Implementing Economic Implementing Economic Gardening – The Gardening – The

Information ComponentInformation Component

Christine Hamilton-PennellChristine Hamilton-Pennell

April 2007April 2007

EG Implementation StepsEG Implementation Steps

Identify skill sets neededIdentify skill sets needed Identify community assets and partnersIdentify community assets and partners Create EG business planCreate EG business plan Develop business assistance processDevelop business assistance process Develop a marketing planDevelop a marketing plan Create tracking and evaluation systemsCreate tracking and evaluation systems Provide staff trainingProvide staff training Develop other servicesDevelop other services

Skill Sets NeededSkill Sets Needed

Initial consultingInitial consulting Research and technical skillsResearch and technical skills Analysis and reportsAnalysis and reports

Initial ConsultingInitial Consulting

Start-upsStart-ups Established businessesEstablished businesses Growth businessesGrowth businesses

Initial Consulting – Start-upsInitial Consulting – Start-ups

Business feasibilityBusiness feasibility Core strategyCore strategy Financial strategyFinancial strategy Business planBusiness plan Marketing planMarketing plan Recommendations/next stepsRecommendations/next steps

Initial Consulting – Established Initial Consulting – Established BusinessesBusinesses

Core strategyCore strategy Marketing strategyMarketing strategy Customer managementCustomer management Building a teamBuilding a team Hiring employeesHiring employees Business processes and systemsBusiness processes and systems Growth strategiesGrowth strategies Business succession planningBusiness succession planning E-commerce/Web marketingE-commerce/Web marketing Recommendations/next stepsRecommendations/next steps

Initial Consulting – Growth Initial Consulting – Growth CompaniesCompanies

Managing business processes and systemsManaging business processes and systems Managing financial growthManaging financial growth Managing intellectual propertyManaging intellectual property Locating industry-specific technical assistanceLocating industry-specific technical assistance Building a management teamBuilding a management team Hiring qualified employees/outsourcingHiring qualified employees/outsourcing Peer mentoring/networkingPeer mentoring/networking Internet strategiesInternet strategies Exit strategyExit strategy Recommendations/next stepsRecommendations/next steps

Research and Technical SkillsResearch and Technical Skills

Low-level research skillsLow-level research skills In-depth research skillsIn-depth research skills Other expertiseOther expertise

Research and Technical Skills – Research and Technical Skills – Low-Level Research SkillsLow-Level Research Skills

Marketing lists (b2b and b2c)Marketing lists (b2b and b2c) Competitor listsCompetitor lists Basic company or industry informationBasic company or industry information

Research and Technical Skills – Research and Technical Skills – In-Depth Research SkillsIn-Depth Research Skills

Market analysisMarket analysis Industry trends/forecastsIndustry trends/forecasts Competitor intelligenceCompetitor intelligence In-depth company, industry, or financial In-depth company, industry, or financial

analysisanalysis GIS reportsGIS reports Best practices/industry standardsBest practices/industry standards Web marketingWeb marketing

Research and Technical Skills – Research and Technical Skills – Other ExpertiseOther Expertise

Intellectual property due diligence (patent, trademark, Intellectual property due diligence (patent, trademark, copyright)copyright)

Contract developmentContract development Insurance and benefitsInsurance and benefits Financial systemsFinancial systems Equity financingEquity financing Succession planningSuccession planning Business valuationBusiness valuation Government procurementGovernment procurement Offshoring/import/export strategiesOffshoring/import/export strategies Liability/legal issuesLiability/legal issues

Analysis and Report GenerationAnalysis and Report Generation

Synthesize compiled data and informationSynthesize compiled data and information Analyze data/information for patternsAnalyze data/information for patterns Identify key points Identify key points Identify challenges and opportunitiesIdentify challenges and opportunities Make recommendationsMake recommendations Identify additional resourcesIdentify additional resources Create usable summary or “power page”Create usable summary or “power page”

Identify Community Assets and Identify Community Assets and PartnersPartners

SBDCs, SBA, SCORESBDCs, SBA, SCORE Start-up consultingStart-up consulting ClassesClasses

Chambers of commerceChambers of commerce Start-up consultingStart-up consulting ClassesClasses Leads groupsLeads groups Peer networksPeer networks

Identify Community Assets and Identify Community Assets and PartnersPartners

Economic development organizationsEconomic development organizations DemographicsDemographics Finance resourcesFinance resources IncubatorsIncubators Consulting/technical assistanceConsulting/technical assistance

Local/county governmentsLocal/county governments GIS servicesGIS services Demographics/community dataDemographics/community data Business assistance programsBusiness assistance programs

