Economic Design is based on the 6 factors of the BusinessFlare® Approach.
The BusinessFlare® Approach is a trademarked, proven approach to economic development, design and successful implementation.
First, we must understand the condition of the economic drivers, the things that drive investment, and identify opportunities for improvement of each driver’s condition. Second, we have real engagement. Not forced, artificial engagement like focus groups, public workshops and surveys, but rather getting out and immersing ourselves in the community and having real, honest conversations. Through this we learn the common business climate themes. Third we want to understand how the community does or does not connect to the place by looking at the aesthetics, the social offerings and opportunities for people to engage with each other, and how open and welcoming is the community. From there we think about the real opportunities, and how to realistically reach the potential that we discover. Finally, we help guide the place in finding its own unique balance of economic feasibility, regulatory efficiency and identity and brand, and their implementation through credibility, certainty and information.
#RealityCheck
An assessment of the six drivers of investment is necessary to identify current economic conditions, as well as realistic opportunities for the public and private sector to improve those conditions. The BusinessFlare Approach is unique because it expands on the three traditional drivers of land, labor and capital by also considering market conditions, the regulatory environment and quality of life factors as equally important contributors to economic growth.
#EasyButton
The common themes that rise to the top when constituent businesses communicate with elected officials, other businesses and residents provide further insight into local economic conditions. These may be positive or negative conditions, and implementation strategies should improve the negative ones and capitalize on and grow the positive themes.
#Connections
There are certain factors that connect people to their place, and that keep bringing them back. These are the things that define how an existing or prospective business or resident 'thinks and feels' about a place, which is their final decision point when considering a community for their business, their home, or their visit.
#Opportunities
The most successful revitalization and economic recovery stories all include strategies that focus on five opportunity areas. These opportunities help build consensus and create a vision, and they help direct resources to the most efficient and effective strategies.
#Values
The adoption of economic development values in management processes is critical. Providing relevant and meaningful information, process certainty, and private sector standards for responsiveness and customer service will greatly improve your competitive economic development position.
#Balance
Economic success depends on the appropriate balance of these three success factors. The most successful communities and brands have mastered this balance.
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