Comprehensive Local Economic Development Implementation Plan Analysis

This report presents a detailed analysis of a local economic development plan, focusing on the UK context. It begins with an introduction to the importance of economic analysis and outlines a plan for local economic development, emphasizing the role of public, private, and civil society sectors. The report provides an economic profile of an organization, examining demographic, labor force, and governmental factors. It explores the nature of public-private partnerships and the importance of community marketing in attracting investment and promoting economic growth. The report also addresses project viability, financing options, and sustainability through cost-benefit analysis. It concludes by examining organizational design and the evaluation of local economic development initiatives. The report highlights the interconnectedness of various economic elements and their impact on the overall economic landscape.

Final PAPER - Local
Economic Development
Implementation Plan

Table of Contents
INTRODUCTION...........................................................................................................................1
1 Local Economic development plan for business......................................................................1
2 Provide a basic economic profile of organisation....................................................................2
3 Nature of the public- private partnership.................................................................................3
4 Marketing community..............................................................................................................3
5 Project Viability and Financing...............................................................................................4
6 Sustainability analysis..............................................................................................................4
7 Organisational design...............................................................................................................4
8 Evaluation................................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
To develop the economic conditions of a locality there is need to have the adequate
analysis over the current market scenario and the ability of the concern to meet the financial
needs. Therefore, in the present report there has been discussion based on the economic factors
that influence the industrial operations. The report will also present the plan for developing the
local economic environment as well as analyse the nature of private and public firms in the
market. It will also help in analysing the sustainability of cost benefits analysis for the
organisational development.
1 Local Economic development plan for business
In the local development economic development plan which help the and motivates the
public, private and civil society sectors to make the adequate establishment of firms. These
industries such as partnership and collaboratively can find local solution to made the adequate
development of economy. These precess helps and enhances the local enterprises to make there
efforts and utilise their resources in adequate manner. There can be increment of the economic
development terms of labour, employment, capital revenue as well as availability of the adequate
resources (Promoting Local Economic Development through Strategic Planning, 2017).
Therefore, they motive behind developing and local economic development is to enhance
employment, quality of jobs, poverty reduction as well as generating the municipal taxes. In
accordance with the success of such plans there is need to make knowledgeable the tax
practitioners and participants to make the adequate efforts and utilisation in the local economy in
context with developing the economy. Therefore, there has been various factors which are need
to be considered while developing and implementing the development plan such as:
Local values: There will be planning and strategies were lie over reduction in the
poverty, facilitating the citizens with necessities as well as offering the adequate job offers to
them (Walo, 2016). Theretofore, it can be said that with the help of making the profitable
development in local citizens welfare.
Economic Drivers: These factor focuses over the development of the local skills and
talent, value added utilisation of resources, income retention in the locality as well as regional
co-operation. Therefore, with the help of such techniques the main motive will be covered and
obtained which is developing the financial economy of the locations (Hawkins, Hu & Feiock,
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2016). Thus, it will be due to increment in the revenue gathering as well as facilitating the
adequate remuneration and salaries to people that will be used in infrastructural development as
well a making the necessary improvement in industrial sector.
Development: There will be focus lied over the adequate development of the role of
Structural changes and quality of development (Bartik, 2017). Therefore, with the help of such
stargates the increment in the economy and the development of various sectors in the society will
be helpful for raising the living standards of citizens.
2 Provide a basic economic profile of organisation
In terms of making the adequate analysis over the local economic conditions of UK.
There will be discussion based over the various economic issues which are need to be
determined by an industrial professional in terms of making the development. However, in terms
of making establishments of an entity in UK there has been to make the adequate analysis over
the following factors such as:
Demographics: This is main economic issues which are need to be analysed and
overcome by a country. In terms of analysing the local environment in UK there has been
various citizens which belongs to different nations, continents and culture (Flowers, Freeman &
Gladwell, 2016). They have the differences in the colour, cast, culture, tradition, sex, age, race
and the way of living. In relation with bringing the equality in citizens there has been various
laws and acts which are in-acted in the favour of the people. In relation with that, there is
Employment, human right acts are presented which brings equality in the salaries and the job
offerings to them.
Labour force: In terms of offering the employment opportunities to citizens and
individuals from various location there is need to have the appropriate amount of remuneration
payable to them (Hammond & O’Grady, 2017). The remuneration will be payable to them which
is according to the talent, skills and qualification of such people.
Business establishments: In order to initiate a business there has been to make a proper
documentation of all the necessary details such as name, address, board of directors, operational
functions, MOA and AOA etc. these all are to be registered under the company registrar
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authorities (Hernes & Metzger, 2017). Hence, the main motive is to bring the uniqueness in the
name and operations of organisation.
