Managing EDOs IEDC Basic Economic Development
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Transcript of Managing EDOs IEDC Basic Economic Development
© Copyright City of North Port
2200 Murphy Court North Port, FL Strategically located
between Tampa and Fort Myers on Florida’s gulf coast
Now the lead city of the metropolitan statistical area, MSAOne of the
fastest growing cities and metro areas in the nation.
Population:2000 = 20,0002016 = 64,472
Median age: 40
LET’S GET GROWINGAccolades
• Best Place for Manufacturing in Tampa Bay [Southern Business & Development]
• Top 10 in US for Job Growth [Forbes]• #1 Well-being [Gallup]• Top Investment City [Forbes] • 2nd Big City Safety Rank in Florida
[Value Penguin]• A+ Rating [Fitch]• Playful City USA (7 consecutive)• Most improved residential mkt
[Freddie Mac]• #2 state in FL for small business
[Wallet Hub]• Fastest growing metros [Census]• Top 15 Cleanest City [American Lung
Association]• Top 10 Digital City (3 consecutive)
Class Objectives
© Copyright City of North Port
1. Understand and develop your own management philosophy and style
2. Learn current best practices
Class Outline
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. Tools D. Additional considerations
IV. Q & A
Management Philosophy
That set of rational principles which form the basis for guiding or controlling the operation or performance of a business activity
‐ Harsh Jain, Khama Jain
Management Philosophy
© Copyright City of North Port
That set of rational principles which form the basis for guiding or controlling the operation or performance of a business or public sector activity
‐ Harsh Jain, Khama Jain‐ (modified)
Management Philosophy
© Copyright City of North Port
Comes from my values, things I learned in classes, my experiences from work, and most importantly my experience with people.
‐ Ellery Young
Management Philosophy
© Copyright Ciy of North Port satoworldwide.com
TaxpayersElected officials
Investors
Management Philosophy“From the moment he started the company with my mother in 1927 until he died in 1985, my dad lived the values we associate with our corporate culture and management style today ‐ concern for all employees, hands‐on management, and an unrelenting commitment to meeting customer needs through excellence in quality, service and hospitality. Everything he did was based on his uncompromising beliefs in treating people fairly, working hard, paying close attention to details, and listening to arid giving customers what they wanted.
Collectively, these values and beliefs form Marriott's management philosophy ‐ the foundation on which the companywas built and the superstructure on which our future growth depends.”
‐ J Willard Marriot, Jr.
Management Philosophy“And there can’t be politics. I despise politics. There is no room for it in a company. My life is going to be way too short to deal with that. No bureaucracy. We want this fast‐moving, agile company where there are no politics, no agendas.
When you do that, things become pretty simple. You don’t have all of these distractions. You don’t have all of these things that companies generally worry about. You don’t have silos built up where everybody is trying to optimize their silo and figuring out how to grab turf and all of these things.”
‐ Tim Cook (Apple CEO)
Management Philosophy
“We are both proponents of a decentralized management philosophy: of hiring key people carefully; of pushing decisions down the organization; and of setting overall principles and resisting temptation to be involved with details. In other words, don’t hire a dog and try to do the barking.”
‐ Tom Murphy (mentor to Warren Buffet)
Management Philosophy
“Early on I realized that I had to hire people smarter and more qualified than I was in a number of different fields, and I had to let go of a lot of decision‐making. I can't tell you how hard that is. But if you've imprinted your values on the people around you, you can dare to trust them to make the right moves.”
‐ Howard Schultz (founder of Starbucks)
Management Philosophy
© Copyright City of North Port
Get things done Moral
EthicalLegal
Adapt
Addvalue
WinWinWin
Golden rule
SIXHEX
Management Philosophy
Theories and models are great guidelines but sometimes situations arise that don’t quite fit into models and theories.
‐ Ellery Young
Management Philosophy
© Copyright City of North Port
That’s why it is important to look at each situation with a fresh perspective and handle accordingly.
