Over the past decade, the world of economic development has evolved significantly. The ideas that shape the financial world are rapidly changing from how business is conducted daily to how distributors deliver their wares.  As a result, business owners looking to expand or relocate to Amarillo must consider new ideas to ensure their businesses will thrive. To help, we’ve created a short list highlighting lessons we’ve learned over the last few years. 

Collaboration is Key

One of the most significant lessons learned in the past decade is the importance of collaboration. Economic development cannot be accomplished by one entity alone; it requires the involvement of numerous stakeholders, including businesses, government entities, economic development organizations, and community members. Collaboration can take many forms, such as public-private partnerships or joint initiatives between companies and government entities. Still, these stakeholders can leverage their resources and expertise to create a more attractive business environment and promote economic growth.

Talent Attraction is Critical

Talent attraction has become a critical component of economic development. Businesses need skilled workers to succeed, and communities that provide a talented workforce are more likely to attract and retain businesses. To attract talent, communities must invest in education and workforce development programs and offer a high quality of life that appeals to workers, which may include amenities such as parks, cultural attractions, or a vibrant downtown area. Economic development efforts are increasingly focused on creating a sense of place that attracts businesses and workers alike, which may involve revitalizing downtown areas, investing in public spaces and infrastructure, or promoting a community's unique cultural and historical assets. By creating an appealing physical environment, communities can enhance their economic development efforts and make themselves more attractive to businesses.

Innovation is Key to Success

Innovation has always been a critical driver of economic growth. Businesses that innovate and adapt to changing market conditions are likelier to succeed and contribute to economic growth. To promote innovation, communities must create an environment that fosters entrepreneurship and supports new business development. Communities can accomplish this by providing resources and support to startups, creating incubators and accelerators, or partnering with universities and research institutions to promote technology transfer.

Diversity and Inclusion are Essential

It is essential to recognize that economic development must be inclusive and serve the needs of all community members. Diverse and inclusive communities are more likely to attract businesses and workers because they are better equipped to compete in a global economy which means promoting diversity in the workforce, creating inclusive policies and practices, and investing in historically underserved communities. By promoting diversity and inclusion, communities can create a more vibrant and prosperous economy that benefits everyone.

Let Amarillo Economic Development Help

Economic development has changed significantly in the past decade, and business owners must keep these lessons in mind as they look to expand or relocate to Amarillo. By focusing on collaboration, talent attraction, place-making, innovation, and diversity and inclusion, communities can create a more attractive business environment and promote economic growth for years. If you’re looking for more insight into your future business or are just curious about better practices for your current business, Amarillo Economic Development is here to help. Call us today, and let us help you create the road to successful business development.