Helping Small Business to the Next Level

Rural Economic Development Has Many Components

By kevin • March 22, 2015 • Filed in: Uncategorized

Communities in rural areas need to be proactive and strategic in their efforts to maintain and grow viable enterprises. Government can take the lead and facilitate this growth in several ways.  These methods include public policy,  technical assistance, strategic planning and business finance.

First, city and county government can implement public policy including sales or property taxes designated for economic development, business friendly designations such as being livestock friendly as well as others.  Technical assistance is critical as would be business owners are passionate and competent about the technical aspect of their business could use assistance in marketing, planning and management. This assistance can be provided by or facilitated by government.

Strategic planning can include identifying local resources such as land, work force, natural resources, and capital and positioning them for use in business.  Comprehensive planning develops these components and communicates the vision in a logical and usable manner.

Finally, finance is the final piece.  Governments can potentially apply for grants, establish revolving loan funds and facilitate the development of investment capital.

A long term vision is critical to developing a model community with good long term prospects.

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