It’s all in the planning, strategic that is.

February 2, 2012

Dawn

CAIT has many skills and talents and I have highlighted some of them in my past blogs (What Do You Require?  and Three Scary Words (Standard Operating Procedures)).  But for this blog I thought I would talk about something we do that many organizations overlook, Strategic Planning.

What is Strategic Planning?

The first definition of Strategic Planning is:  “The systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.[i]”  Yeah, and what does that mean?

I prefer this definition by Rena Tom: “Think of a strategic plan as a roadmap to help guide you when there are too many distractions, opportunities, and unexpected problems keeping you from moving forward. Or, consider it preventative medicine that will help you avoid costly and time-consuming crisis management later on down the line.”

But isn’t all planning strategic?  Not exactly, strategic planning starts with the desired end results and works backwards.  So how do you even start one?

One strategic planning tool we employ at CAIT is a SWOT Analysis.  A SWOT Analysis looks at organizations Strengths, Weakness, Opportunities and Threats.  By performing a SWOT during your strategic planning, you can begin to see where your organization is the strongest and how to change threats into opportunities.  Performing a SWOT analysis does not equate to completing a Strategic Plan, but it has gathered information that now can be used to develop the strategic plan.

Image credit: scottchan

But before you go running off and creating your own SWOT (they are really a lot of fun), we need to talk about how to create the strategic plan process. As with all processes there is no one way to create the plan.  However, there is one thing that is common “inclusion” of the organization at all levels.   As I am not an expert in Strategic Planning but always strive to provide the best information, I consulted one, Project Manager Larry Martin.    Larry’s knowledge and experience far outweigh mine, well in this area, so look to some future blogs by Larry that will help you begin your Strategic Planning!

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Posted by Dawn Bott

Minority Entrepreneurs

December 15, 2011
http://tuoutreach.com/author/clayhickson/

Clay

According to the 2010 census, Maryland’s minorities account for almost half of its population, and the numbers are expected to continue growing throughout the next decade.  There also has been a corresponding increase in entrepreneurial activity by minorities, and in 2010 there were 164,253 minority-owned businesses in the state.

What is causing this surge in business activity by minorities in Maryland?  A primary factor is the state’s relatively stable economy.  Maryland has not been as affected by the recession as some states, like California, Florida or Michigan.  Unemployment rates have continually remained below the national average.  This translates into an environment conducive to entrepreneurial ventures by all groups.  A recent statewide survey conducted for the Maryland Department of Business and Economic Development and the Greater Baltimore Technology Council, reported that 28% of all Marylanders have owned or operated a business… and many are minorities.

Additionally, Maryland’s prime location next door to the nation’s capital encourages both out-of-state and foreign companies to relocate or expand their operations here, which results in more jobs and increased investment.  Maryland also houses top-ranked schools and federal labs (e.g., FDA, NIH), which lure bright international individuals to the area.  And many of these people take their innovative ideas into the private sector for commercialization and development, spurring even greater economic activities.

By no means a new phenomenon, minorities, particularly those who migrate from other countries, have significantly changed the business environment because they bring a different mindset and cultural background, which enrich society and the economy.  They are generally pioneers and risk takers.

Such is the case of Debora Varon, owner of Izzy’s Chocolates.  Debora, originally from Lima, Peru, initially came to the United States to earn her Ph.D.  In 2009 she saw great opportunity in the fact that Peruvian desserts are a rarity in the US, and could potentially be tapped as a new market segment. She decided to launch her own business making and selling chocotejas, a delectable coupling of fine Belgian chocolate, dulce de leche, fruits and nuts. Some of her unique flavors include pecans paired with plum and apricot and pineapple. Her brand now has a presence in upscale supermarkets like Whole Foods and has a growing following.

TowsonGlobal Business Incubator has its own share of minority entrepreneurs as well, including Samuel Demisse from Ethiopia. Samuel owns and operates Keffa Coffee, which since 2003, has been importing high-quality Ethiopian coffee beans directly from the farmers in his homeland.  He then distributes his beans to roasters across the US as well as internationally.  The company now counts more than 100 roasters as customers in Canada and several Asian countries, including some of the most prominent in the industry.   Samuel’s standing as one of only 350 certified coffee cuppers (tasters) in the world guarantees his products’ high quality, which is one of the reasons Keffa Coffee continues gaining international recognition.

