April 2005, Volume: 8, Issue: e/4, ISBN 1527-5175

~~~ If your responsibilities include Business Retention... You should seriously consider the BREI conference http://www.brei.org

~~~Congratulations Richland Economic Development Corp. (OH), Economic Development Partnership of Alabama, and ComEd Economic Development (IL). All three of these Synchronist System Users are being recognized at the Business Retention Expansion International Conference, June 1-4, Nashville, TN http://www.brei.org

~~~Congratulations to the 17 Synchronist Users who are also being recognized by BREI for leadership on establishing national benchmarks for key existing business factors. The analysis of the workforce and new product benchmarks resulted in a ground-breaking study identifying unanticipated workforce challenges ahead for development professionals. The report titled, "Workforce Health: Emerging Challenge Faces Workforce" is available at http://www.blanecanada.com\workforce_health_rpt.pdf

~~~New goals mean new tools, new skill sets, new learning... which might take a lot of ED practitioners out of old comfort zones. Source: Al Jones, Billings, MT

~~~Retention basics... "Taking care of existing business is as important as building new facilities in our state. It is absolutely important to work with companies before we find them 'circling the drain'." Outstanding visualization! Quote: C. J. Smith, LA

~~~Aerial map... In order to spice up reports, select from Google's "aerial/overhead" shots of your territory. go to http://www.maps.google.com

~~~Speaking of space... A new study will be of great interest to many of you. "Cyberstates 2005: A State-by-State Overview of the High-Technology Industry" addresses employment, wages, venture capital investments, and R&D. Although there has been significant job loss, the leakage is ebbing.

http://aeanet.org/Publications/idjj_cyberstates2005_overview.asp

~~~From Bakersfield, CA....  referencing Eric's presentation. "I thoroughly enjoyed his "Measuring Success" presentation at the CALED conference in Monterey (CA) -- adaptable, user friendly, and easy to implement. Very important components for any tools to measure success." Thanks, Patrick Collins.

~~~Where is the research in the economic development profession?... This question was posed last month. How do we, as a profession, know where we're going if there is little research to determine where the profession is headed? FYI... ACCRA is currently doing a survey of economic development organizations. They've already received nearly 600 responses.  "We're trying to keep track of what's happening with the profession, change that's happening within organizations, and most importantly to us, we're trying to encourage greater investment in regional economic research." Source: Ken Poole, ACCRA, http://www.accra.org/

~~~Metaphor... The metaphor is "Think outside the box." Ever think about what's outside the box? Another box, of course. If inside the box is the status quo, outside the box is "not the status quo." If your new box becomes popular, then everyone will want to jump on the bandwagon. Good boxes last only for a short time. What's one to do? Become adept at looking further ahead. This will allow you to spot good boxes before the crowd. ecanada@blanecanada.com

~~~Here in Wheaton, IL.... 25 miles west of Chicago, many white collar workers are traveling regularly to China. Whereas the travel was along the coast a few years ago, production has moved further inland in order to tap lower labor costs. Business travelers note the change of billboards in China over the past 10 years. Themes use to reflect China first and foremost. Now, billboard themes appeal to the masses and consumerism. Some sources estimate that China's 1.3 billion in population is the 7th largest economy in the world, and will be 75 percent larger than the U.S. in the year 2050.

~~~Leadership Training... comes in two flavors: 1) "skill" and how-to training intended for emerging or rural community leaders, or 2) economic development lite: a broad brush introduction to economic development practices. What is missing - UNTIL NOW - is a leadership event designed to bring together leadership's role, economic development trends, and best practices - the information they need to be better decision makers. Call for details on Blane, Canada Ltd.'s new "Leadership Orienteering(TM)." Eric 630.462.9222

~~~Today's challenge... "My director just forwarded me a copy of an article from IEDC's publication, 'ED Now.' After reading the article, I almost felt you were saying that R&E is somewhat a waste of time and effort. Did I misunderstand the article?" Great question. Blane, Canada Ltd. is a long-term proponent of business retention. In our opinion, this is a critical role of all economic development organizations. Current trends mean this will be more important in defining a meaningful role for economic development organizations in the future.

As documented in our published research, the traditional benefits of R&E flow from ANY R&E effort. In other words, just getting out of the office to talk with executives will help identify expansions, companies in trouble, companies needing assistance, which will help to begin building relationships.

The question we posed in the article to development professionals is, "Are we getting our money's worth from R&E?" Our conclusion is "no" for the following reasons. The R&E process has survived the test of time. Both IEDC and BREI provide good courses on the R&E process. The answer we believe lies in the definition of value.

The TRADITIONAL definition of value (helps, saves, problems, etc.) was derived from the challenges of the Rust Belt/Sun Belt era. The economic development challenges today are far different. The present definition of value leaves R&E open to a common challenge from an antagonistic position, "It would have happened anyway." Therefore, the old definition of value is no longer adequate.

In our research article, the "Missing Link" and our advanced retention course, we describe six additional components of value which comprise the rest of the R&E value wheel. These new values include: company level assessment (value, growth potential, risk of leaving, and satisfaction), access to info for public policy discussions, follow-up management and reporting, the useful life span of the information gathered, company knowledge, and institutional memory. These values move an economic development organization from a community development agenda to being the community's economic portfolio manager.

The traditional values, helps, saves and problems, are a by-product of the approach we recommend, delivering more value from the same process and investment (time and effort).

So, back to your question, is R&E "somewhat" a waste of time? Absolutely NOT! Can we get more for the investment of time and money? Absolutely... if we are willing to redefine the very reason we walk in the door. If we are unwilling to step out of the practices of the past, ROI is diminished. Each development professional will determine what ROI they are willing to accept from R&E by the approach they select. Source: "Missing Link"

http://www.blanecanada.com/free.html

~~~Alexa toolbar was mentioned in the last newsletter... "It does cool stuff, but my Ad-Aware fingered it as spyware, so I uninstalled it.  Maybe I am just a little more privacy-conscious than some." Source: Bill LaFayette, Economic Analysis, Columbus (OH) Chamber

~~~Many letters  follow peoples' names these days... Try these letters after one's name: CE, BCP. It translates into Chief Executive, Bringing in Cool People. Thanks to Patrick Collins' staff, Bakersfield, CA

Blane, Canada Ltd.
1506 Cadet, Suite 100
Wheaton, IL 60187-7380
ph 630.462.9222
fax 630.462.9210

info@blanecanada.com