Brittany JonesAssociate Director Fall 2012

Sycamore Student Ventures: Our Mission• Experiential learning laboratories– Real-world business operations– Real clients

• Rigorous culminating course for all business majors

• Bridge gap between college experience and professional career

Sycamore Business Advisors

SyBA Entrepreneurship

Team

SyBA PCEDO Team

Sycamore Blitz Promotions

Executive Express Cafe

Current Café Teams (2)

Learning Lab Team

Future Café Team

Café Marketing

Team

Sycamore Student Ventures

Organizational Chart: Fall 2012

• Individualized client-focused business services- Strategic Process Consulting- Business Plan- Operational Business Plan- Operational Start Up Plan- Feasibility Study

Sycamore Business Advisors: Services

Parke County Economic Development Organization

A Three Year Vision Using the Strategic Logic Model

Sycamore Business Advisors Presents:

Parke County

Background Information:

• Total Population: 17,342 (2011)• Population Increase from 2001 – 2011: 0.70%• Rockville is largest town and County Seat• State Parks: Turkey Run, Shoals and Shades

Background Information Cont

• Largest private sector employer in Park County is Futurex Industries with 110 full time employees.

• The top 4 Employers in Park County are government run.

• The manufacturing sector provides $28.7 million in annual payroll to Park County residents.

C x R = ED

PCEDO 3 Year Vision

• To add value to Parke County’s stakeholders by means of developing a small to medium sized industry, create strong community involvement, expand the PCEDO’s work force, and increase the PCEDO’s profitability over the next 3 years.

Recommendations

• Focus heavily on marketing material• Build community involvement programs• Collaborate with ISU to establish internship

program• Collaborate with Vermillion Mega Rise

Complex

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

Gap Analysis Theory

Current Strategic Plan of Action Desired

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

•$10,000 annual budget•No formal grant proposal process•No overnight attraction•Covered Bridge and Maple Syrup festivals are biggest tourist attractions

•New business to increase tax revenue•Overnight attraction to increase overnighters•Potential income from wind energy

Financial Success

Current

Desired

Financial Success (current)

• $10,000 annual budget• Covered Bridge Festival is biggest tourist

attraction (Fall)• Maple Syrup Festival is other major event

(Winter)

Financial (Desired)

• New sources of revenue– A new business in the county to draw in more tax

revenue– An overnight attraction to increase the number of

tourists staying at local hotels (innkeeper’s tax)

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

•Tourism•Increase in population of .07% from 2001 – 2011•Tax incentives for new businesses•Three industrial parks

•50+ employee industry•Community program implemented•Population increase•Overnight Attraction

Market Success

Current

Desired

Market Success (Current)

• Tourism: historical sights, festivals, covered bridges, and 3 state parks.

• Population: increased 0.7% between 2001 to 2011

• Tax incentives for new businesses • Three industrial parks established for

immediate use

Market Success (Desired)

• 50+ Employee Industry• Overnight Attraction• Population Increase• Community Program Implemented

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

• Markets county to potential business

• Use tax incentives to attract new business

• Provide revenue to county

• Serve as liaison• Implement development

programs• Works with tourism

bureau

Value Proposition

PCEDO Value Proposition

• Markets the county to prospective businesses using the resources available in order to provide employment and revenue to Parke County and its strategic stakeholders

• V – Value Is the service valuable? R – Rarity Is the service rare? I – Imitability Is the service imitable? O – Organization Does the organization deliver

their service in a unique way?

Sustainable Competitive Advantage

• The ability to sustain a long term advantage through differentiation.

• What allows a business organization to experience long term success through differentiation or specialization.

• Delivering service in unique way

PCEDO Value Proposition• Valuable

– PCEDO delivers a service that is valuable to Parke County.– Aims to grow community, industry, and revenue

• Rarity– PCEDO services are rare; Only service that delivers economic development to

Parke County– PCEDO has rare resources, networks, and funding

• Imitability– PCEDO services are not easily imitated – Hard for new organizations to gain access to resources, networks, skills, and

credibility possessed by PCEDO

• Organization– The PCEDO internal processes do not differentiate themselves from the market– PCEDO faces competition for limited resources

PCEDO Value Proposition

• PCEDO must create a sustainable competitive advantage in order to deliver on the value proposition

• The sustainable competitive advantage of PCEDO will be created when the organization creates unique internal process that differentiates their organization from competing economic development organizations.

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

Gap Analysis Theory

Current Strategic Plan of Action Desired

Rated on a scale of 1 through 10White number represents where you need to beOrange represents where you are currently

•Operations - 4•Human Resources – 3•Marketing – 1•Finance – 6•Accounting – 9•MIS – 10•Communications - 10•Operations - 10•Human Resources – 7 •Marketing – 10 •Finance – 8

Internal Process

Current

Desired

Internal Processes - Operations

• Current– Carried out by Kristin with county board approval– Attend site selection networking events – Manages unsold foreclosed properties– Provides loans to develop small businesses– Works with West Central Indiana Accelerate Program

• Desired– Improve internal process to exploit operations more

efficiently

0 4 _ _ 10.

Internal Processes – Human Resources

• Current– 1 employee– Current effectiveness ranking 3

• Desired– 1 additional full time employee– Intern from ISU– Desired effectiveness 7

0 3 7 10

Internal Processes - Marketing

• Current– No brochure, no business cards, no website– Current effectiveness ranking 1

• Desired– Have professional website, business cards, and

brochure– Have marketing plan in place– Desired effectiveness 10

0 1 10.

Internal Processes - Finance

• Current– $5,000 a year, $100,000 available for loans to businesses,

$500,000 in TIF funds.– Current effectiveness ranking 6

• Desired– Have a TIF fund of 1.5 million– Have structured fundraising programs– Have 15K per year for operations– Desired effectiveness 8

0 6 8 10.

Internal Processes

• Communication– Very involved in community engagement– Current effectiveness 10

0 10• Management Information Systems

– Current effectiveness ranking 10 0 10

• Accounting– Kristin does all of the accounting– Current effectiveness ranking 9

0 10

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model

Org. Learning & Innovation

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

Desired

Organizational Learning and Innovation (Current)

• Working with Accelerate West Central Indiana• Working with SyBA• Working with ISU marketing project

Organizational Learning and Innovation (Desired)

• Continue strategic alliances with ISU and develop alliances with local economic development organizations.

• Subscribe to local economic development e-journals

• Build an Advisory Counsel

Org. Learning & Innovation

Internal Process

Value Proposition

Market Success

Financial Success

Current

• Human Resources – 3• Marketing – 1• Finance – 6• Accounting – 9• MIS – 10• Communications - 10

Desired

• Human Resources – 7

• Marketing – 10 • Finance – 8

Current

• Tourism• Increase in population

of .07% from 2001 – 2011

• Tax incentives for new businesses

• Three industrial parks

Desired

• 50+ employee industry

• Community program implemented

• Population increase• Overnight Attraction

Current

• Working with Accelerate West Central Indiana

• Working with SyBA• Working with ISU

marketing project

Desired

• Increase employment/ add unpaid intern

• Help facilitate community engagement

• Develop beneficial relationships

Current

• $10,000 annual budget• No formal grant proposal

process• No overnight attraction• Covered Bridge and

Maple Syrup festivals are biggest tourist attractions

Desired

• New business to increase tax revenue

• Overnight attraction to increase overnighters

• Potential income from wind energy

- Markets county to potential business

-Use tax incentives to attract new business

- Provide revenue to county- Serve as liaison

- Implement development programs- Works with tourism bureau

Strategic Logic Model