Similarly, there is Shoaib Mastoor, who was born in Pakistan and migrated to the US to complete his Bachelors in Electrical Engineering.  After graduating, he worked for various startups selling technology, and eventually joined the family business, which manufactures and fabricates steel furniture and equipment used by commercial offices in Pakistan.  In 2008, Shoaib launched Vulcan International, realizing his vision of creating a means for promoting brands that are manufactured by tier one companies in other countries but are not able to market their products in the world’s largest market, the US.  With vendor alliances from Pakistan, Vulcan has instant credibility with suppliers in South Korea, Italy, Germany and China, who the company is representing in the US.

Minority entrepreneurs such as Debora, Samuel and Shoaib, continue to add creative and innovative new elements to our economy. Efforts like expanding the small business tax credit and facilitating initiatives that will unlock venture capital will allow small businesses of all kinds, including those owned by minorities, to develop those innovative ideas, thus helping create the jobs that are so vital for achieving sustainable growth.

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Posted by Clay Hickson

Video: Meet the Team Video with Erin Neuslein

October 25, 2011

Daraius

I have had the great pleasure of working with Erin Nueslein the last 10 years. She has worked in a variety of capacities from project manager for RESI’s contract with the Department of Human Resources to Associate Director of RESI.  In each of these positions she has acquired skills and experience that will help her tackle the new challenges in the role as Director of DECO’s Administration and Finance unit. Watch the interview to learn more about Erin’s role as Director.

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Posted by Daraius Irani

Adventures in Surveying

October 20, 2011

Dawn

Adventurous is not a word people would use to describe me.  Solid, dependable, typical, predictable… they would work.  I usually like to do things the same way. If I know how to do something, why try something different.  Not a good mantra when you work in a tech industry. So when a client approached us this summer about trying to get a lot of information, from a lot of different people, who are not close by, in a short amount of time, the Center for Applied IT (CAIT) decided that our standard interview method may not be the best approach.  Here was an opportunity to try something different, and we decided to take a leap of faith using a survey tool.

For this project, CAIT needed to quickly identify IT resources overseen by one of the counties. Time was of the essence so we thought how could we get the information, eliminate or greatly reduce data entry and be able to manipulate the data easily. After looking at some of the commercially available tools, we found that a simple survey tool would do the trick. Aaron Guy at the Center for Professional Studies (CPS), another Division of Economic and Community Outreach (DECO) unit, came to our rescue since they were currently using a survey tool that would easily meet our needs.

After obtaining the client’s approval, Lisa Walker, Bill Hansman and I set to work. The tool allowed us to ask questions that could be answered using text boxes, radio buttons (for a single entry) or check boxes (for multiple entries). We developed questions, organized our survey and launched it in only a few weeks.

Launching the survey was simple too. We provided our client with the URL and some basic instructions.   Our immediate feedback was minimal. A few questions, but for the most part the users found it easy to use and the questions to be straightforward. Next, we downloaded the information into an Excel spread sheet and now we are working to discover all the information our survey results hold.

No new adventure is complete without discovering some pitfalls. Here is what we have learned so far:

  1. Fewer more targeted questions would have been better, making the survey more concise
  2. Make every question mandatory would have been helpful
  3. Limit free form text box use, because some participants became a bit wordy, making it hard to discern facts.

Overall, we really enjoyed developing the survey. It was fun to create the questions and to then reap the rewards of our efforts through the data we retrieved, data that we did not have to manually enter!

Since our first survey experience, we have upgraded the tool we are using and are looking for more opportunities to leverage this new skill.   I can’t wait to share this tool with another client and to survey again!