Local government and institutions: There has been various laws and legislations which
are being issued by the legislature of UK in context with presenting the fair taxation policies and
the legality (Jones, 2017). The main taxes such as income tax, corporate tax and duties which are
being collected by HMRC and the Central government in UK. On the other side, the taxes such
as fines and penalties over parking and transportation taxes which are being collected by the
local government.
Local Decision making process: There has been all the major decisions were made by
HMRC, high court, supreme court etc. legislatures which helps in making the adequate
improvements of the legal systems as well as welfare to the society (DeWitt, 2017). The major
decisions such as development of the plans and policies as well as presenting the most suitable
jurisdiction to the parties are made by the legal system in UK.
3 Nature of the public- private partnership
Public- Private partnership: The publicly owned enterprises are mainly operated by the
government or by semi government authorities. Therefore, there will be influence of
governmental plans and policies which in turn participate in policy making decisions. Thus, there
has been increment in the liabilities as per making the payments to the shareholders over the
obtained dividends (Tao, & Finenko, 2016). They will be based on the agreements and contracts
which are between a public and private owned partnerships.
4 Marketing community
Community marketing can be defined as a strategy in order to engage with the audience
in non-intrusive prospect and consumer conversation. As the proposed initiative focuses on
providing more job opportunity, community growth, retain current job, help entities in accessing
capital and other actions which contributes towards economic development, thus, marketing
plays a crucial (Sundararajan & Tseng, 2017). The Urban Program Team will follow a
participatory approach in order to boost partnership among all the key stakeholders including
private, public, and community, civic and other within the economy.
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Urban marketing is extremely important for the plan which is an indispensable element
for promoting economic growth, development and contributes towards achieving visionary
target. The program will help in attracting companies from international market, consolidated
industrial infrastructure, promote tourism, diversify and enhance facilities like transportation,
better quality health and others for local welfare. Thus, such marketing tactic will help
investment from all around the world (Walo, 2016). However, the main challenge is that market
requirement and structure is too dynamic that quickly adapts changes and exceeds response
capacity of the country, still, it will be the most productive and adaptable approach to overcome
community problems and help to establish stronger connection with customers and all the
stakeholders targeting community welfare.
5 Project Viability and Financing
The proposed initiative of Local Economic Development (LED) would be definitely
viable wherein all the public sector, businesses and civil societies work together collaboratively
in order to promote economic growth. The plan would be beneficial for the economy as it will
generate more employment and boost economic growth (Hawkins, Hu & Feiock, 2016). The plan
will promote sustainable development, optimize local potential, eradicate poverty and reap
shared benefits by collaborative efforts of all. In order to finance the project, local lending
institutions and financial banks will be contact to raise borrowings. On the loan, interest will be
charged as a cost which will be needed to pay in instalments inclusive interest according to the
scheduled dates.
Moreover, small financial requirement will be satisfy through micro-credit support. In
despite of this, domestic currency system which constitutes parallel currency system in which, a
local area administer exchange of locally produced items and services using internet will be
used. Furthermore, government will also allocate some funds in their budget to finance local
economic development programme (Flowers, Freeman & Gladwell, 2016). In despite, regulatory
bodies such as Departments of Culture, Department of Agriculture will finance the plan.
Governmental grant will be one of the important sources of fund, in which, governmental
authorities will provide grant to finance the LED program.
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6 Sustainability analysis
Cost- benefit Analysis is done so to measures the effectiveness of the new project so that benefits
may be derived from it and as such cost occurred from it can also be analysed. The cost benefit
analysis is useful for local economic development as it provides them clarity to sustain by
performing duties which are required so that organisation may flourish keeping in mind, the cost
incurred from the benefit of taking decisions. For instance, if a flyover is proposed to be made in
the heart of the city. The benefit obtained from it will be less traffic and less accidents will take
place and as such, traffic will be maintained. However, in contrary to this, cost may be cutting of
trees which is needed so that flyover may be constructed in the city. As a result, organisation
should be able to determine the cost and benefit from the project that it undertakes. Local
economic development will be dependent on such cost and benefit analysis. The organisation
should analyse the cost and benefit that the project will provide so that society may be benefited
and as a result, local economic development may take place.
7 Organisational design
The organisation design is the step by step methodology which provides organisation a
complete clarity about the work flow and systems and processes so that organisation may be able
to function effectively. This helps local economic development as company is well structured as
work flow is followed by it from the organisation design. It also involves assigning employees
the tasks according to their skills and capabilities which makes work effective as employees are
clear about the duties, they have to perform so that organisation may be able to achieve goals in
effectual manner (WHAT IS ORGANIZATIONAL DESIGN?).
