Category archive: 365 Blog

Day 65:  What should I measure?   We feel it is very important for an organization to understand and measure their success.   So every plan we do is driven by the outcomes we identify.  The outcomes also should include measurements of success.  These measurements serve several purposes.  They keep the organization focused; they provide the backbone…

Day 64:  How do I make contact?  No, I don’t mean with aliens.  I mean, how I contact a prospect.  If your community has targets as suggested earlier on Day 11, 15, 22, 53, then you will need to talk to a live person at some point.  As I have stated before economic development involves…

Day 63:  Should I care who my competition is?  I suppose it is important, but it seems we spend more time trying to figure out who the competition is instead of putting the best proposal together that we can.  I have always felt I should try to put together the best package I can right…

Day 62:  Do I need a cash fund?  Last week I attended and economic development conference.  One of the sessions was about incentives.  One of the presenters was a local economic developer.  He told the group about the “closing fund”  that their community has.  It is a multi million dollar fund.  In the last year…

Day 61:  Following up with the prospect.  As with any sales call, follow-up is critical.  Any time a prospect visits there will be additional information they will request because there are always items they will bring up and you won’t have an answer.  The ideal situation is to have all the answers, but most of…

Day 60:  The Prospect visit:  This is a timely post as I just participated in a prospect visit yesterday.  This prospect is a household name and a very large capital project.  Before the prospect visit you have hopefully collected some information from the prospect so you are completely prepared.  But,  our prospect visit yesterday reminded…

Day 59:  A Prospect is Visiting.  Besides helping an existing business grow the next big moment is when a prospect visits your community.   They are visiting because you made the short list.  This typically means you have a building or site that meets their criteria.  It also means you have completed the needed steps to…

Day 58:  BEST PRACTICES reviewed.  We have completed the BEST PRACTICES study over the last thirteen days.  While these topics are extremely important there is no replacement for good old fashioned hard work.  I guess I am showing my age, but hard work will always be the differentiator in success in economic development.  In this…

Day 56: Endowing:  Successful organizations promote the long term nature of economic development and promote the importance of “endowing”/stabilizing funding through a balance of public and private sources.  Most of the communities we work with could always use more funding.  But the key is to have balanced funding.  Many organizations rely just on public funding. …

Day 55: Competitive:  Best Practices organizations understand that they operate in a competitive environment. They set clear goals and are highly focused on success.  I was born to an Iowa farm couple.  Common sense is just a way of  life to me.  Most of our BEST PRACTICES words are just plain common sense.  But you…

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