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“By failing to prepare, you are preparing to fail.” –Benjamin Franklin As we begin 2025, economic development organizations across the country are eager to call on businesses near and far. The best organizations emphasize connecting with their local employers to better understand their needs, surface issues that may impact the location, and draw insights from the things that they hear individually and collectively . This seemingly straightforward activity may have never been more important or impactful. Frontline economic development professionals who do this work should go well-armed with information not only about the company, but how a changing world may be impacting their industry. They should prepare extensively for each meeting so that they don’t miss the opportunity to ask important questions and explore the risks and opportunities being created in this time of change. First, every industry and every employer should be treated as if it is at risk—because they may be. The enormity of the technological changes impacting each sector of the economy is changing workforce and facility needs, while creating market winners and losers very quickly. Second, the Trump administration is likely to make significant changes to our trade and tax policies that will impact whole industries or individual companies. While some of these changes are predictable and have been discussed, others could emerge from Washington overnight. For those who support your local economic development organizations, this should become a priority if it is not already. It deserves greater weight and resources to ensure businesses are contacted, their needs understood, and actionable steps taken for the benefit of your community. The better you understand how these changes impact your employers, the more you can do to prepare them—and your community—for change. Let’s have a great week, lift each other up, and move forward together. Kenny McDonald |