Identify Community Assets and Identify Community Assets and PartnersPartners

State governmentState government Employment and workforce dataEmployment and workforce data Tax and revenue informationTax and revenue information Business financial assistanceBusiness financial assistance Import/export and trade assistanceImport/export and trade assistance Registered businesses and non-profitsRegistered businesses and non-profits TourismTourism Technology/technical assistanceTechnology/technical assistance Database of licensed professionalsDatabase of licensed professionals

Identify Community Assets and Identify Community Assets and PartnersPartners

Public and university librariesPublic and university libraries Business resourcesBusiness resources Online databasesOnline databases Business reference servicesBusiness reference services Meeting spaceMeeting space Fee-based research servicesFee-based research services

Identify Community Assets and Identify Community Assets and PartnersPartners

Universities and collegesUniversities and colleges Business/entrepreneurship studentsBusiness/entrepreneurship students Business professorsBusiness professors GIS servicesGIS services Web and graphic design studentsWeb and graphic design students Distance learning capabilitiesDistance learning capabilities Classes for small business ownersClasses for small business owners Research and analysis skillsResearch and analysis skills

Identify Community Assets and Identify Community Assets and PartnersPartners

Workforce development centersWorkforce development centers Employment data banksEmployment data banks Training programsTraining programs Consulting on employment and workforce issuesConsulting on employment and workforce issues

Business and professional associationsBusiness and professional associations Training and professional developmentTraining and professional development Networking opportunitiesNetworking opportunities Technical assistanceTechnical assistance Industry resources and dataIndustry resources and data

Identify Community Assets and Identify Community Assets and PartnersPartners

Community banks and financial institutionsCommunity banks and financial institutions SBA and conventional loansSBA and conventional loans Business start-up trainingBusiness start-up training Technical assistanceTechnical assistance Meeting spaceMeeting space

Microfinance organizationsMicrofinance organizations Small loansSmall loans Business start-up trainingBusiness start-up training Technical assistanceTechnical assistance

Identify Community Assets and Identify Community Assets and PartnersPartners

Community foundations and non-profit Community foundations and non-profit organizationsorganizations Business support groupsBusiness support groups Financial resourcesFinancial resources NetworkingNetworking VolunteersVolunteers

Public utility companiesPublic utility companies Local demographics and economic dataLocal demographics and economic data TrainingTraining Financial supportFinancial support

Create Economic Gardening Create Economic Gardening Business PlanBusiness Plan

Identify partners and resources availableIdentify partners and resources available Explore possible EG modelsExplore possible EG models Determine target clienteleDetermine target clientele Formulate budgetFormulate budget Design pilot projectDesign pilot project

Create Economic Gardening Create Economic Gardening Business PlanBusiness Plan

Identify partners and resourcesIdentify partners and resources FundingFunding Staff/expertiseStaff/expertise SpaceSpace ToolsTools Other resourcesOther resources

Create Economic Gardening Create Economic Gardening Business PlanBusiness Plan

Determine target clienteleDetermine target clientele Growth/potential growth businessesGrowth/potential growth businesses Small and growing businessesSmall and growing businesses Start-upsStart-ups Retail businessesRetail businesses Service businessesService businesses

Create Economic Gardening Create Economic Gardening Business PlanBusiness Plan

Explore possible EG modelsExplore possible EG models One-stop shopOne-stop shop Referral networkReferral network

Distributed servicesDistributed services Centralized coordinationCentralized coordination

Pilot projectPilot project

Create Economic Gardening Create Economic Gardening Business PlanBusiness Plan

Formulate budgetFormulate budget StaffStaff Tools/resourcesTools/resources OverheadOverhead Other expensesOther expenses

Develop Business Assistance ProcessDevelop Business Assistance Process

Offer initial consultationOffer initial consultation Identify research/technical assistance neededIdentify research/technical assistance needed Identify tools and sources neededIdentify tools and sources needed Gather research informationGather research information Analyze and summarize informationAnalyze and summarize information Package information and deliver to clientPackage information and deliver to client Provide referrals to other resources/technical Provide referrals to other resources/technical

assistanceassistance Follow-upFollow-up

Business Assistance Process: Initial Business Assistance Process: Initial ConsultationConsultation

Provide outside assistance for start-ups (SBDC, Provide outside assistance for start-ups (SBDC, SCORE, microfinance center)SCORE, microfinance center)

Hold consulting session with existing businessesHold consulting session with existing businesses Use team if possibleUse team if possible Identify type of businessIdentify type of business Identify core strategyIdentify core strategy Identify assistance neededIdentify assistance needed Provide templates, tools, business aidsProvide templates, tools, business aids Create summary of meeting/next stepsCreate summary of meeting/next steps Sign service agreement/confidentiality statementSign service agreement/confidentiality statement

Business Assistance Process: Identify Business Assistance Process: Identify Research NeededResearch Needed

