March 2005, Volume: 8, Issue: e/3, ISBN 1527-5175

~~~INVEST IN YOUR FUTURE... "Advanced Business Retention: Beyond the Basics" will be presented in Chicago April 21-22. Learn how to retain existing businesses and the impact they can have on your economy. Register for a highly acclaimed seminar to enhance your skills. There are a limited number of seats, so sign up today! Look at our web site for details: http://www.blanecanada.com/BCL_retention.html Contact Andrew Laidlaw for information and to register: alaidlaw@blanecanada.com or 630-462-9222

~~~Sign up for Blane, Canada Ltd.'s forthcoming seminars... "The Physics of Marketing: An Uncommon Combination of Marketing and Sales for the Serious Economic Development Professional!" and "Advanced Business Retention: Beyond the Basics" will be offered in Chicago in April. Go to this link for more details. Physics of Marketing OR Advanced Business Retention

~~~Note found in Eric's pocket, date unknown... "Every 20-30 years industries reinvent themselves."' Hmmmmmm. Let's see, economic development is over 35 years old. That means economic development is overdue for dramatic restructuring. If you are not thinking about change, you might well be on your way out!

~~~Where is the research in the economic development profession?... How do we, as a profession, know where we're going if there is little research to determine where the profession is headed?

~~~Cisco Systems... is customer-centric. Customer satisfaction is OK, but Cisco needs to know its clients' future needs and preferences. The same pertains to business attraction and existing businesses. Satisfaction only means they aren't complaining. Your challenge is to understand what they need in order to prosper in your community.

~~~Help returning veterans... Google "veterans + small business". It is loaded with listings relevant to finding, as well as promoting, business owned/partnered/being developed for vets.

~~~RFID... stands for "radio frequency identification". RFIDs are undergoing rapid development, but its performance is said to still be in its infancy. It will impact business dramatically. Why? Wal-Mart, for example, asked its top 100 suppliers to have the technology in place by 1/1/05. It essentially will drive supply chain efficiency. Developed in the 1940's, standardized Electronic Product Codes evolved from bar codes and are now on pin-head microchips. These tags are attached to product cases, shipping pallets, and individual items. Currently, readers, a scanning device, retrieve data intermittently throughout the supply chain. The evolving technology allows manufacturers, distributors and retailers to analyze the entire supply chain. Articles in Optimize, CFO, CIO, FastCompany, Business Week and other magazines have been addressing this over the past year. Keep alert to future opportunities. Wal-Mart expects its next 100 suppliers to be ready in January of 2006.

~~~Existing business interviews... yield many different opportunities. Some feedback surprises local economic development leaders. For instance, when interviews were conducted at a former military base near San Antonio, the 30 companies indicated pent up demand for future space. The interview questions were right on. Plans are now underway to construct some spec buildings. Source: Tom Long, San Antonio (TX) City Public Service

~~~Destruction breeds creation... Economic development is crumbling. Daily the profession is being tested by people who do not accept business as usual and civic leaders frustrated with past performance. Want evidence? Try getting a group together to define economic development. Creative destruction? Says who? An engaged group of 20 of the top economic development professionals in the US drew this conclusion when they met in December. Don't agree? Not a problem. In 10-15 years it will be clear. Hind sight is 20-20. However, waiting by the fence or hanging on to tradition is a sure way to discover one morning you don't know the rules anymore. Best advice... Don't replicate, innovate. Creative destruction is a positive force. Embrace it. Source: ENGAGE 2004, Ron Kitchens, Jones Hooks, and Eric Canada

~~~Need a reference for time zones, here or elsewhere?... Check out: www.timeanddate.com OR www.worldtimezone.com

~~~Through the years... the Greater Regional Economic Development Foundation of Quincy, IL (GREDF) has evolved from an agency with a narrow focus on industrial development into one that impacts nearly every facet of life in Quincy and Adams County, and reaches out to a tri-state region. "How does this happen? First, it requires vision; the kind that comes from leaders who bring knowledge, experience and resources to the table, but put aside personal and even corporate agendas, and look at what_s best for the region. And then we build bridges to connect people, organizations and resources in collaborative, win-win partnerships that are synergistic and mission-driven." Source: Jim Mentesti and Kathy Anastas, GREDF

