Question

1. Which groups are the most typical stakeholders in a local economic development strategic plan? What steps might be taken to gain agreement from local leadership on the need to proceed with a strategic plan?

Answer 1

In a local economic development plan, it is the local vendors, or firms as well as community that are most typical stakeholders. It happens because, local firms or vendors are the entities, around whom the local development plan is created and most affected people are the community people. So, community also raises their concerns if they feel the impact of negative externality, pollution or other impact, no going in their favor.

It requires different steps to gain agreement with the local leadership:

1. Step 1 requires discussion on plan, key benefits to the local players and community in terms of business development & growth, new jobs and higher income to the community people and these benefits are coming without harming the ecosystem and environment.
2. Step 2 involves the clearances from all the different bodies, regulators and government to bring economic activities at the local level, while complying with the local laws.
3. Step 3 involves readying the local leadership to work in collaboration with the organization, initiating local economic development plan and ready the volunteers for the positive change in the locality.
4. Step 4 involves building agreement and support with the local leadership to implement the strategic plan.

With above steps, agreement from local leadership will be achieved.