How To Recession-Proof your Economic Development
13 Mar 2023
As an economic developer, you understand that economic recessions can wreak havoc on local businesses and communities. These times of economic uncertainty cause businesses to shut down, people to lose jobs, and local economies to crumble. However, with the right strategies, you can recession-proof your economic development efforts and ensure that your community remains resilient and prosperous even during tough times.
Uncertainty is scary and challenging. Hearing stories of the struggles people face during difficult times darkens the soul. But economic developers are the leaders for communities, and economic development leadership strengthens communities. You have the ability to promote your community now and in the future to build a workforce and attract the next employer.
Here at Golden Shovel Agency, we specialize in helping economic developers develop and implement effective strategies to promote economic growth. Here are some tips on how to recession-proof your economic development.
Tips to Recession-Proof Your Economic Development
Promote your community
During times of uncertainty, people start looking for options. This is the time to focus on your online presence and SEO practices. Golden Shovel recommends economic development professionals amplify their community advantages and workforce attraction efforts.
This current economy has a strong labor component, and employers are still hiring. Now is the time to help your local companies by attracting workers who are willing to move.
Know your SEO
When evaluating your search engine rankings look at the results from three different perspectives:
- How is your community currently being presented online and in search engine results?
- How do your community members think you are being presented online?
- How should your community be presented online to people that don’t know your community?
Too often, economic developers believe the search engine rankings will favor the day-to-day positive events occurring in the community. Unfortunately, search engines will only present the information available. In short, if you are not promoting your community, neither are the search engines. And during recessionary times, people search.
Entrepreneurship is the lifeblood of any economy. Encourage and support entrepreneurs in your community by giving them access to resources, such as funding, mentorship, and training programs. Encourage the creation of incubators, accelerators, and coworking spaces to provide a supportive environment for startups.
Build a Strong Workforce
A strong workforce is essential for economic development. Encourage the development of workforce training programs, apprenticeships, and internships to help workers gain the skills they need to succeed in the local economy. Work with local schools, colleges, and universities to develop curricula that align with the needs of local businesses and industries.
Collaboration is critical to economic development. Work to build partnerships between local businesses, government agencies, and other stakeholders. Encourage the formation of business associations, industry groups, and other networks that can help companies connect and share best practices.
Tourism can significantly drive economic growth, particularly in communities with unique cultural or natural attractions. Invest in tourism marketing and promotion, and work to develop tourism infrastructure, such as parks, museums, and historic sites—partner with local businesses to create tourism packages and experiences that showcase the best of your community.
Technology is changing the way we work, live, and do business. Stay up-to-date with the latest technology trends, and work to incorporate them into your economic development strategies. This could include everything from using social media to promote local businesses to developing smart city technologies that improve the efficiency of local government services.
Get Started Now
By knowing your SEO, supporting entrepreneurship, building a strong workforce, fostering partnerships, promoting tourism, and leveraging technology, you can recession-proof your economic development efforts and ensure your community remains resilient and prosperous even during tough times. At Golden Shovel, we can help you develop and implement effective strategies to promote economic growth. Contact us today to learn more.