~~~Segue into YP of Quincy (IL)... In the same vein of connecting people and projects, GREDF has been a catalyst to establishing "a network of young professionals that seeks to promote career opportunities, business development, entertainment and recreation in order to enhance the quality of life in the Quincy area." They have their own web site and offer new volunteer opportunities. YPQuincy, from a regional population base of about 40,000, has over 400 members. For economic development organizations trying to keep young, bright, talented people from moving away from the area, this is a strategy worth pursuing.

~~~Share... your insights on economic development, marketing, existing business, etc. Let everyone know just how perceptive you are. Remember what Tom Peters said, "Steal from the best with pride." It need not be original to be valuable to others. Send ideas, comments, observations, and quotes to Nancy. nblane@blanecanada.com

~~~Eric's 5 most popular recent presentations:

   ** Measuring Success

   ** 7 Things I Wish Knew Before...  (Marketing)

   ** 23 Fabulous Tips & Tricks (Marketing)

   ** Workforce Challenges: Blind-Spot Threatens US Global Competitive Position (Retention & Expansion)

   ** Business Retention Enters the 3rd Wave (Retention & Expansion) Call to schedule Eric for one of your 2005 events. 630-462-9222

~~~That Clever Phoenix (AZ) Chamber... At the end of their outbound e-mails there is a statement followed by a list: "Don't miss the upcoming events". Quick. Informative. Regularly updated. Good for internal as well as external audiences.

~~~Do you ever wonder how your Web site compares with others?... How much traffic do you get, how fast is your site, what do people search for?  All this and more is accessible through the Alexa Toolbar. Simply visit http://www.alexa.com and click the "Free Toolbar" button. In one toolbar you have access to related links. This is a great tool to track and enhance your Web presence. (Windows/IE only)

~~~Build an Angel Network... "A Guidebook to Developing the Right Angel Organization for Your Community" from the Kauffman Foundation leads communities through the establishment of an angel network. The number of angel organizations in the United States has exploded in recent years, yet establishing a successful angel group is difficult. In addition, success is not necessarily measured by investment returns, since angels typically invest at an early stage, and returns may not be seen for several years. The report includes sections on network fundamentals, network creations and maintenance, and tools for the new angel network. http://www.kauffman.org/pdf/angel_guidebook.pdf

~~~Idea #1... be more creative! Need help? Try, "How to Be More Creative" by David D. Edwards, Occasional Productions, (c) 1996.  Rating: ^^^+

~~~ Idea #2... Need more creativity help? Try, "The Creativity Issue - FastCompany" "... negative moods can enhance workplace creativity. Good moods signal that good progress has been made and current efforts are sufficient. By contrast, negative moods can signal that things are not going very well, that the status quo is problematic, and that more effort needs to be exerted." Quote: "Understanding When Bad Moods Foster Creatvity and Good Ones Don't" by Jennifer George and Jing Zhou, Rice University. FastCompany's annual look at creative things and methods. FastCompany, December, 2004. Rating ^^^

~~~PET PEEVE... Are you frustrated interacting with the growing number of telephone answering trees? The bank. The doctor. The telephone company. They're all in this time warp system of planetary no return. Because the telephone tree is a product in the market place does not mean that it is good. First, there's no excuse: the phone should be answered on the second or third ring. No more 6 rings to get to another electronic message. If your system directs callers into "never never land", how long do you think a person will wait to reach you. Think about the chances you could lose a prospect. Still thinking about it? You're too late.

~~~"Thanks... for all you do in helping us be better economic development professionals." Source: Kirkley Thomas, AR

~~~Thanks, Kirkley, for your feedback.

Blane, Canada Ltd.
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