Kokomo Tribune; Kokomo, Indiana

Opinion

November 3, 2013

Strategic planning for economic development

(Continued)

Objectives 3 and 4 (workforce and community development) are not easily influenced by a LEDO. A strong voice, supported by good research and cogent argument, can help, but the future of the workforce and the community rests on factors well beyond the reach of a LEDO.

This leaves objectives 1 and 2 for serious and effective planning. Retention and attraction are the bread and butter of a LEDO. Its efforts must be focused on these two objectives if it is to meet the sustainability objective.

Most LEDOs put their strongest efforts into the attraction objective. It brings the best press and is easier than retention. To focus on retention may mean going head-to-head with existing, inept management which has no desire to change. Nor is it likely that an existing business believes the LEDO can provide meaningful growth advice.

All this puts our friends at the GM-EDC sitting with a strategic plan that looks good, but has only one truly actionable objective. Bring in something new to prove your worth or start surfing the web for new jobs.

Morton Marcus is an independent economist, writer and speaker. Contact him at mortonjmarcus@yahoo.com.

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