Using Business Expansion to Mitigate Effects of Disasters
Explore strategies for leveraging business expansion as a tool to mitigate the impact of disasters and enhance economic resilience. Learn how recent disaster supplementals and regulatory changes are transforming economic development strategies towards building back better. Address vulnerabilities, promote ongoing learning, and integrate resilience into economic planning for a more resilient future.
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Presentation Transcript
Using Business & Expansion to Mitigate Effects of Disasters Using Business & Expansion to Mitigate Effects of Disasters
No river here. Wake-up call Disaster recovery doesn t equal resiliency Opportunities to address vulnerabilities
Recent disaster supplementals incorporated resilience & building back better as competitive factor for funding Upcoming regulatory changes for Comprehensive Economic Development Strategies (CEDS) will include resilience as a core element 3
Colorado flooding in 2013 caused economic disruption Prompted interest in economic resiliency EDA project looked at current economic strategies in 25 communities Recommended ways to identify trends and ways to integrate Revealed themes, trends and BR&E activities translate to resiliency 4
The ability to adapt to changing conditions and withstand and rapidly recover from disruption due to emergencies. - National Preparedness Goal Pre-disaster baseline is the normal state Function of gap between vulnerabilities and capacities Close the gaps by actively engaging 5
Promote ongoing learning and analysis of current vulnerabilities, capacities, and the state of the economy Systematically address weaknesses and threats in the economy (industries) Increase capacities and networks of relevant organizations and agencies Maintain an iterative process that responds to changes 6
Research and Knowledge-Building Background data and analyses to inform economic strategy Planning Integrate strategies into other local, regional, state planning activities w/ broad stakeholder support. Governance Organizational structures in place to address economic planning and recovery issues. 7
FinancingResources and programs in place to support economic recovery. Infrastructure Strategies and programs to maintain critical systems. Procurement Strategies Plans reducing capital leakage and providing training to support procurement efforts 8
Business Continuity and Risk Management Promote development of business continuity plans and accelerate business resumption Workforce Support Support workforce development through training, placement services, and community support Economic Diversification Demonstrate understanding of economic limitations, vulnerabilities, disaster preparedness and recovery activities 9
Counseling and Technical Assistance Programs to provide technical assistance to businesses and individuals Communications Systems Systems and programs in place to facilitate information sharing with local businesses
Evaluated local and regional economic planning elements against 52 factors for economic resilience Validated findings with plan owners Developed individual feedback reports to plan owners 11
Local EDOs not inclined to focus or mention -- economic resilience The majority of strategies/plans didn t include or address these resilience factors. BR&E programs incorporate hidden opportunities for resiliency initiatives 12
Summary by Metric Area Summary by Metric Area I. Research and Knowledge-Building II. Planning III. Governance IV. Financing V. Infrastructure Fully Observed VI. Procurement Strategies Partially Observed VII. Business Continuity and Risk Management Not Observed VIII. Workforce Support IX. Economic Diversification X. Counseling and Technical Assistance XI. Communication Systems 0% 20% 40% 60% 80% 100% 13
Include industry and market vulnerabilities and hazard analysis in SWOT assessments Play instrumental role in emergency management planning including hazard mitigation, post-disaster recovery and redevelopment planning Identify and engage other organizations to build recovery capacity 14
Identify agencies/organizations to serve as fiscal agent/sponsor, grant writers and managers Actively engage in community planning re infrastructure development, instill redundancies in utility and communications systems Engage partner organizations to train and engage local vendors in procurement opportunities 15
Develop strategy to expand business preparedness Assess and address workforce vulnerabilities re disruptions Assess vulnerabilities of local industries and economic diversification strategy Assess and educate community re technical assistance needs and resources Incorporate economic disruption, business assistance and vulnerability assessment to BR&E outreach strategy 16
Incorporate economic resilience concepts into economic strategies, plans, programs, and initiatives Develop a buy local program that engages local resources in disaster preparedness, response, and recovery Develop a workforce resiliency strategy 17
Analyze & address economic vulnerabilities Take action to mitigate economic vulnerabilities including economic diversification Increase capacity of organizations (create force multipliers) Maintain iterative process that responds to change 18
Mickie Valente Valente Strategic Advisers, LLC mickie@valenteadvisers.com Mickie Valente Valente Strategic Advisers, LLC mickie@valenteadvisers.com Economic Development Administration, Resilience in Economic Development Planning: Colorado Flooding DR - 4145 19