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Posted by Dawn Bott

Video: University Economic Devleopment Association (UEDA) Summit 2011

September 21, 2011

Bobbie

The Division of Economic and Community Outreach (DECO) is home to a wide array of centers that provide solutions ranging from GIS to Economic Forecasting, additionally DECO has a diverse set of partner organizations that are committed to sharing best practices.  University Economic Development Association (UEDA) is a national organization of higher education, business and economic development professionals. UEDA provides learning opportunities, comprehensive representation of entire education landscape and open networks for collaboration and opportunities.

One of the learning opportunities UEDA is best known for is the Annual Summit where attendees can

  • Gain the latest strategic insights on the roles of colleges and universities in economic development.
  • Examine the leading practices of colleagues as they compete for Awards of Excellence.
  • Build learning networks of colleagues to spot opportunities faster and develop partnerships faster.
  • Share success stories and lessons learned with economic developers from colleges and universities nationwide.

In the video below, Leslie Pachol, UEDA’s executive director, talks with our very own Dyan Brasington about the upcoming UEDA Summit.

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Posted by Bobbie Laur

RESI’s Fall 2011 Economic Outlook Conference at Towson University

September 7, 2011

Raquel Frye

It’s a busy time here at RESI as preparations for the November 9th Economic Outlook Conference get underway.  This conference is particularly exciting for us since it will be the first time since 1999 that it is hosted on campus.  We are really looking to hosting the event this year and taking advantage of the newest building on campus – the West Village Commons building.  Implications of the 2010 Census Data will be the central focus of the day with a variety of experts weighing in on the impact of the data on matters such as government services, the business community, workforce development and higher education.  Looking forward to seeing you there!

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Posted by Raquel Frye

Ladies and Gentlemen Start Your Engines: Economic Impact of the Baltimore Grand Prix

August 29, 2011

Daraius

Soon the roar of Grand Prix racing will fill the streets of Baltimore over Labor Day weekend under the auspices of the IZOD IndyCar series.  In total, there are 19 scheduled races this year of which five are held on the streets of their host city rather than a speedway.  While there has been some controversy surrounding this event, it is my opinion that this event will provide a boost to the City’s name and bottom line. 

As it stands, Baltimore City is already becoming a destination choice among many visitors.  Events such as the Baltimore Running Festival, various soccer and lacrosse matches and Artscape provide diverse activities for visitors.  In addition, with the presence of the Orioles, Ravens, the Hippodrome Theater and various museums, there are plenty of opportunities for visitors to enjoy Baltimore’s cultural, recreational and entertainment offerings.

According to the Economic Impact Report published by Baltimore Racing Development, LLC, Baltimore’s Grand Prix and related events are slated to bring over 100,000 visitors to the City.  Visitors attending the event are expected to generate over $70 million in spending on things such as hotel rooms, food and beverage, transportation and other entertainment. In addition, the City is expected to gain $2.2 million dollars in tax revenues.

Photo credit: Baltimore Business Journal

While the three day event has the potential to bring in a lot of new visitors to the area for the event, the real impact will be in terms of the marketing and outreach for the City of Baltimore. For example, races will be broadcast to a national and international audience.  The media exposure and branding of the City as a Grand Prix destination will have long-lasting and reverberating effects.   In a report regarding the San Jose Grand Prix, the estimated value of media exposure for that city was valued at $4.6 million.  Baltimore’s Grand Prix is expected to have a larger audience and races will get TV coverage on major networks such as ABC and ESPN.  In addition to the race coverage, a documentary based on the behind-the-scenes efforts to put on the race will be broadcast on September 11th.

If Baltimore is lucky, the city’s experience will mirror the success of the Long Beach Grand Prix.  The Long Beach event, which began as a small Formula 5000 street race, recently celebrated its 38th straight year and brings more than 200,000 spectators to the area.  I believe Baltimore has the ability to succeed in this venture.  Some of the City’s best landmarks and spectacular views—including the inner harbor and Camden Yards—will be front and center during the whole event.  I would be surprised if that wasn’t enough to put Baltimore on many people’s radar.

