Introduction
Local planning process -> infrastructure development, maintenance of the comprehensive plan, support of public facilities
Useful strategic approaches in economic development:
- targeted industries (specialization);
- choice of narrowed strategy (“growth-friendly,” “optimum competitor”)
- making difficult trade-offs and establishing a unique position for the area
Challenges facing leaders in Bedford County:
- preserving land use and its financial and aesthetic characteristics
- maintaining resources quality levels while offering recreational and economic opportunities to businesses
- balancing between a desire for services and jobs and facilities growth
Stakeholders’ impact on community
Business impact on economic development:
- emergence of new facilities and provision/loss of jobs
- attraction of technologies, capital resources, infrastructure
- increase in communities’ welfare state
- human resources impact on economic development: acilitation of recruitment and employment opportunities, employee training and development opportunities provision, human resource allocation to companies.
SWOT analysis of the community
Strengths:
- low cost of doing business
- proximity to colleges and universities
- skilled workforce
- low cost of living
- low taxes
- available land
Weaknesses:
- flat population growth and an aging population
- workforce availability and “brain drain”
Opportunities:
- downtown area property improvement
- Enterprise Zone property grants from Virginia for property improvement and job creation
- tax abatement for companies
Threats:
- inefficient utilization of land and water resources
- loss of big manufacturers
- inability to attract talent and new companies
Leadership traits for public administration and implementation of a strategic plan
Essential traits for public administration career:
- Decision-making and negotiation skills
- Resilience
- Proactivity
- Long-term vision and integrity
- Steps to implement a strategic plan in Bedford County:
- Creating a vision with the Economic Development Department
- Performing a SWOT assessment to determine steps of the plan
- Identifying community economic development goals and objectives
- Planning action strategies with the support of authorities
- Moving to action (implementation phase)
- Monitoring the plan execution
References
Donahue, R. & McDearman, B. (2017). Making economic development strategies more strategic. The Brookings. Web.
Planning and Zoning. (n.d.). County of Bedford, Virginia. Web.
Lynchburg Business. (2019). Leader of the month: Traci Blido. Web.
Bedford County 2030 Comprehensive Plan. (2015). Web.
Target Industries. (n.d.). Office of Economic Development. Web.
Economic Development. (n.d.). Bedford Area Chamber of Commerce. Web.
Why choose Bedford County, Virginia. (n.d.). Office of Economic Development. Web.
Town of Bedford. (n.d.). Office of Economic Development. Web.
Bedford county needs assessment. (n.d.). Bedford County Development Association. Web.
Local economic development planning: A municipal book. (n.d.). South Jersey Economic Development District. Web.