February 2008, Volume: 11, Issue: e/2, ISBN 1527-5175

~~~ Just when you thought... It was safe to get out of the box with your thinking, we learn constraints are a good thing. Quick, come up with a new marketing initiative? You will probably draw a blank. Too broad. However, if I ask you to redesign a new marketing brochure aimed at the bio industry, you could easily start generating ideas. It seems that the best way to let your creativity flow is to place limits on it. Out of the box is just too frightening for most people.

Economic development professionals are beginning to pay more attention to competitive differences like trademarks. A trademark for a program name separates it from previous efforts or those of other organizations. The need for a unique descriptive name for a common program like fund raising for example which meets trademark registration criteria, provides very specific constraints.

ADVANCED Business Retention Course
April 21 and 22, Chicago, IL

"Old school... a collection of ideas, concepts, and practices out of step with current needs and available technology. Prior retention and expansion strategies served communities well and advanced the profession. However, holding onto old practices in light of changed global circumstances can be a serious impediment to economic growth."

Attend... Advanced Business Retention: Beyond the Basics: a two-day interactive professional education program, April 21-22 in Chicago. The ONLY advanced Retention and Expansion Program!

Expand... your awareness of the how findings can identify opportunities, challenges, and risks impacting resource allocation.

Learn... what the best shops are doing to: a) take their strategy to a new level; b) grow available resources (dollars and people); c) create "sticky" community strategies; d) drive services (internal and external) to the companies where they can have the greatest impact and add the highest value; and much, much more.

Unlike generic retention courses, the focus is QUALITY - NOT QUANTITY. Participation is limited to 25. Register now to insure your seat.

Registration: Advanced Business Retention: Beyond the Basics

~~~ Fascinating question... Perhaps you have the answer. Given the workforce is being stretched very thin in some areas and companies are trying to do more work with their existing workforce, we see more overtime involving longer shifts as well as additional shifts. This brings up the question of workforce burnout – how far can it be stretched and for how long before you have a negative affect?

At the same time, are there any creative ideas to reward the workforce besides traditional overtime rates and shift differential pay? Send me your thoughts, we will compile and share. Eric ecanada@blanecanada.com

~~~ Speaking of creative solutions... if your organization has target industries and are wondering how to identify growth companies within those industries try partnering with your local NAIC (National Association of Investors Corporation) investment club. These clubs of individual investors have honed specialized skills and know where all the tools are to help identify the growth companies (publicly held) within any industry. Plus, most would be delighted to put their skills to work for their community. If you are new to economic development you may even want to join the club yourself. It can be a tremendous education business environment.

~~~ Gut check... "Unless you can watch your stock holdings decline by 50% without becoming panic-stricken, you should not be in the stock market. If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio." Source: Warren Buffett

The US economy is in one of those periods where the media makes the business environment look somewhat bleak. Without first hand knowledge of your business portfolio (those companies in your community) your view will reflect public opinion. Therefore, now is an excellent time to walk out the door and call on your company executives. Implement the long considered business retention (intelligence) program. Want help? Give me a call… Eric 630-462.9222 and or attend Advanced Business Retention: Beyond the Basics

~~~ Novel approach... taking a fresh look at web navigation, web site marketing, and expanding information resources. Check out Access Washington. For those who know Maury Forman, make sure to look closely for Maury in the poster.

~~~ Three industries least impacted by the "r" word (recession)... Alcoholic beverages, tobacco, and cosmetics.

~~~ Apples to Apples, Part II... "I really enjoy your newsletter as it gives many useful tips on economic development. I especially enjoyed the web site and your "Apples to Apples" articles (January). Congratulations to South Dakota for doing something Virginia has been doing for years. Here's our link http://reports.yesvirginia.org/hvc/hvcWeb.php." Source: Mike Davidson, Director of Economic Development, Campbell County, VA

~~~ "Thanks for the insight on web design... You put your finger on my problem. We don’t have the right people on our web development team!" Unidentified caller

~~~ Board strategy... that could produce dividends in economic development. The latest trend in corporate America is to cherry-pick board members for expertise. Need to address technology? Marketing? Strategic direction? Bring in a board member with functional expertise creating an in-house coach. If your organization still uses the "pay-to-play" method of board selection remember, knowledge can be more valuable than cash. With cash, you can buy what you think you want. With knowledge, you can learn what is possible before buying. Consider aligning some board seats with your organization’s 5 year goals.

~~~ To improve your email communication... 1) Shorten it. 2) Write clearly to make it easier to understand. 3) Be sure the most important points are not missed. 4) Identify issues with numbers or letters. 5) List in a descending order of importance.

~~~ Best annual meeting speakers... We are often asked for suggestions on good/great keynote speakers and trainers. Budget is always an issue. So, we thought we would take a poll. Tell us who you have heard or hired for an annual meeting keynote. Please list by category: Under $1,000; $1,001 - 2,500; $2,500 - 5,000; and over $5,000. We will share the results. Survey

~~~ Contribute... to a greater understanding of local and statewide economic development. Wikipedia needs our help developing the history and purpose of economic development. Current entries are sketchy at best and overly academic. Share your hard won expertise. Contribute to the profession by expanding the Wikipedia references to economic development. Encourage economic development associations to form committees to help give our profession a voice in the world’s leading on-line reference guide.

Wikipedia is a universal encyclopedia written and edited by those who choose to contribute. It is a public, public information project. If you are not familiar with it, you might want to check it out beyond the economic development section.

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

info@blanecanada.com