The BusinessFlare® Approach to economic development 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 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.
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.
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.
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.
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.
Economic success depends on the appropriate balance of these three success factors. The most successful communities and brands have mastered this balance.