Whether you’re just looking at the local impacts of your own business activity, or at your area as a whole, the three steps below provide a basic recipe. Or see our more detailed Checklists for Localising Prosperity.
1. Propagate a new mindset: understanding the local economy ‘virtuous circle’, valuing the collective impact of the small scale, recognising the interdependencies of the local economy ‘ecosystem’, maximising local value from local assets, and giving weight to social outcomes in economic choices. Use case studies and evidence of the benefits to persuade others.
2. Understand your economic environment:
- Have you got people with local commitment involved? Consider how to include community, local business, remotely-owned business and public sector. Which local businesses show ‘enlightened self-interest’ to understand their role in the place’s future?
- What are your local assets?
- What local need and demand can provide new, steady or growing markets?
- Could the local multiplier be improved – where is money leaving the economy?
- What, and how, can you purchase more locally?
- Consider how relationships, networks and social capital can be strengthened
- Consider how this fits with existing strategies and objectives – planning, business support, procurement, economic development, CSR.
3. Act! Quick wins and priorities will emerge from the above. Localise WM can help you to identify some initial steps for your specific situation. Contact us.
Localising prosperity: Ten ideas (pdf) – guidance for economic development teams & anyone interested in making places better