sackville business associationsackvillebusiness.com/pdfs/sba-strategicplan2014-18.pdf · > the...

Sackville Business Association

Strategic Plan

December 10, 2013

Bonnie O’Toole, BDC Consulting Consultant

2 BDC Consulting

Strategic Plan F-PM-014, V 1.1 - 2011


December 2013

Table of contents

Current State 4

SWOT Analysis 9

Vision 17

Strategy 18

Goals and Objectives 19

Key Performance Indicators 23

3 BDC Consulting



December 2013

Notice to reader

The comments and opinions presented herein are submitted on a best efforts basis and in good faith based on information provided by or on behalf of the Client. BDC cannot warrant the accuracy or reliability of information provided by the Client or in its name.

BDC’s name and/or logo, incorporated in this report, cannot be used in whole or in part, in communication to third parties without BDC’s prior expressed authorization.

4 BDC Consulting



December 2013

CURRENT STATE

5 BDC Consulting



December 2013

The Critical Issue: Sackville Business Improvement Vacancy Rate

> Total member businesses in the Sackville Business Improvement District is approximately 288

> 25 vacant properties

> Assume one premise for every business

> 25 / (288 + 25)

8% Vacancy Rate

6 BDC Consulting



December 2013

How does that relate to surrounding areas

8.0

12.8

9.0 10.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Sackville Business

Improvement District

2012 Sackville / Bedford/

Dartmouth

Peripherial Halifax

Downtown

Vacancy Rate %

7 BDC Consulting



December 2013

Sackville is Family Orientated and Growing

.

The portion of 35-54 year olds and under 20 are larger than the average

population of NS. This suggests that Sackville is made up of mostly families.

The population of Sackville was 33,115 in 2011. Since 2001 Lower

Sackville shrunk by 4.6%, Middle Sackville grew by 18.5%, resulting a

net increase of 2.4%, more that the net increase for NS of 1.5%.

8 BDC Consulting



December 2013

Current Mission Statement and Objectives

> The aim of the Sackville Business Association is to develop Sackville as a great place to live, work and shop

> In the Memorandum of Association, objects of the society are:

– Promote existing business interests along Sackville Drive

– Conduct activities related to business promotion, special events and beautification

projects which meet the needs of Sackville Drive business

– Attract new business to Sackville Drive

– Work proactively with government decision makers informing them of the wishes of

Sackville Drive businesses

– Acquire by way of grant, gifts, purchase, bequest, devise or otherwise, real and

personal property to use and apply such property to the realization of the objects

of the Society

– Buy, own, hold, lease, mortgage, sell and convey such real and personal property

as may be necessary or desirable in the carrying out of the objects of the society.

9 BDC Consulting



December 2013

SWOT ANALYSIS

Strengths, Weaknesses, Opportunities and Threats

10 BDC Consulting



December 2013

Internal Strengths

> An organized business

improvement district, funded

by a levy

> Full time dedicated business

district association

> Existing programs in place and

members are satisfied with their

effectiveness including:

> Successful streetscape

improvement plan, including

signage and facade

> Marketing and promotion

> Networking events

> Host special events

> Advocacy with the Municipal

government

> Information kits

11 BDC Consulting



December 2013

Internal Weaknesses

> More resources will be needed to take on more projects, or some programs changed or stopped

> Events and Festivals are not marketed by NS Tourism

> Minimal use of provincial and federal government business development programs

> Business development training could expand beyond lunch and Learn sessions

> Business support could be expanded to include a mentorship programs

> Business development funding could be packaged as a liaison to government programs

12 BDC Consulting



December 2013

External Opportunities

> Many provincial and federal grant programs to spur economic development through business improvement progress

> Collaborate with government coordinators to access programs that help attract new businesses to Nova Scotia (NSBI)

> Incent the young and the mobile (the cohort most likely to migrate to a new area) to re-locate or stay in Sackville by offering incentives to pursue business opportunities

