BUSINESS AND INDUSTRY GROWTH STRATEGY
PRESENTED BY: SCOTT KOVATCH ECONOMIC DEVELOPMENT SPECIALIST2022
ESTABLISHED ECONOMIC DEVELOPMENT DIRECTION
In its 2022 27 Strategic Plan for the Municipal District of Bonnyville (M D ), Council identified Economic Development as one of the top priorities moving forward
In keeping with the Strategic Plan, a Business and Industry Growth Strategy has been created in order to follow through on Council’s plans for a viable and diversified regional economy This high level overview describes how the Economic Development Department will pursue Council’s objectives and enhance the region’s prosperity
From branding and business attraction strategies to business retention and investment readiness, the Business and Industry Growth Strategy will help guide the economic future of the M D
THE MUNICIPAL DISTRICT OF BONNYVILLE WILL BE A LEADER AND INNOVATOR IN LOCAL MUNICIPAL GOVERNANCE SERVICES, AND ECONOMIC PROSPERITY.
The M D will be innovative in how we achieve economic prosperity As a major player in the resource sector, the M D will focus on recruiting and retaining targeted industry sectors to our area The M D will provide our stakeholders with a Municipal Development Plan (MDP), Area Structure Plans (ASP), and a Land Use Bylaw (LUB) that is sustainable and forward thinking, business friendly, and allow for development to happen at the speed of business not at the speed of government
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ALL ACTIONS CONTAINED WITHIN THIS BUSINESS AND INDUSTRY GROWTH STRATEGY WERE CREATED THROUGH THE FOLLOWING LENSES: 03
READINESS
DIVERSIFICATION BRAND
sector Proteins and agriculture technology Tourism and quality of place Renewable technologies Canadian Armed Forces (CAF) procurement THE BUSINESS AND INDUSTRY GROWTH STRATEGY HAS IDENTIFIED THE FOLLOWING SECTORS FOR FOCUSED BUSINESS, ATTRACTION RETENTION, AND EXPANSION ACTIVITIES: Investment Readiness through investment and sector profiles Economic Diversification through business attraction, retention, and expansion Brand Development through economic development and community marketing 1 2 3
INVESTMENT
ECONOMIC
DEVELOPMENT Energy
THE BUSINESS AND INDUSTRY GROWTH STRATEGY FOCUSES ON FOUNDATIONAL ACTIVITIES, INCLUDING BUT NOT LIMITED TO:
Relaunch Business Registry program
Create a Commercial and Industrial property listing
Establish a Community Profile
Deliver a perpetual business visitation program
Provide business attraction, retention, expansion, and programming
Identify top shovel ready projects within the M.D.
Implement investment levers
Create a M.D. value proposition
Develop an Investment Attraction Strategy
Support the M.D. Rebranding Strategy
M D Champion Ambassador Program
Monitor business and industry trends
Build marketing, communication, and promotional materials
Implement lead generation and tracking system
Support local product development, sales, and services
Bonnyville Regional Airport enhancement and expansion
Support implementation of the Kinosoo Ridge Business and Destination Management Plan
Enhance regional economic development collaboration
Explore regional sport tourism opportunities
Create opportunities for Reeve and Council to support business and industry growth efforts
Please refer to the Appendix on Page 6 for further details
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Recommend changes to current regional strategies (if required) Recommend new regional initiatives GOAL: BUILDING A VIABLE AND DIVERSIFIED REGIONAL ECONOMY Identify future trends and business opportunities Identify possible development barriers Develop a business visitation program Develop a business attraction, business retention, and business expansion strategy Review current and develop future policies and procedures to support business development, growth, and retention 05
PRIORITIES OBJECTIVE: DEVELOP AN ECONOMIC DEVELOPMENT STRATEGY INCLUSIVE OF BUSINESS/INDUSTRY ATTRACTION, RETENTION, AND EXPANSION WHILE MAINTAINING OUR RURAL INFLUENCES OBJECTIVE: COMPLETE MUNICIPAL RE BRANDING TO SUPPORT ECONOMIC DEVELOPMENT INITIATIVES Determine branding goals and terms of references Engage outside consultant to facilitate design and communication changes Engage public on re branding choices and challenges Budget for physical re branding changes OBJECTIVE: MAINTAIN AND ENHANCE INTERMUNICIPAL COLLABORATION ON ECONOMIC DEVELOPMENT PROJECTS AND INITIATIVES AS IDENTIFIED IN THE 2022-2027 COUNCIL STRATEGIC PLAN EXCERPTFROM:
STRATEGIC
APPENDIX
INVESTMENT READINESS/ECONOMIC DIVERSIFICATION/BRAND DEVELOPMENT
RELAUNCH AND MAINTAIN A M.D. BUSINESS REGISTRY PROGRAM
Promote and grow business registry database (60 businesses Year one).
