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William-Lynn-James can assist local communities and regional development agencies in preparing strategic plans for economic development. Our approach to creating an economic development strategy begins with an analysis of the community's economic base. However, successful economic development planning requires more than a profile of comparative advantages or a list of target industries. Communities today are often equally concerned about providing higher-quality jobs for residents, enhancing stable long-term growth, reducing vulnerability from dependence on a few key industries, keeping existing businesses from moving away, promoting the growth of new businesses, and protecting the environment. These goals can be achieved through the creation and execution of a strategic plan.

Our economic development planning approach recognizes the importance of detail. Development of strategies is carefully designed in partnership with local organizations and community leaders. Attraction of new business is balanced with support for the retention and growth of existing business. The types of initiatives that have been recommended in previous plans include:

• Business and community marketing
• Start-up entrepreneurial assistance
• An "early warning system" to track business changes
• Key anchor development projects
• Public-private investment initiatives
• Tourism development
• Infrastructure improvements

Analytical techniques used by William-Lynn-James in formulating a strategic plan for economic development vary depending upon the community's size, complexity and need. The list below outlines several analytical tools that we have found useful in assisting communities in the planning process.

• The Economic Base Line Study identifies business patterns (i.e. growth or loss, start-up or failure, entry or exit) that are emerging for different industries and locations in a community.
  
  
• The Industry-Occupation Matching Analysis evaluates adequacy of local labor markets to meet the growth needs of different types of businesses.
  
  
• The Business Site Compatibility Evaluation rates a community's attractiveness for different types of businesses based on land and building availability and access to suppliers and consumers.
  
  
• The Cost-Effective Analysis rates a community's attractiveness for different types of businesses based on its comparative advantages in areas such as labor cost and availability, tax rates, energy costs and other quantifiable factors.
  
  
• The Industry Outlooks and Regional Economic Forecasting Models evaluate the implications of shifting technology, business production patterns, and transportation conditions.
  
  
• The Local Resource Evaluation Report examines the impact of research and development, job training programs, taxes, local regulations, local zoning, and existing economic development resources on business growth prospects.
  
  
• The Strategic Environment Analysis examines external factors that influence a community's future. This analysis focuses on key economic, social, political, and technological trends that will influence the nature and extent of economic growth in the community.

There are two end products to the William-Lynn-James approach to strategic planning for economic development. The first is a plan that is relevant and realistic and that can be implemented using the community's own resources. The second is a planning process that can be used to promote community consensus, to evaluate progress, and to develop a plan that can be revised as circumstances dictate.

If you have any comments or questions regarding our services, please e-mail us at wlj@wlj.biz.

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Last Revised: May 2008

William-Lynn-James, Inc. Telephone: (317) 972-4242
Email: wlj@wlj.biz URL: http://www.wlj.biz	Return to Home Page