how economic developers can prepare for the recovery

How economic developers can prepare for the recovery

CASE STUDY

COVID-19: PREPARING FOR THE ECONOMIC RECOVERY

The speed at which COVID-19 has impacted businesses is unprecedented. In a few short weeks, revenues have been slashed or disappeared completely, creating severe liquidity problems for thousands of businesses.

Numerous government programs have been launched to help businesses weather the immediate crisis but competition for this funding is fierce and businesses need to make a strong case to be successful. Economic developers across the country have responded quickly by providing essential information, advising on safety requirements, running surveys and matchmaking businesses to suitable assistance programs.

As the crisis shifts from the response to the recovery phase, the needs of businesses will evolve as they begin rebuilding or resuming operations. Those economic developers that adapt quickly and are ready to respond will have greater success helping their business community bounce back.

We believe there are three core areas economic developers should focus on during the recovery phase of the COVID-19 crisis:

What to focus on during the recovery

Helping existing businesses reopen and recover

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Helping entrepreneurs start and grow their business

Resuming and ramping up business attraction and lead generation activities

www.localintel.co


RESPONSE PHASE PLANNING RECOVERY

PHASE

Now is the time for economic developers to start planning for the recovery.

www.localintel.co

As restrictions associated with COVID-19 ease and the economic recovery starts, businesses will need to rehire, restock and promote that their doors are open. This takes money which, for most businesses, means applying for loans. Businesses can improve the quality of their loan applications by undertaking business planning and local market research using online market intelligence tools provided by economic developers. Here’s some examples of big and small communities using such tools.

RECOVERY FOCUS AREA 1

CUSTOMER RESEARCH

Strathcona County’s Business and Investment Intelligence Tool enables people to research customer demographics across 400 industries.

Name of Localintel tool: Research Your Customers


Helping existing businesses reopen and recover

https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/https://www.strathcona.ca/council-county/facts-stats-and-forecasts/statistics-demographics-resources/

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COMPETITOR ANALYSIS

The City of Campbell River makes it easier for businesses to analyze the location of competitors across 400 industries.

Name of Localintel tool: Analyze Your Competition

http://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portalhttp://www.campbellriver.ca/business-economy/investment-portal

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www.localintel.co


ZONING REQUIREMENTS

Terrace provides online land use maps to help businesses determine where they can operate within the City.

Name of Localintel tool: Identify Zoning Controls

https://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoninghttps://www.terrace.ca/business-development/maps-zoning

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BUSINESS DIRECTORY

Kingston Economic Development’s website includes an interactive map allowing people to research the type, name and location of existing businesses within the City.

Name of Localintel tool: Business Directory and Licensing

https://www.kingstonecdev.com/business-directoryhttps://www.kingstonecdev.com/business-directoryhttps://www.kingstonecdev.com/business-directoryhttps://www.kingstonecdev.com/business-directoryhttps://www.kingstonecdev.com/business-directoryhttps://www.kingstonecdev.com/business-directory

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INDUSTRY TRENDS

The Municipal District of Greenview’s data center helps businesses to research trends and performance benchmarks for 400 types of industries.

Name of Localintel tool: Discover Industry Trends

http://expandyourvision.ca/local-datahttp://expandyourvision.ca/local-datahttp://expandyourvision.ca/local-datahttp://expandyourvision.ca/local-data

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GROWTH AND OPPORTUNITIES

The City of Beaumont makes it easier for businesses to find where new development is occurring and where growth opportunities may exist.

Name of Localintel tool: Uncover Local Opportunities

https://investinbeaumont.ca/https://investinbeaumont.ca/https://investinbeaumont.ca/https://investinbeaumont.ca/

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The economic downturn from 2007 to 2009 was followed by a dramatic upswing in entrepreneurship as laidoff workers pursued their entrepreneurial dreams. Entrepreneurs are more likely to succeed if they have access to sound information and clear advice on how to start a successful business, including how to write a business plan, pick a location and so on. Having access to local market research that is current, relevant and easy to use increases an entrepreneurs chances of securing financing, and also ensures that they are in a position to make better business decisions going forward.


The Entrepreneur Resource Center within the St. John's Board of Trade website is an excellent example of how economic developers can efficiently and cost effectively help local entrepreneurs. By adding Localintel’s Business & Investment Assistant to their website, St. John's Board of Trade quickly created a resource where entrepreneurs can access step by step "how to" guides, data and other information they need to start strong and prosper.

Helping entrepreneurs start and grow their business

https://www.stjohnsbot.ca/invest-st.-johnshttps://www.stjohnsbot.ca/invest-st.-johnshttps://www.stjohnsbot.ca/invest-st.-johnshttps://www.stjohnsbot.ca/invest-st.-johnshttps://www.stjohnsbot.ca/invest-st.-johns

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www.localintel.co


https://edsuite.com/https://edsuite.com/

And don’t think this is just for large cities, small communities like the Town of Bashaw (population 841) have taken the same approach. By adding our Business & Investment Assistant into the front page of their website, the Town makes it easy for entrepreneurs to access this mobile friendly resource. Importantly, the Town took advantage of Localintel’s Small Communities Program which provides the first year subscription fee for free.

http://townofbashaw.com/http://townofbashaw.com/http://townofbashaw.com/http://townofbashaw.com/

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www.localintel.co


ADVICE

The Assistant includes 8 step by step "how to" guides to help entrepreneurs identify the fundamentals they need to start, grow and prosper.

