Strategic Planning - Rural Economic Development - Lecture Slides, Slides of Development Economics

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Rural Economic Development Strategic Planning Docsity.com Strategic Planning • On-going process • Community - look at current situation & compare to where it would like to be • Involves: – Realistic appraisal – Achievable goals – Project action plans Docsity.com Strategic Planning Process Typical Cycle • Six-month to year-long period – Pre-planning Phase • 1 month: Meet with stakeholders • 3-5 months: Local economy assessment • 4-6 months – Planning Phase • 2 months: Compile the agenda – Post Planning Phase • 1 month: Review, finalize, and implement Docsity.com Strategic Planning Process Multi-step Decision Making Process • Pre-planning • Addressing the local community and economic competitiveness • Formulating realistic goals, objectives, & strategies • Identifying, evaluating, and prioritizing projects • Developing plans of action • Implementation • Monitoring and evaluating outcomes • Retooling & adjusting Docsity.com Continuous Process • Preplanning • Assess Local Economy • Formulate goals & Objectives • Identify, Evaluate, & Prioritize Proposals • Develop Strategic Plans • Implement Plans • Monitor & Evaluate Outcomes • Re-tool/adjust Docsity.com Strategic Planning Costs • Costs – $15K to $500K – Funding provided from several sources – Consultants Docsity.com Strategic Planning Common Problems • Problems – Failure to involve a broad range of representatives – Ignoring the general public – Not understanding the strategic planning process – Too much time on visioning – Not identifying priority issues clearly – List of action items not relevant – Failure to assign actions to appropriate players – No means for evaluating performance & progress – Lack of commitment Docsity.com Strategic Planning Monitoring & Evaluation • Help to: – Ensure projects are effective & on track – Justify costs involved – Determine if adjustments need to be made – Enable promotion of project success Docsity.com Assessing Economic Data • Trend Analysis • Economic Base Analysis • Local Quotient • Share-Shift Analysis • Local Economic Growth • Cluster Analysis • Other Docsity.com SWOT Analysis • Strengths: the community can promote • Weaknesses: the community acknowledges or fixes • Opportunities: the community can prepare for • Threats: the community mitigates, if at all possible Docsity.com Internal Forces • Strengths – Major Assets – Limited Assets • Weaknesses – Those that can be corrected – Those that cannot be corrected • Neutral factors Docsity.com Strategic Plan Components • Vision & Values • Mission Statement • Goals • Objectives • Responsibility & Timeliness • Strategies • Identify & Prioritize Projects & Programs • Action Plans • Implementing Programs • Amending Programs & Successive Planning Efforts Docsity.com Vision & Values • Foundation • Focuses resources and efforts in most effective & efficient way • Vision encompasses the values • “Shared vision” vital – Call for action not just an idea Docsity.com Mission Statement • Conveys image and core reason for Econ Dev Org’s existence • Long-term statement of purpose • Differentiates groups • Guides the group – Clear purpose – Activities – Values Docsity.com Goals • Flow directly from vision statement • Clear & concise • Address community issues • Prioritization – Force Field Analysis Docsity.com FORCE FIELD ANALYSIS • FORCE FIELD ANALYSIS GOAL STATEMENT • Driving Forces ▬► ▌ ◄▬ Restraining Forces • ▌ • __________________ ▌ ___________________ • __________________ ▌ ___________________ • __________________ ▌ ___________________ • ▌ • Forces Favoring Change ▌ Forces Resisting Change Docsity.com Objectives • Set performance standards • Specific • Measurable • Realistic • Action-oriented • Timely Docsity.com Strategies – Based on: • Goals & objectives • Assets • Available resources • Constraints (internal & external) • Desired & supported direction Docsity.com Strategies (Example) – Goal: To develop a technical educated and skilled workforce prepared for employment. – Objective: Enhance the technical skills of the existing workforce. – Strategy: Create a shared worker program among like manufacturers Offer incentives … Docsity.com Strategies (Example) – Goal: Revitalize Downtown – Strategy: Retain existing business – Actions: 1. Develop a façade program 2. Develop and sponsor events 3. Provide marketing assistance Docsity.com Assessment or Appraisal • Feasibility studies – Which proposals to pursue – Specific details (financing, feasibility) • Assessment Terms – Impact – Feasibility-time – Feasibility-cost – Social/political feasibility – Technical feasibility Docsity.com Assessment or Appraisal – Cost Benefit Analysis 1. Identify Costs & Benefits 2. Direct & Indirect Costs 3. Calculate the net impact 4. Time Value of Money 5. Cost Effectiveness Analysis Docsity.com Action Plans • Define physical actions to implement chosen strategies • Describe components of different proposed projects Docsity.com Amending Programs & Successive Planning Efforts • Revisit annually – Retreats – Address threats, affirmation, adjustments • Rethink Existing Plans & Programs Docsity.com Summary • On-going process • Community - look at current situation & compare to where it would like to be • Involves: – Realistic appraisal – Achievable goals – Project action plans • Shapes a community’s future • Provides structure for mutually accepted goals & common agenda • Defines purpose of community group • Balances community with realistic local resources Docsity.com