SUPPORT M.D. REBRANDING
Create a comprehensive document that weaves together all style elements associated with website, social media including podcasts, logos, business cards, letterhead, displays, signage, collateral materials, tag lines, fonts, colour pallets, and voice messaging dealing with internal and external M.D. communications. Identify opportunities for Reeve and Council to support M D economic development as brand ambassadors
DEVELOP AN INVESTMENT ATTRACTION STRATEGY
Create a guiding document that will establish the best practices and information (Investment Readiness Checklist) that identifies investment attraction activities for the M D including, but not limited to, a competitive analysis, benchmark analysis, target industry analysis, business attraction strategy, capital and asset inventory, and investment attraction wish list This project will dovetail with action items, including Community Profile, Shovel Ready Business Attraction, and Gap Analysis
IMPLEMENT LEAD GENERATION AND TRACKING SYSTEM
Acquire software to support identifying, contacting, and monitoring a customer/client database. Track investor inquiries on a regular basis and mine new business leads in conjunction with site selectors and government officials
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PROVIDE BUSINESS ATTRACTION RETENTION AND EXPANSION (BR&E) PROGRAMS
Work collaboratively with chambers of commerce and Community Futures Lakeland to gain business intelligence, understand current needs/wants, and issues of the existing local business community through ongoing at large business visits Utilize the information collected to establish programs and policies that support business
MEET INDIVIDUALLY WITH TARGETED SECTOR BUSINESSES
Reach out monthly to visit businesses for sector specific business intelligence and current trends. Focus on businesses from the following sectors: oil/gas, energy and renewable technologies, agri business and ag tech, food producers, value added agriculture, farm gate sales, and opportunities associated with procurement at CFB Cold Lake. Identify opportunities for Reeve and Council to support M.D. economic development as brand ambassadors.
COMMUNITY PROFILE
Collect and present relevant community statistics Publish internal/external document(s) to have on hand for investor and quality of life inquiries Utilized for website, pitch deck, and printed material
AIRPORT ENHANCEMENT AND EXPANSION
The design and replacement of the Bonnyville Regional Airport terminal building and airport enhancements will improve access and it is anticipated that this will increase traffic and grow industry investment in the region.
SUPPORT THE KINOSOO RIDGE BUSINESS DESTINATION MANAGEMENT PLAN
Assist with the Kinosoo Marketing Strategy to prepare compelling resort branding and web development. Support development of package products and rates, call to action for online marketing, printed promotional materials, social media channels including YouTube, Facebook, Instagram, and Pinterest, newsletters, and social media content calendar development. Assist with industry engagement, fam tours, retail branding, coop marketing campaigns, travel writer engagement, trade shows, and signage programs. Align with close in market regional tourism strategies and the Travel Alberta Boot Strap Plan 2021 2024. Acknowledge the potential impact on tourism and the Destination Marketing Plan on the Intermunicipal Trails Master Plan and the M D Recreation Master Plan
IDENTIFY TOP SHOVEL-READY PROJECTS FOR BUSINESS ATTRACTION
Identify top M D shovel ready projects Select top five marketable properties Research selected opportunities Review asset management plans to address business and industry support gaps Review municipal development and area structure plans, and relevant policies to provide possible interpretations to increase development opportunities Identify administrative policies to support development and opportunities for Reeve and Council to support M D economic development as brand ambassadors Focus on business attraction efforts and identify potential funding opportunities
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GAP ANALYSIS
Identify opportunities for businesses that are underrepresented or absent in the M D that could fill gaps or support existing businesses Examples include energy sector diversification, Canadian Armed Forces procurement, and value added agriculture
ESTABLISH A TOPFLIGHT M.D. OF BONNYVILLE ECONOMIC DEVELOPMENT MARKETING CAMPAIGN
Develop a M D narrative and value proposition through the creation of “stories” to be released to the news outlets and via social media Create social media content calendar for specific topics Produce stories positioned to put the M D on the investment radar screen and assist with business attraction and tourism efforts Identify opportunities for Reeve and Council to support M D economic development as brand ambassadors
MARKETING PLANS AND OPPORTUNITY PROFILES
Develop and implement key sector marketing plans and Opportunity Profiles Indicate not only what sectors have favourable circumstance for development and investment, but also the components needed to take advantage of said opportunities Develop mini business plans detailing typical success traits such as average industry sales, trade area, staffing, inventory, square footage requirements, suppliers, and testimonials from existing M D businesses
IMPLEMENT INVESTMENT LEVERS
Review all existing M D policies, procedures, directives, and bylaws that support business and industry investment Research business and industry policies, procedures, directives, and bylaws from competing jurisdictions in Alberta, British Columbia, and Saskatchewan and recommend the investment levers that create a competitive advantage for the M D in targeted industry sectors Common levers include tax incentives, tax abatements, financial incentives, tax rebates, subsidies, and enterprise zones Examples include actions taken recently by Wheatland County reducing non residential tax rates in an effort to be competitive in business attraction, retention, and expansion
EXPLORE REGIONAL SPORT TOURISM OPPORTUNITIES
Investigate opportunities to collaborate with neighbouring communities to develop a bidding process for top flight sporting events to showcase local regional assets.
M.D. CHAMPION AMBASSADOR PROGRAM
Develop and deliver a recruiting and training program that identifies key community leaders, including Council, to promote the M D as an investment and lifestyle option and host special events and dignitaries
Note: The Business and Industry Growth Strategy Executive Summary does not detail the day to day activities of the Economic Development Specialist or the rest of the organization, including Council, that works tirelessly to promote the M D through information support marketing policy development ambassadorship intergovernmental communication meetings trade show attendance and research that crafts a culture that supports business and industrial growth and development
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