December 28, 2016 at 1:37 p.m.
VCEDC rings in new year with new strategy
Communication, self-evaluation key factor for success
VCEDC rings in new year with new strategy
"This was a big process because you have to have buy-in for a strategic plan," board member Mary Cole Laub said. "We've all done strategic plans for years with executive groups and economic development organizations and they only work when you can get people to actually come up with a strategy and buy-in."
Throughout the summer and fall, the executive board continually brainstormed ways to assist Vilas County businesses and they've narrowed the list down to four approaches.
The first action focuses on connecting information and knowledge within the business community.
"So this first strategy is all about existing businesses," Laub said. "It really has to do with identifying, learning about and building relationships with the existing businesses in Vilas County."
Building relationships with local businesses and opening a line of communication will be key in this strategy. The idea is to gain a deeper understanding of the variety of industries the county has as well as what resources those industries need to take business to the next level.
"We're thinking about doing three to four business roundtables in 2017," Laub said. "Probably not until the fall but this is all about learning more about the industries we have and how we can help them."
The second piece of the new strategy builds on past involvement with new businesses. One of VCEDC's most successful attributes comes from helping several businesses find homes, resources and get on their feet within the county.
This strategy taps into those experiences and relationships.
"This is all about entrepreneurs," Laub said. "It asks, 'how can we take what we've done with entrepreneurs to this point in Vilas County and take it to the next level?'"
The idea in this phase is to revisit those businesses and entrepreneurs VCEDC has worked with in the past and evaluate how they're doing after the initial startup process has transitioned into daily routine.
Graduates from the Nicolet Entrepreneurship Training (NET) program may also be looked upon for valuable information. The program is a partnership between VCEDC and Nicolet Technical College and has seen more than 60 graduates.
"So you want to find out from them what they need," Laub said. Do they need more training? Would it be helpful if they got together on a regular basis to talk to each other?"
Again, communication is key in this phase.
The third portion of the strategy is already taking effect in such places as Phelps. This phase involves working directly with communities to bring about economic development in a more direct manner, such as a downtown revitalization.
"This is all about providing technical assistance to communities," Laub said. "We really need to work with our town chairs and find out what they need to grow their communities. What kinds of technical assistance, planning and development could we provide to help them."
This phase will assist communities to create a feasible plan of action which best fits their community to create jobs and help their economy grow.
The fourth and final strategy focuses on the VCEDC itself. This is a self-analysis phase to ensure the organization is functioning at the best level possible in order to help the county to maximum possibility.
"This is called sustainability for the future," Laub said. "It has both a financial component and an operational component."
The organization will place itself under a microscope and analyze everything from bylaws and board structure to policies, procedures and marketing. Even the budget will go under the microscope.
"Are we operating the best we can?" Laub said. "Do we have the best structure in place? And what are we going to do for financial stability going into the future?"
Other economic development corporations throughout the state will be used as benchmarks during this phase. Board members will study the inner workings and effectiveness of other entities and carry the information back to VCEDC for comparison.
The goal is to enhance and strengthen VCEDC to it's fullest potential. Just like businesses perform self-analysis and evaluation, VCEDC will do the same.
"We really are pushing the envelope with this plan and that's what you want to do," Laub said. "You want to push the organization forward."
Jessica Leighty may be reached via email at [email protected]
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