Getting Michigan Competitive

Posted by on July 12, 2011

“Getting Michigan Competitive” was the theme of the most recent Business Leaders for Michigan Leadership Summit series in Lansing on June 20.  The keynote for the event was Ron Starner, General Manager of Site Selection Magazine and Conway Data Inc.  His presentation on how businesses make site selection decisions, and the factors that most influence their choices was fascinating.
We have mentioned in this column previously that only about 10 to 15 percent of your economic development strategy should focus on business attraction.  It is the growth from within your region that truly builds and sustains your economy in the long term.  However, as an economic development organization, we still need to market our region and be prepared to provide information, site availability, stay on top of trends and build relationships with national site consultants.
Mr. Starner discussed what it takes to win and retain development projects.  This list of best economic development practices included:
·         Fortified marketing and communication efforts
·         Investment in high quality infrastructure
·         Creative incentive programs on top of low tax rates
·         Access to educational resources that support the business community
·         Support for innovation and entrepreneurs
·         Pro-business government and pro-growth business organization
·         Transportation network that offers competitive advantages in logistical operations
·         Support for new and emerging industries
·         A history of corporate plant success
·         Shovel ready sites and move in ready buildings
As you can see, while proficient in some areas, our region has areas to work and build upon together.
He went on to share findings from an International Economic Development Council (IEDC) study that found that the country’s highest performing economic development organizations:
·         Are driven by their customer
·         Operate with a strong strategic plan
·         Measure their results and adjust accordingly
·         Are creative risk takers
·         Build strong alliances and networks
·         Earn the trust and respect of their communities
·         Are efficient with their funding and resources
·         Invest in their people
These traits are all areas that the Lake Superior Community Partnership and its stakeholders strive to excel at.  By September, the IEDC’s accreditation review team that came to evaluate the LSCP and our community will let us know just how we rank in these areas.
Hopefully this gives you a little more insight on the complexity of providing economic development services and the need to engage the community in that process.  Remember, sustainable and successful economic development is not a short-term fix, but rather a long-term strategy.
For more information on economic development and the Lake Superior Community Partnership, visit our Web site at www.marquette.org, or call 226-6591. 
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