‐ Ellery Young
Class Outline
© Copyright City of North Port
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. Tools D. Additional considerations
IV. Q & A
AUTOCRATIC ‐ Features1. Likes to retain control2. Likes to tell employees
what to do3. No consultation4. Subordinates expected to
obey
Management Style
AUTOCRATIC ‐ Impact1. Helps complete urgent
tasks quickly2. Applicable when there is an
(high) element of risk3. May lead to lack of
creativity or resistance if no employee input
Management Style
PATERNALISTIC ‐ Features1. Like autocratic, likes to
take much of the responsibility for decision making
2. But with caring attitude for employees
Management Style
PATERNALISTIC ‐ Impact1. Employees may feel valued
but frustrated because there is little scope for decision making
Management Style
DEMOCRATIC ‐ Features1. Encourages participation by
employees2. Shares information with
team members3. Provides opportunities for
the team to influence decision making
Management Style
DEMOCRATIC ‐ Impact1. Gains team commitment
particularly when changes need to be made
2. Decision may take more time but employees have buy in / support the decision
Management Style
LAISSEZ‐FAIRE ‐ Features1. Little or no direction from
the manager2. Subordinates are free to
make decisions
Management Style
LAISSEZ‐FAIRE ‐ Impact1. Useful for highly‐trained
expert teams2. May lead to chaos without
centralized control3. Regular feedback and
communication is required for this approach to work
Management Style
Mei mei Barcoma
Management Style
POPULAR TYPES OF MANAGEMENT
Laizzes‐faireDemocratic
TeamworkParticipatory
DirectingPaternalistic
Authoritarian
Chaotic
Management Style
POPULAR TYPES OF MANAGEMENT
Laizzes‐faireDemocratic
TeamworkParticipatory
DirectingPaternalistic
Authoritarian
Chaotic
Where do you think you fit in the spectrum?
Mei mei Barcoma
Management Style
POPULAR TYPES OF MANAGEMENT
Laizzes‐faireDemocratic
TeamworkParticipatory
DirectingPaternalistic
Authoritarian
Chaotic
Many roles
Analyst Catalyst
Visionary
Gap Filler
AdvocateEducator
Huffingtonpost.com
Ethics Champion
It is important to not only be a manager but be a leader and inspire those around you.
‐ Ellery Young
LEADER
Class Outline
© Copyright City of North Port
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. Tools D. Additional considerations
IV. Q & A
Class Outline
© Copyright City of North Port
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. Tools D. Additional considerations
IV. Q & A
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
© Copyright City of North Port
• Elements we managea. Peopleb. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
Managing People
© Copyright City of North Port
Human skills are some of the most important skills you can have as a manager.
‐ Ellery Young
Managing People
© Copyright City of North Port
• Every employee has a unique personality
• Which means they are motivated by different things
‐ Eric Tachibana
Managing People
• Some are introverts
• Others are extroverts
• Some are born to think through problems
• Others use their feelings
‐ Eric Tachibana
Managing People
© Copyright City of North Port
• Whatever the case, as a manager, you cannot change who your employees are in their core
‐ Eric Tachibana
Managing People
• Every employee has a unique personality
• Which means they are motivated by different things
‐ Eric Tachibana
Managing People
• But those same people are also going through their own lifecycles
• What motivates them now may be different from what motivated them last year
- Eric Tachibana
Managing People
© Copyright City of North Port
Traditional Boomers Xers Millennials
Goals Build Legacy Build StellarCareer
Build Portable Career
Build ParallelCareer
Rewards Job Well Done Money, Title,Office
Freedom to Do Work with Meaning
Training Learn Hard Way Train ‘em & they leave
Training an incentive to stay
Continuous Learning
Feedback No News Good News
Annual Review and data
Will ask when wanted
Instant Feedback
Changing Jobs Change a stigma Change puts you behind
Change necessary
Change a daily routine
Life Balance Support in shifting and balancing
Help me find meaning
Give me balance now Not at 65
Flexibility to balance all activities
Retirement Reward Retool Renew Recycle
Source: WEDA
Managing People
© Copyright City of North Port
• Whether the person is an introvert or an extrovert, they need different things in life at ages 1, 6, 18, 24, 35, or 50
- Eric Tachibana
Managing People
© Copyright City of North Port
• Sometimes the strategy is to support the status quo
• Other times it is all about urgent and major change
- Eric Tachibana
Managing People
• So if everyone is different
• And everyone is changing over time
• And the nature of work is changing too …
- Eric Tachibana
© Copyright City of North Port
• Elements we managea. People b. Projectsc. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectationsf. Informationg. Standardsh. Time
Class Outline
Managing Expectations
• Staff• Boss• Elected Officials• Partners• Community• Self
Source: telegraph.co.uk
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
© Copyright City of North Port
• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time
Class Outline
Managing Standards
• Staff performance• Minimum expectation• Aiming for excellence• Extra Mile
• Ethics
• Customer Service
Class Outline
© Copyright City of North Port
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. ToolsD. Additional considerations
IV. Q & A
Best Practices (Tools)
Benchmarking• EDOs need to develop their own unique metrics of benchmarks for measuring outcomes and objectives, and thus reporting the economic value created in all aspects of the local economy due to their efforts
• Defending your mission with the “But For” test if not but for our activity this would not have occurred
• Need to develop more sophisticated metrics than just the number of jobs and property tax base values