Through perfect organisation design, company achieves Excellent customer service,
Increased profitability, Reduced operating costs, improved efficiency and culture of committed
and engaged employees and clear strategy for managing and expanding the business.
Organisation is benefited by such design as it is able to provide good services and goods to
consumers as employees are clear about their roles and responsibilities and as a result,
organisation accomplishes tasks effectually with much ease. The organisation is able to perform
duties in effective manner as employees are able to accomplish their allocated tasks with much
ease.
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Local economic development is achieved by organisation as it is able to perform
according to the organisational design and this provides efficient results to it leading to economic
development effectively. The organisation if does not follow organisation design then it may lead
to duplication and overlapping of work and this will not promote local economic development
(Tao, & Finenko, 2016).
8 Evaluation
It may be evaluated that local economic development is important aspect in the local
industries of the country. It is required that cost benefit analysis may be done by organisation so
that it may not destroy the society and as such, benefit may be provide to society. This analysis is
helpful for assessing the cost that will be incurred while accomplishing the project. The benefit
may be available to society at large. This will impart good local economic development in the
country which is required so that society may be benefited and as a result, development may take
place in the country effectively.
It may be evaluated that for local economic development, organisational design is
important as through this employee may have clarity to what tasks they have to perform and this
is much helpful to it as organisation will be able to achieve tasks and goals effectively as work
systems and work flow processes are maintained effectually (Sundararajan, & Tseng, (2017).
This will promote local economic development in the best possible and most proficient way.
Excellent customer service, Increased profitability, Reduced operating costs are some benefits
which are imparted by organisational design and ultimately promotes economic development
with much ease.
CONCLUSION
Hereby it can be concluded that organisation has to be effective so that it may be able to
provide benefit to local economic development which is required so that country may become
stable because of overall development in the best possible manner. This may be done by
effective organisational design and overall development of organisation which stabilises local
economic development. Moreover, cost benefit analysis also helps organisation so that it may not
provide harm to society and as a result, organisation analysis cost and benefit derived from the
project in the most proficient way. This way organisation provides and injects local economic
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development with much ease. The organisation will be able to function effectively as a result,
local economic development may be done in effectual manner. This is required so that local
industries may perform well and overall productivity of organisation may be achieved and
ultimately it helps local economic development in the best possible way.
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REFERENCES
Books and Journals
Walo, M. T. (2016). Netchain: An analytical approach to local economic development. The
Marketing Review. 16(1). 46-61.
Hawkins, C. V., Hu, Q., & Feiock, R. C. (2016). Self‐Organizing Governance of Local
Economic Development: Informal Policy Networks And Regional Institutions. Journal of Urban
Affairs. 38(5). 643-660.
Bartik, T. J. (2017). A New Panel Database on Business Incentives for Economic Development
Offered by State and Local Governments in the United States.
Flowers, E. P., Freeman, P., & Gladwell, V. F. (2016). A cross-sectional study examining
predictors of visit frequency to local green space and the impact this has on physical activity
levels. BMC public health. 16(1). 420.
Hammond, G. P., & O’Grady, Á. (2017). Indicative energy technology assessment of UK shale
gas extraction. Applied Energy. 185. 1907-1918.
Hernes, M. I., & Metzger, M. J. (2017). Understanding local community's values, worldviews
and perceptions in the Galloway and Southern Ayrshire Biosphere Reserve, Scotland. Journal of
environmental management. 186. 12-23.
Jones, S. C. (2017). Our Community Doesn’t Support Underage Drinking: Development,
Implementation and Evaluation of a Community-Based Social Marketing Program—An
Abstract. In Marketing at the Confluence between Entertainment and Analytics (pp. 543-544).
Springer, Cham.
DeWitt, E. & et.al., (2017). Peer Reviewed: A Community-Based Marketing Campaign at
Farmers Markets to Encourage Fruit and Vegetable Purchases in Rural Counties With High
Rates of Obesity, Kentucky, 2015–2016. Preventing chronic disease. 14.
Tao, J. Y., & Finenko, A. (2016). Moving beyond LCOE: impact of various financing methods
on PV profitability for SIDS. Energy Policy. 98. 749-758.
Sundararajan, S. K., & Tseng, C. L. (2017). Managing Project Performance Risks under
Uncertainty: Using a Dynamic Capital Structure Approach in Infrastructure Project Financing.
Journal of Construction Engineering and Management. 143(8). 04017046.
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