13 BDC Consulting



December 2013

External Opportunities Continued

> Collaborate with government coordinators to access programs that help current Nova Scotian Business grow and help entrepreneurs get started (Innovacorp, Economic and Rural Development, Labour and Advanced Education, NSBI, CBDC)

> Collaborate with Immigrant Associations in attracting new immigrants to settle and prosper in Sackville

> Mimic successful programs in other global BID that have made a difference

14 BDC Consulting



December 2013

External Opportunities Continued

> Baby boomers are leaving the workforce, many starting part time businesses. Baby Boomers are inheriting the largest amount of wealth in world history and have the capital and life experience to start successful businesses

> Never before was it as easy to export using ecommerce and online marketing, improving a district by increasing jobs here

> The largest trend in retail is experiential retail. It is no longer enough just to have a transaction, it needs to be memorable through an experience. Adding events and a wow customer experience are opportunities

15 BDC Consulting



December 2013

External Threats

> Continued growth in Online Shopping

> Consumers going to new retail parks for shopping

> Unexpected change in government strategy and elimination of business growth incentive programs

> Decline of the economy

> Population decline as workers go elsewhere to look for gainful employment, immigrants not staying in Nova Scotia in pursuit of better markets, birth rates decline further, death rates increase as the largest cohort, the Baby Boomers, enters the senior years

16 BDC Consulting



December 2013

FUTURE STATE

17 BDC Consulting



December 2013

Vision

Sackville will be the mecca for experiences in

retail, services, and activities where people

love to live, work, and shop.

18 BDC Consulting



December 2013

Strategy

> To grow the Sackville Businesses Improvement

District by attracting new businesses and

increasing customers to existing businesses.

This will be done by focusing on three strategic

Initiatives:

– Support the development of an experiential shopping

district to increase customer traffic

– Retain Current Businesses by Supporting Business

Growth

– Promote an ideal environment where new businesses

want to locate

19 BDC Consulting



December 2013

STRATEGIC INITIATIVES GOALS AND OBJECTIVES

20 BDC Consulting



December 2013

Support the Development of an Experiential Shopping District to Increase Customer Traffic Actions Timing Goal

Co-Develop and promote two new festivals –

Winter & Summer

Feb.

2015

Two Festivals

Start a Farmer’s Market (including artisans),

ensuring adherence to guidelines

Q3 2015 Eight weekends

Farmer’s Market Evaluation and discussion on

future of Market

Q2 2016 Decision by date

Offer customer service training Q3 2014 One course

annually

Create a recognition award for best in customer

service

Q4 2014 Promoted with

Press Releases

and Facebook

Investigate creating a campaign calendar with

monthly themes and co-promote with retailers

Q1 2015 Decision by date

Continue to offer the existing streetscape

programs

On-going Current level of

funding and effort

21 BDC Consulting



December 2013

Retain Current Businesses by Supporting Business Growth

Actions Timing Goal

Offer a business development course that

enables business growth

By Q4 2014 One course

annually

Encourage other businesses to host monthly

networking events and co-promote

On-going One monthly

Continue Marketing and Promotion, and include

email marketing

Add email by

Q4 2014

Monthly

communication

22 BDC Consulting



December 2013

Promote Sackville as an Ideal Environment for New Businesses to Locate

Actions Timing Goal

Formally invite economic development agencies

to meet with the board and members to gain

understanding how the SBA can work with them

to attract business

Q2 2014 4 agencies

invited

One member representative becomes a liaison

with a government department to attract new

business to the area

Q1 2015 Twice a year

23 BDC Consulting



December 2013

Primary Key Performance Indicators

1. Consumer Experience Index 70% (average of polled

responses)

2. Satisfaction with Business Development programs Index 80%

(average of polled responses)

3. Vacancy rate less than 50% of HRM Average Vacancy Rate

(*excluding units less than 24 months in inventory)

4. Net Businesses (businesses came less businesses left)

More businesses started than businesses that left

By the end of 2018, the following goals will be met:

sackville business associationsackvillebusiness.com/pdfs/sba-strategicplan2014-18.pdf · > the...

Documents