Small businessesSmall businesses Marketing listsMarketing lists GIS data - demographics and psychographicsGIS data - demographics and psychographics Company informationCompany information

Business Assistance Process: Identify Business Assistance Process: Identify Research NeededResearch Needed

Growing businessesGrowing businesses Business news sourcesBusiness news sources Financial reportsFinancial reports Market researchMarket research Company reportsCompany reports Industry reportsIndustry reports

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources Needed Tools and Sources Needed

Low-cost Low-cost or transactional or transactional research tools research tools J. J. Hill LibraryJ. J. Hill Library – business information – business information High BeamHigh Beam – business news and trends – business news and trends Zapadata, Acculeads, InfoUSA Zapadata, Acculeads, InfoUSA – Web-based – Web-based

marketing databases marketing databases SRDS Direct Marketing List Source SRDS Direct Marketing List Source – directory of – directory of

direct mail listsdirect mail lists Factiva.comFactiva.com – business and industry news – business and industry news

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Low-cost or transactional research toolsLow-cost or transactional research tools StatUSAStatUSA – global trade and industry information – global trade and industry information GuideStarGuideStar – non-profit information – non-profit information SkyMinderSkyMinder – business financial and credit – business financial and credit

informationinformation 10KWizard10KWizard – financial reports and company – financial reports and company

informationinformation

See also “Free and Low-Cost Resources for Economic See also “Free and Low-Cost Resources for Economic Gardening,” www.littletongov.org/biaGardening,” www.littletongov.org/bia

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Higher-cost research toolsHigher-cost research tools Lexis/NexisLexis/Nexis – company and industry information, – company and industry information,

news, business directories, public informationnews, business directories, public information Lexis/Nexis Company DossierLexis/Nexis Company Dossier – company – company

informationinformation DialogPRO CIDialogPRO CI – business news and articles, – business news and articles,

company information, financial analyst reports, company information, financial analyst reports, market research, patent and trademark information, market research, patent and trademark information, market forecastsmarket forecasts

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Higher-cost research toolsHigher-cost research tools ESRI Business AnalystESRI Business Analyst – GIS program, business and – GIS program, business and

consumer listsconsumer lists HooversHoovers – company and industry information – company and industry information Dodge Construction ReportsDodge Construction Reports – commercial – commercial

construction and planning informationconstruction and planning information Reed Construction ReportsReed Construction Reports - commercial - commercial

construction and planning informationconstruction and planning information IIBISWorldBISWorld – industry research reports – industry research reports

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Higher-cost research toolsHigher-cost research tools Dun & Bradstreet Marketplace GoldDun & Bradstreet Marketplace Gold – company – company

information and marketing lists, competitor information and marketing lists, competitor informationinformation

Dun & BradstreetDun & Bradstreet company reports – basic to company reports – basic to comprehensive financial and credit reportscomprehensive financial and credit reports

ReferenceUSAReferenceUSA – company information and – company information and marketing lists, competitor informationmarketing lists, competitor information

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Purchased dataPurchased data Lifestyle data/psychographics, (MOSAIC, ESRI Lifestyle data/psychographics, (MOSAIC, ESRI

Tapestry)Tapestry) Expenditure and demographic data (Claritas GIS data)Expenditure and demographic data (Claritas GIS data) New business listsNew business lists New homeowner listsNew homeowner lists

Business Assistance Process: Identify Business Assistance Process: Identify Tools and Sources NeededTools and Sources Needed

Purchased dataPurchased data Wealthy householdsWealthy households Home-based businessesHome-based businesses State business lists (Secretary of State)State business lists (Secretary of State) State wage and employment data (QCEW)State wage and employment data (QCEW)

Business Assistance Process: Business Assistance Process: ReferralsReferrals

Develop database of expertise in Develop database of expertise in community/regioncommunity/region

Create partnerships with complementary Create partnerships with complementary agenciesagencies

Provide referral lists to clientsProvide referral lists to clients

Business Assistance Process: Business Assistance Process: Package Information for ClientPackage Information for Client

Collect research data, articles, and informationCollect research data, articles, and information Analyze and synthesize key findingAnalyze and synthesize key finding Create “power page”Create “power page”

Answer business questionAnswer business question Summarize data and research resultsSummarize data and research results Identify strategic opportunitiesIdentify strategic opportunities Identify challenges and cautionsIdentify challenges and cautions Provide recommendations and next stepsProvide recommendations and next steps

Develop a Marketing PlanDevelop a Marketing Plan

Identify target clients – who will access your Identify target clients – who will access your services?services?

Identify your offering – what will you Identify your offering – what will you provide?provide?

Identify locations – where will they access Identify locations – where will they access your services? “no wrong door”your services? “no wrong door”

Identify advertising channels – how will they Identify advertising channels – how will they find out about you?find out about you?