COMMUNITY PROFILE

5 interactive dashboards present valuable data on Bashaw’s economy, residents, households, dwellings and workforce.

MAPS

4 dynamic maps provide detailed location intelligence about Bashaw’s workforce, household incomes, age and industry densities.

DIRECTORY

Bashaw’s Assistant connects entrepreneurs and existing businesses with other resources and organizations that can help them succeed.

https://localintel.co/program.html

As economic developers shift their focus from crisis response to economic recovery, competition between locations will resume and quickly ramp up. You can start preparing now by making improvements to your organization’s number one marketing tool, which is your website. This means promoting your community’s strengths, assets and opportunities by using up to date data and interactive visualizations. We call this data driven marketing and it is proven to get the attention of site selectors and keep them on your website for longer.


INDUSTRY ADVANTAGES

Kaufman Chamber ensure site selectors and investors can quickly uncover the industries and clusters that are driving the City’s economy and generating opportunities.

Name of Localintel tool: Industry Advantages

Resuming and ramping up business attraction and lead generation activities https://kaufmanchamber.com/industry-advantages/

https://kaufmanchamber.com/industry-advantages/https://kaufmanchamber.com/industry-advantages/https://kaufmanchamber.com/industry-advantages/https://kaufmanchamber.com/industry-advantages/https://kaufmanchamber.com/industry-advantages/

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ACCESSIBILITY ADVANTAGES

Winnipeg Economic Development highlights the interconnectivity of different types of transportation infrastructure in the City including air, rail, roads, public transportation and more.

Name of Localintel tool: Identify Transportation

https://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportationhttps://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/transportation

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www.localintel.co


www.localintel.co


WORKFORCE ADVANTAGES

Invest Hamilton makes it easier for site selectors to analyze the size and location of the workforce by educational attainment, occupation and industry of employment.

Name of Localintel tool: Evaluate the Workforce

https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/https://investinhamilton.ca/discover-hamilton/business-in-hamilton/workforce/

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QUALITY OF LIFE ADVANTAGES

The community of Olds promotes the Town’s enviable quality of life by showcasing the extensive network of education, recreation, sport and cultural facilities.

Name of Localintel tool: Identify Community Facilities

https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/https://everythingolds.ca/explore-olds/plan-your-event/

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AVAILABLE PROPERTIES

Edmonton Global make it easy for site selectors to search for commercial properties that are currently available for lease or sale.

Name of Localintel tool: Search Available Properties

https://edmontonglobal.ca/real-estate-data/https://edmontonglobal.ca/real-estate-data/https://edmontonglobal.ca/real-estate-data/https://edmontonglobal.ca/real-estate-data/https://edmontonglobal.ca/real-estate-data/

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www.localintel.co


BUSINESS CLIMATE ADVANTAGES

London Economic Development Corporation provides site selectors with valuable demographic indicators and information on taxes, incentives, cost of living and more.

Name of Localintel tool: Review the Business Climate

https://www.ledc.com/resources#business-climatehttps://www.ledc.com/resources#business-climatehttps://www.ledc.com/resources#business-climatehttps://www.ledc.com/resources#business-climatehttps://www.ledc.com/resources#business-climatehttps://www.ledc.com/resources#business-climate

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INFRASTRUCTURE ADVANTAGES

The City of Penticton’s Business Toolkit helps site selectors, property developers and investors identify local infrastructure and utilities that may influence their location decisions.

Name of Localintel tool: Locate Utilities

https://pentictonbiztoolkit.com/https://pentictonbiztoolkit.com/https://pentictonbiztoolkit.com/https://pentictonbiztoolkit.com/

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When you are so busy responding to the crisis, it can be difficult to think about implementing longer term recovery strategies. However, those economic developers who anticipate the needs of businesses during the recovery and start preparing now can help their community rebound faster.

CONCLUSION

ABOUT LOCALINTELLocalintel is your online economic development assistant. Adding our flexible suite of tools to your website is the easiest, most affordable way to promote local advantages, support businesses and drive economic development.

Our clients range from small rural communities like the Town of Bashaw (population 841) to economic development teams in Canada’s largest cities including Invest Ottawa, Winnipeg Economic Development, Edmonton Global and Calgary Economic Development.

Dave Parsell, [email protected]

https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/https://www.linkedin.com/in/dave-parsell-10b2481b/

I hope you have found this article useful. Please stay healthy and get in touch to find out how we can put solutions like these to work for you.

www.localintel.co

403.554.0982

[email protected]

how economic developers can prepare for the recovery

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