Managing EDOs IEDC Basic Economic Development

Presented To:IEDCBasic Economic DevelopmentTampa, November 2016

Managing EDOs

Ruth Buchanan, MBA, CEcD

© 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


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



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)



Comes from my values, things I learned in classes, my experiences from work, and most importantly my experience with people.

‐ Ellery Young


© 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)


“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)


“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)

intechopen.com



fgt.com



Get things done Moral

EthicalLegal

Adapt

Addvalue

WinWinWin

Golden rule

SIXHEX



SIXHEX


Your8


Theories and models are great guidelines but sometimes situations arise that don’t quite fit into models and theories.

‐ Ellery Young



That’s why it is important to look at each situation with a fresh perspective and handle accordingly.

‐ Ellery Young

Class Outline



IV. Q & A

Management Style

MANAGEMENT STYLES:1. Autocratic2. Paternalistic3. Democratic 4. Laissez‐faire

Management Style

businesscasestudies.co.uk

Management Style

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

MANAGEMENT STYLES:1. Autocratic2. Paternalistic3. Democratic 4. Laissez‐faire

Management Style

Sameer Joshi

Management Style

boundless.com

Personality Style

conn

ectio

nsacadem

y.com

Multiple Intelligences

Time


High Low Context Cultures

Mei mei Barcoma

Management Style

POPULAR TYPES OF MANAGEMENT

Laizzes‐faireDemocratic

TeamworkParticipatory

DirectingPaternalistic

Authoritarian

Chaotic

Management Style





Authoritarian

Chaotic

Where do you think you fit in the spectrum?

Mei mei Barcoma

Management Style





Authoritarian

Chaotic

Many roles

Analyst Catalyst

Visionary

Gap Filler

AdvocateEducator

Huffingtonpost.com

Ethics Champion


Your roles

© Copyright City of North Port bookwormroom.com

LEADER

It is important to not only be a manager but be a leader and inspire those around you.

‐ Ellery Young

LEADER

© Copyright City of North Port Skill Path Blog

LEADER

Know Yourself

Class Outline



IV. Q & A


• Elements we managea. People b. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time

Class Outline


• Elements we managea. Peopleb. Projects c. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time

Class Outline

boundless.com

Personality Style

Managing People


Human skills are some of the most important skills you can have as a manager.

‐ Ellery Young

Managing People

midasjapan.com

Managing People


• 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


• 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


onthebrinkconsulting.com

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


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


• 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


• Sometimes the strategy is to support the status quo

• Other times it is all about urgent and major change

- Eric Tachibana

Managing People

• If you are a manager… your job is to motivate

- 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

Managing People

You cannotmanage with one single style- Eric Tachibana dailyvedas.com


• Elements we managea. People b. Projectsc. Assetsd. Budgete. Expectations f. Informationg. Standardsh. Time

Class Outline

Managing Projects

Anne Mercer Blog

Managing Projects



Class Outline

Managing Assets



Class Outline

Managing Budget


• 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



Class Outline

Managing Information

• Top to bottom• Lateral• Bottom up• Radial• Ad hoc• Wide open


Source: ftc.org


Source: Timesofmalta.com



Class Outline

Managing Standards

• Staff performance• Minimum expectation• Aiming for excellence• Extra Mile

• Ethics

• Customer Service

Managing Time

Salvador Dali

Class Outline


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


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)


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


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



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


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

Best Practices

Tools• Strategic Plan• Annual Work Plan• CRM or Project Management software

Class Outline



IV. Q & A

Class Outline

• Elements we mitigatea. Macroeconomics, cyclesb. Political realityc. Competing interestsd. Competitione. Business Climatef. Change

Elements to Mitigate


• Macroeconomics, Cycles, and Trendsa. Globalizationb. State business climatec. Low interest rates yet tight credit marketsd. Millennials going elsewheree. Minimum wage f. Multi family housing


Class Outline


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


Class Outline


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!!


Class Outline


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


Class Outline


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


Class Outline


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!


Class Outline

C. Additional considerationsa. Serving the customersb. Benchmarkingc. Defining organizational identityd. Mentorshipe. Adding valuef. Social responsibilityg. Environmental stewardship

Class Objectives


1. Understand and develop your own management philosophy and style

2. Learn current best practices



What’s yourHEX



What’s Your8?

Thank you.

https://www.linkedin.com/in/ruthbuchananfl

Managing EDOs IEDC Basic Economic Development

Government & Nonprofit

Transcript of Managing EDOs IEDC Basic Economic Development