organization (LEDO) – support strong economic development in a region.
What is a LEDO and why is it important?
Local Economic Development is the process of encouraging business development in a region to boost the local economy, provide job opportunities, and improve the quality of life for the community. LEDOs coordinate and align the various stakeholders and resources to that end.
What are the aims and activities essential to economic development?
Below is a list of the top 5 aims, including examples of supporting activities, achieved by successful LEDOs.
- Business Attraction and Retention
- Conduct market research and assist with site selection.
- Provide information on local incentives and facilitate connections.
- Support expansion plans and navigate regulatory hurdles.
- Infrastructure Development
- Coordinate the development of utilities and transportation improvements.
- Promote telecom access and streamline permitting processes.
- Secure funding through grants and public-private partnerships.
- Workforce Development
- Partner with educational institutions and develop job training programs.
- Organize job fairs and provide resources for upskilling.
- Enhance community amenities to attract talent.
- Community Marketing
- Execute marketing campaigns and participate in trade shows.
- Develop promotional materials and host networking events.
- Engage with the media to highlight economic achievements.
- Policy Advocacy
- Monitor and analyze legislative impacts.
- Lobby for supportive policies and engage with local governments.
- Build coalitions and provide expert testimony at public hearings.
By skillfully directing all of these areas, LEDOs create a context with enough gravity to attract and retain more and more business into the future for the benefit of the whole community. For our free, detailed guide on this topic contact BCS at (260) 227-7572 or info@bcs-management.com today.