The Missoula Economic Partnership develops its economic development priorities, goals and funding in five-year cycles.
MEP’s primary goals have been in facilitating job growth, new capital investment, company attraction and business start-ups. A strategic plan was developed by the board of directors, and it is evaluated annually.
Ambitious targets were set for each of these goals, and we are just completing our second independent analysis and bench-marking report to measure our progress – and I will write more on the results in a subsequent article.
Planning for the next five years is already underway. The first step was to develop a prospectus and conduct a feasibility assessment. In July and August, National Community Development Services of Atlanta, Georgia, conducted the assessment and interviewed over 60 current MEP investors, stakeholders, elected officials and community leaders to evaluate the progress made and appetite for continued economic development efforts.
Five program areas were presented in the prospectus: Business Retention, Expansion and Attraction; Entrepreneurship and Innovation; Workforce Development; National Marketing and Public Relations; and Management and Communication. Those interviewed were asked to prioritize these programs and accompanying strategies.
While the feasibility study clearly indicated that Missoula business and community leaders have an appetite for continued and sustained economic development activities, several shortcomings were also identified.
The most consistent was lack of communication on achieving the economic development goals, confidence in the numbers presented, and the appearance of MEP acting too much as a “lone wolf” and not collaborating with other strategic partners.
The findings of the feasibility assessment, both positive and the identified areas for improvement, become the basis for development of the next five-year strategic plan.
Currently, another group of approximately 50 business and community leaders are conducting what we call “program refinement,” which is developing a recommendation for the Missoula Economic Partnership's Board of Directors for the next five years.
This plan will be completed in the coming weeks and will be presented to the community at the MEP annual meeting on November 6.
I, as the organization’s leader, am charged with implementing the strategic vision and plan, and developing the strategies necessary for success. However, I don’t create the vision, nor should it be looked at as MEP’s economic development strategy. It is our community’s economic development strategy.
I am interested in hearing how you would prioritize the goals for the next five years and what you think should be the measures of success. Where do we go as a community and how do we know when we get there?
My email is firstname.lastname@example.org and phone number is 406-541-6461.
James Grunke is the president/CEO of the Missoula Economic Partnership. He writes a monthly column for Western Montana InBusiness.