After a series of zoom meetings with some area business representatives and economic development agencies, along with comprehensive research on historical data and economic trends, a Toronto-based management consulting firm has put together an economic plan for Lac La Biche County.
Paul Blais and Natasha Harrison presented their findings to Lac La Biche County council over a video conference connection recently.
"We haven't been able to be in Lac La Biche in person," said Blais, explaining he was still "quite thrilled" to put together the economic development strategy. Basing the strategy on strengths, opportunities, aspirations and risks they heard from a number of on-line discussions with some local business leaders, chamber of commerce representatives, business funding groups and local politicians over a month-long span, Blais and Harrison said the picture is of a friendly and safe community with economic diversification — a tourist destination "with the best view and the best Internet." Although marketing the area for new and diverse business is important, Blais says a focus on existing business can "pay dividends" and "outstrip any gains" from most new development. 'One of the things that came out as a strength in your community is the existing business base," said Blais.
Although their own data found the current state of the local business sector in the "weak to moderate" category of a value proposition matrix, many aspects of the detailed 68-page document highlight the opportunities available to help create a stronger local marketplace. Most of the opportunities will take financial investment and significant time commitments, said Blais.
"But if you don't take a risk, you don't know what will happen," he said.
While the existing local business sector is a highlighted area of the plan, the multi-pronged document also focuses on tourism, mass communications, industrial competitiveness, and marketing to wider markets.
Branding the community — highlighting the natural beauty, culture, history and space for businesses to expand — to a larger market, is something that should be expanded, says Harrison.
Although most components of the strategy are without specific dollar figures attached, she suggests "the first step" would be $90,000 to a brand research and marketing firm to create a unified brand for the community that can be used in "place-making" the community. Through partnerships with business, industry and government many costs could be minimized. In the document, the pricing structures and time commitments are broken down over 25 different highlighted areas, ranging from $10,000 to $100,000 for an "Investment Readiness Study" to short time commitments and zero budget implications for researching topics on potential diversified businesses like vertical farming and hemp production.
The groundwork presented to Lac La Biche County councillors was welcome information as the community continues to struggle with a challenging economy, now compounded with effects of the global pandemic on the marketplace.
The strategy plan has been accepted by council — with the understanding that the comprehensive document will have to be examined further.
"It is very important to know 'where you are' if you want to know 'where you are going,'" said Lac La Biche County councillor Jason Stedman after reviewing the document. "It doesn't happen overnight, but our first steps are right in front of us."
A link to the Economic Development Strategy can be found in the digital version of this article at www.lakelandtoday.ca.
