Strategic Economic Development Plans:
A Strategic Economic Development Plan (SEDP) is a medium to long-term plan that outlines a community’s overall direction and priorities for programs, services and initiatives that affect Economic Development. A community would normally complete an SEDP to achieve the following objectives:
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Align activities with community plans and guiding principles
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Develop activities and services to support Economic Development
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Engage community in Economic Development planning
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Build capacity and organizational competencies
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Allocate staffing and resources to priorities
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Provide foundation for measurable performance
Whiskeyjack Group works closely with the client to obtain a thorough understanding of the objectives for the SEDP and to develop a work plan that is tailored to meet their specific situation and needs. Completing an SEDP involves a holistic approach. Throughout the process Whiskeyjack Group works with community leaders and representatives to address the following:
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The community’s vision mission, core values, and other guiding Economic Development principles
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The current economic development environment within the community including analyses of a range of issues including, but not limited to, organizational capacity, demographics, location, access to markets, labor and skills, local contractors, available land, capital resources and constraints on resources
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Leadership’s objectives, priorities, goals and targets
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Economic Development programs, services, activities and initiatives to be pursued including assessments how each activity contributes to the goals and targets of the plan, the expected impact on available resources and constraints and other issues that need to be addressed to ensure the best chance for success
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Implementation including the human resources needs, financial resources required, roles and responsibilities of key personnel, and timelines
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Performance measurement and reporting including key performance indicators and a plan to monitor Economic Development outcomes
Depending on the client’s needs, the scope of a plan can also include broader issues that impact Economic Development in the community. These areas could include:
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Community infrastructure
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Human resources and training
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Community services
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Education programs
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Social programs
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Governance
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Community engagement
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Communications
Whiskeyjack Group can also perform preliminary analysis of specific economic development opportunities such as business start-ups, expansions and acquisitions. In the case of mutually exclusive initiatives and opportunities, we also perform analysis to determine the optimal mix of economic development initiatives and opportunities to be pursued and at what time, considering the objectives of the SEDP.
We believe the involvement of the community is key to creating an effective SEDP. Whiskeyjack Group can also work with leadership to develop a community engagement plan for the purpose of engaging members and community organizations in the development of the SEDP or in Economic Development on an ongoing basis.