The BusinessFlare Approach is a trademarked, proven approach to economic development planning and successful implementation, providing positive economic growth that then will extend to surrounding areas and help lift the regional economy, improving the quality of life for the region’s stakeholders.
The approach is based on the evaluation of, and the adoption of strategies to improve, six areas of economic development influence.
An assessment of the five drivers of investment is necessary to identify current conditions, as well as realisitic opportunities for the public and private sector to improve those conditions.
-Land - The Real Esate Market. Is investment financially feasible?
-Labor - The Labor Market. Is there a trained, qualified workforce available?
-Capital - What are the funding opportunities for public and private projects?
-Markets - Does the market exist to capitalize on, or must one be created?
-Regulation - Is the regulatory environment positive or negative for investment?
Business Climate Themes
These are the common themes that keep rising to the top when communicating with elected officials, businesses and residents? These can include things like regulatory and government red tape, reputation, arts and culture, transportation, labor force weaknesses or strengths, quality of life and recreation, retail offerings (or lack of), and education. These may be positive or negative factors, and implementation should improve the negative ones and capitalize on and grow the positive themes.
What connects people to their community? What keeps them there, or brings them back?
-Aesthetics - How a place looks and feels.
-Activities - Social offerings, places for people to connect with their fellow citizens.
-Openness - How open and welcoming is a place for new residents and businesses.
Adoption of economic development values in management processes is critical.
-Certainty - Certainty and predictability are critical to private sector investment decisions.
-Credibility - Reputation, and the ability to realistically address challenges and problem solve.
-Information - Reliable, relevant information for prospects & decision makers.
The most successful revitalization and economic recovery stories all included these five elements:
-Preserve - What is the most important thing to preserve for economic growth and quality of life.
-Enhance - What is a game changing enhancement to attract appropriate investment.
-Expose - What already exists, that would make a difference if the world only knew it was here.
-Invest - What are the most important investments to improve quality of life and the economy.
-Capitalize - What can be capitalized on for the economic benefit of the community.
Economic development success depends on the appropriate balance of three success factors. The most successful communities and brands have mastered this balance.
-Economic and Market Feasibility
-Identity and Brand