Strategic Planning and Comprehensive Economic Development Strategy (CEDS)
For success of any project or endeavor, planning is key. This planning can take different forms, including:
- Long-term Strategic Planning
- Comprehensive Economic Development Strategy (CEDS)
- Business/Market Plans
“The Comprehensive Economic Development Strategy (CEDS) contributes to effective economic development in America’s communities and regions through a locally-based, regionally-driven economic development planning process. Economic development planning – as implemented through the CEDS – serves as a means to engage community leaders, leverage the involvement of the private sector, and establish a strategic blueprint for regional collaboration. The CEDS provides the capacity-building foundation by which the public sector, working in conjunction with other economic actors (individuals, firms, industries), creates the environment for regional economic prosperity.”
~ Economic Development Administration
Sections of a CEDS document:
- Summary Background: A summary background of the economic conditions of the region;
- SWOT Analysis: An in-depth analysis of regional strengths, weaknesses, opportunities and threats;
- Strategic Direction/Action Plan: The strategic direction and action plan should build on findings from the SWOT analysis and incorporate/integrate elements from other regional plans. The action plan should also identify the stakeholder(s) responsible for implementation, timetables, and opportunities for the integrated use of other local, state, and federal funds; and
- Evaluation Framework: Performance measures used to evaluate the organization’s implementation of the CEDS and impact on the regional economy.
If you are interested in learning more about strategic planning or how USET can provide assistance, please contact USET Economic Development Director Rebecca Naragon at Rnaragon@usetinc.org.