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The city of West Kelowna should focus on growing local businesses instead attracting new ones; weigh the impacts of new projects on businesses more heavily; and set up social media channels specifically to talk to businesses.
Those are just a few of the strategic priorities laid out in a new economic development plan West Kelowna council will debate tonight.
The report is the culmination of more than a year of outreach and planning by the city’s Economic Development Committee, and looks to update to the city’s 2010 economic development plan.
It outlines five “strategic focus areas” the city’s Economic Development Office should focus on over the next 3-4 years.
Notable among those priorities is a focus on business retention and expansion programs, fuelled by the suggestion that it’s better for the city focus on existing businesses than to try and attract new ones.
“The theory is that it’s more fruitful to grow existing businesses and clusters than to try to attract new industries,” the report reads. It says new investment within existing business clusters “incremental industry add-ons” make more sense than “trying to establish a new industry.”
It identifies several industry clusters that are “well-positioned for growth,” including specialty manufacturing, agriculture, tourism, and rotary aviation, and suggests linking businesses within those clusters to others outside the Okanagan to help grow them.
The report also says the city should focus more on the impacts to businesses when planning new projects.
“The liveability and safety of a community and the needs of its residents are often the main drivers of City projects. Yet, municipal and other levels of government projects can have a significant impact on businesses,” the report reads.
“Opportunity exists to see government projects and investments in a broader economic way. As a maturing municipal organization that is undergoing a transition towards urban standards, opportunities to interact and engage with businesses to facilitate growth increase.”
The report says city staff should “apply a business lense to decision-making processes within city hall,” and communicate more proactively with the business community.
Part of the way the report suggests that proactive communication could happen is through the creation of new, business-focused social media channels.
The channels would be targeted specially at the city’s business community, investors, property owners, and developers. They would focus “exclusively on economic activities and news within the community.”
More strategic priorities are outlined in the complete report, which is available online in today’s council agenda package.
Council will chose whether or not to accept the plan at tonight’s regular meeting.
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