Rural communities offer a good quality of life, but many are now focusing towards attracting industries that guarantee jobs to the youth.

With the decline of a lot of our resource-dependent jobs, such as logging, mining, farming, and fishing, there is a real need for rural community economic development to be done in a way that brings in new businesses. The whole process is long and may take several years but has to be managed well to bring in significant results.

This blog highlights what is rural economic development, the need for it, and how to go ahead with it.

What is Rural Economic Development?

In simple words, rural economic development is growth and wealth building of a rural community. Rural development is the process of enhancing people’s quality of life and economic well-being in rural areas, which are generally isolated and sparsely inhabited. This is generally done by using wide consensus to generate goals and then assigning economic development organizations to help bring new businesses and industries to a zone which helps in uplifting the community or a particular area as a whole.

Why Is There A Need for Rural Economic Development?

Rural development is believed to be of greater relevance in the country today than it was in the past. It is a strategy aimed at achieving greater productivity, greater socioeconomic equality and ambition, and stability in social development in a community. 

The rural economy has enormous potential for producing excellent and productive jobs while also contributing to long-term development and economic progress.

Tips For Rural Economic Development

These tips will guide you through undertaking rural economic development.

1) Leverage the advantages of a robust software that helps in managing the economic development – it is specifically designed for managing the work of EDOs. Just like ProTRACKPlus that comes with six additional modules along with CRM functions to assist you in managing your EDO work seamlessly.

2) Get your community involved in determining your best, most realistic opportunities for success. Get outside professional advice from your state or county as they can direct you to grant opportunities that are appropriate for your community’s goals.

3) It’s not about what your community thinks will work; it’s about what is most likely to work. Some niche group out in the market wants to enjoy the assets your town offers. Your job is to figure out who that is and how to get their attention.

4) Giving out incentives to lure small or large manufacturers to town is often a waste of your time and money. Don’t “give away the farm.” There are bad actors who will move to town for the incentives and then leave for greener pastures. Don’t pay more than what it’s worth to have that business in town considering the costs and revenues in new taxes. You would be surprised how quickly a big expensive manufacturing plant can be moved to another state or offshore.

5) High tech companies often want to be in or very near university towns, but not always. If the owners and employees like the recreational assets of your community, the peace and quiet, and the safety for raising their families, those who do a lot of their business online may consider your town favorably.

6) Consider whether your town has tourism potential. This can be a way of bringing new cash to town to support local businesses such as grocery stores, restaurants, and motels. You’d be surprised at some of the funny features that can be a way to capture a niche market. For instance, one community in Eastern Oregon has the distinction for launching hang-gliders off the top of a high and windy local mountain. It worked for them and still does.

7) Business retention and expansion are the major goals of rural economic development. So, focus on the BRE strategies and continuously work on them. You can even use ProTRACKPlus’ features to manage the BRE process to ensure that your community’s development is on the right track.

How Can ProTRACKPlus Help in Economic Development?

However, managing the work of an economic development organization and taking care of the community’s growth is difficult and time-consuming. That is why your EDO needs a software solution designed specifically for economic development organizations. Advanced softwares, such as ProTRACKPlus, assist you in understanding risks, meeting difficulties, and identifying possibilities. A sound BRE strategy combined with an outstanding customer service module prepares you for future difficulties and ensures success.