Develop a Marketing Plan: Develop a Marketing Plan: Advertising ChannelsAdvertising Channels

Local media (newspaper, local cable channel, city or Local media (newspaper, local cable channel, city or county media)county media)

Chambers and business groupsChambers and business groups Merchants associationsMerchants associations Civic groupsCivic groups Non-profit associationsNon-profit associations Direct mailDirect mail Print or e-mail newsletterPrint or e-mail newsletter Homeowners associationsHomeowners associations

Develop a Marketing Plan: Develop a Marketing Plan: Regulating the FlowRegulating the Flow

Regular demonstrations of servicesRegular demonstrations of services Scheduled appointmentsScheduled appointments Referrals to other agenciesReferrals to other agencies Site visitsSite visits

Create Tracking and Evaluation Create Tracking and Evaluation SystemsSystems

Determine type of feedback needed for your Determine type of feedback needed for your funders and community groupsfunders and community groups

Use customer tracking software Use customer tracking software Develop e-mail evaluation surveyDevelop e-mail evaluation survey Conduct focus groups with target clientsConduct focus groups with target clients

Create Tracking and Evaluation Create Tracking and Evaluation Systems: Data Required by FundersSystems: Data Required by Funders

Collect statistics and anecdotes – “stats and Collect statistics and anecdotes – “stats and stories”stories”

Develop communication loops with clients and Develop communication loops with clients and fundersfunders

Create Tracking and Evaluation Create Tracking and Evaluation Systems: Customer Tracking SoftwareSystems: Customer Tracking Software Software optionsSoftware options

Excel spreadsheetExcel spreadsheet ACT ACT SalesForceSalesForce GoldmineGoldmine

Record client informationRecord client information Demographics/characteristicsDemographics/characteristics Work completedWork completed Follow-up activitiesFollow-up activities ResultsResults

Create Tracking and Evaluation Create Tracking and Evaluation Systems: E-mail SurveySystems: E-mail Survey

Identify data neededIdentify data needed Sales tax revenuesSales tax revenues Jobs createdJobs created Capital expendituresCapital expenditures

Use online survey tool, e.g. Survey MonkeyUse online survey tool, e.g. Survey Monkey Send e-mail message with link to surveySend e-mail message with link to survey

Create Tracking and Evaluation Create Tracking and Evaluation Systems: E-mail SurveySystems: E-mail Survey

Send survey three to six months after service Send survey three to six months after service datedate

Gather testimonials and permissionsGather testimonials and permissions Summarize and analyze data periodicallySummarize and analyze data periodically Create report for decision makersCreate report for decision makers Use feedback to improve internal processesUse feedback to improve internal processes

Provide staff trainingProvide staff training

Train business advisors Train business advisors Elements of core strategy discussionsElements of core strategy discussions Importance of research Importance of research Research tools availableResearch tools available

Provide staff trainingProvide staff training

Train research providers (librarians, business Train research providers (librarians, business researchers, GIS analysts)researchers, GIS analysts) Elements of core strategy discussionsElements of core strategy discussions Basic business needsBasic business needs Sources of business data and informationSources of business data and information

Provide staff trainingProvide staff training

Train interns and college studentsTrain interns and college students How to create marketing listsHow to create marketing lists How to create competitor listsHow to create competitor lists How to create find company informationHow to create find company information When to refer client to next level of research When to refer client to next level of research

assistanceassistance

Develop Other ServicesDevelop Other Services

Web marketing servicesWeb marketing services Analysis of market opportunityAnalysis of market opportunity Search engine optimizationSearch engine optimization Pay-per-click advertisingPay-per-click advertising Affiliate marketingAffiliate marketing E-Bay optionsE-Bay options

Develop Other ServicesDevelop Other Services

Cross-marketing groupsCross-marketing groups Small business servicesSmall business services Luxury servicesLuxury services Services for seniors/disabledServices for seniors/disabled

Develop Other ServicesDevelop Other Services

Industry-specific networksIndustry-specific networks Environmental servicesEnvironmental services EngineeringEngineering HealthcareHealthcare

Develop Other ServicesDevelop Other Services

Focus groupsFocus groups Survey developmentSurvey development Peer networks (second-stage/growth Peer networks (second-stage/growth

companies)companies) Training in marketing, business strategy, Training in marketing, business strategy,

temperamenttemperament Links to financial assistance and capitalLinks to financial assistance and capital Business or technology incubatorBusiness or technology incubator

Contact InformationContact Information

Christine Hamilton-PennellEconomic Intelligence SpecialistBusiness/Industry AffairsCity of Littleton2255 W. Berry Ave.Littleton, CO 80165303-795-3758chamiltonpennell@littletongov.org www.littletongov.org/bia