Best Practices (Tools)
Core Metrics• Number of Businesses Expanded• Number of Businesses Retained• Number of Jobs Retained• Number of Businesses Assisted• Ratings of the Business Climate in the Community• Amount of Financing Provided ($)
Source: IEDC Report “Making It Count: Metrics for High Performing EDOs” (2014)
Best Practices (Tools)
Important Metrics• Businesses remaining and growing in the region following a
risk of departure of closure• Percent of “jobs at risk” retained• Past utilization and satisfaction with local business assistance
and programs• Relocation of supplier or customers
Best Practices (Tools)
Bonus Metrics• Percent of revenue growth for businesses receiving EDO assistance
• Number of residents/businesses assisted in economically distressed and under‐served communities
• Local business‐to‐business investment levels
Best Practices (Tools)
© Copyright City of North Port
Fringe Metrics• Internal Measures
• Level of EDO employee satisfaction• Diversification of funding sources (ratio of investors to total funds)
• EDO Program Measures• Impact on employment by industry/sector due to EDO efforts• Cost‐benefit analysis of proposed projects• Internal rate of return for projects
• Relationship Management Measures• Effectiveness of EDO board to remove barriers to economic development progress
• Depth of involvement with each partner
Best Practices (Tools)
Fringe Metrics• Job openings per sector• Talent movement• Educational opportunities for entrepreneurs• Labor force productivity• Ratio of housing prices to income• Access to broadband internet• Percent of locally owned businesses
Best Practices
Fringe Metrics• Exports and trade activity• Improvement in region’s “competitive position” in the global economy
• Branding the region to generate more business development opportunities
• Percent of globally connected entrepreneurs in the community
• Community celebrations
Class Outline
© Copyright City of North Port
I. Management philosophiesII. Management stylesIII. Management best practicesA. Elements we manageB. Elements we mitigateC. Tools D. Additional considerations
IV. Q & A
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
Elements to Mitigate
© Copyright City of North Port
• Macroeconomics, Cycles, and Trendsa. Globalizationb. State business climatec. Low interest rates yet tight credit marketsd. Millennials going elsewheree. Minimum wage f. Multi family housing
© Copyright City of North Port
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
EDO set up
Public• State/local governments• Port authorities• Development authorities• State enterprise zones• Universities• Community Colleges• Regional/metro planning
/marketing organizations• State/local economic
development organizations
Private
• Not for profit corporations• Chambers of commerce• Business improvement
districts• Technology transfer
organizations• Utility companies• Incubators, accelerators,
and research parks
Public-Private• Empowerment zones and
enterprise communities• Community development banks• Certified development
corporations• Community development
corporations• Local redevelopment
corporations• Industrial development
corporations• State and local economic
development organizations• Regional/metro marketing
organizations
EDOs Types and Examples
Play Nice ‐ Partners• Chamber of Commerce• Economic Development Corporation• Advisory Board• Investors – pay to play• Workforce Board• School Partners• Trade Associations• Development community• Not‐for‐profit• Banks and financial institutions• Endowment funds• Other cities, counties• Regional Planning Council
© Copyright City of North Port
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
Stay in your laneSource: W
EDA
Utilities
Port Districts
Revolving and Micro-Loan Funds
Government (Federal, State, Cities and Tribal)
Economic Development Districts
Community Action Programs
Visitors & Convention Bureau
Property Development Recruiting
Access to Capital Technical Assistance
Business Development Coalition Building
Funding Business Climate
Community Development
Tourism
Workforce Development
Business Climate Quality of Life
Business Development Coalition Building
Infrastructure Support Development
No one has a franchise on economic development!!
© Copyright City of North Port
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
Competition
• Know your competition• SWOT (Strategic Plan)• Marketing Plan• Community brand and image• Differentiate your community• Target your market• Promote your community• Regional collaboration – interesting opportunities
© Copyright City of North Port
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
Business Climate
• Like it or not, you are mostly reacting• Do your best to influence • And be proactive• Use your partners and stakeholders• Chamber – legislative priorities• Updated our Comp Plan• Re‐writing our development code• Business Advocacy
© Copyright City of North Port
Class Outline
• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change
ChangeSource: W
EDA
1970 - 2000 Ensure strong
transportation and utility infrastructure
Offer low cost labor Assemble constituent
groups to finance industrial parks
Attract large businesses with large manufacturing facilities
Now: Ensure strong technology
infrastructure: telecomm, incubators, networks, etc…
Offer highly skilled workforce Build collaborations to
leverage human capital and innovation centers
Encourage entrepreneurship and small start-ups
Always Be Learning…Bank on Change
The industrial recruitment
paradigm is dead!
© Copyright City of North Port
Class Outline
C. Additional considerationsa. Serving the customersb. Benchmarkingc. Defining organizational identityd. Mentorshipe. Adding valuef. Social responsibilityg. Environmental stewardship
Class Objectives
© Copyright City of North Port
1. Understand and develop your own management philosophy and style
2. Learn current best practices