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Posted by Daraius Irani

One week to go…the debt ceiling debate

July 28, 2011

Raquel Frye

The hottest news story these days is the August 2nd deadline to raise the debt ceiling. The deadline has been set by the Treasury department because after this date, it cannot guarantee payment of all the government’s billions of dollars in monthly obligations.   In other words, if the amount that the U.S. is allowed to borrow is not increased, the nation will not be able to pay its bills.  To put things into perspective, the current debt limit (or ceiling) is set at 14.3 trillion dollars.   We actually hit that limit earlier this year and are currently relying on temporary measures to get around this technicality.    If the U.S. is not able to borrow more money, it will have to choose which obligations to pay.  The list of obligations is long and includes things such as Social Security benefits, interest payments on the national debt, Medicaid and Medicare payments, unemployment benefits as well as federal worker and military salaries.  As you can imagine, trying to decide what is the priority in that list is extremely difficult.

The possibility of the nation defaulting on payments has not gone unnoticed.  Moody’s Investors Service—the credit rating agency—is threatening to reduce the U.S. government’s Aaa bond rating if the debt ceiling is not raised and the nation defaults on its obligations.  Nobody can really foresee what the impact of a credit rating downgrade would mean for the economy.  Some speculate that the downgrade would have very little impact as much of the U.S. debt is held by pension funds and central banks that are not heavily influenced by rating agencies.  On the other hand, others agree that a downgrade could mean a weaker dollar and higher interest rates which could spell trouble for the fragile economy.

Although dealing with the possibility of default is urgent, what is more important is dealing with the long-term problem of the national debt (which is why we need to borrow in the first place).  Just like households have had to make difficult decisions regarding their spending and debt over the last couple of years, the same thing must happen at the government level.  Making the process even more problematic, the government is trying to make difficult choices amid a tight and looming deadline.  Currently, there are two plans to raise the debt limit and cut the deficit:  one plan has been devised by the Republican House Majority Leader John Boehner and one from Democratic Senate Majority Leader Harry Reid.  Several very daunting hurdles remain for both plans, but as of last night, Speaker John Boehner’s plan seemed to be nearing the number of votes necessary to pass the House (217).  If it does pass, the hard part will not be over.  The most challenging part will begin once the bill enters the Senate and encounters Senate Majority Harry Reid’s competing plan.

Photo Credit: Associated Press

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Posted by Raquel Frye

Maryland’s Business Climate—the factors and how we rank!

July 20, 2011

Daraius

As I have written in the past, Maryland is viewed (fairly or unfairly) as having a poor or less than friendly business climate.  Some have suggested that Maryland’s motto is “If You Can Dream It, We Can Tax It” which is not exactly a ringing endorsement for a business friendly state.   First what determines the business climate and is someone or some entity measuring the business climate?

According the International Economic Development Council (IEDC), the essence of a business climate is “how states state, regional and local policies, relationships and local communities support business development.”   What are some of the major factors associated with a business climate according to IEDC?

Major Factors

1. Business and income tax levels
Business and income tax levels allow prospective businesses to gauge their investments when seeking places to expand or incorporate. According to the Tax Foundation’s 2011 State Business Tax Climate Index (8th Edition), “States with the best tax systems will be the most competitive in attracting new businesses and most effective at generating economic and employment growth.”

2. Workforce availability
This factor does not necessarily need to focus on the amount of able body individuals a state currently has but rather the skill level of those within the state. Maryland’s accessibility and continued efforts to support technology driven education will continue to make us a viable contender with other surrounding metro areas. The Kauffman Foundation (New Economy Index) commented on the technology driven workforce stating, “…(states with) a solid innovation infrastructure that fosters and supports technological innovation, and many(of the highly ranked states) have a good quality of life coupled with high levels of domestic and foreign immigration of highly skilled knowledge workers.”

3.  Energy costs
A hotbed issue right now, rising energy costs not only are seen harboring our monthly electric bills but also at the gas pumps. Continually rising energy costs are added into the final cost of a product, often assisting in the loss of possible consumers. Maryland currently is ranked in the Small Business and Entrepreneurship (SBE) Energy Cost Index (2010) as being one of the highest energy cost states along with New Jersey (rank 44), Washington, D.C. (rank 42), and Delaware (rank 38) overall.

4.  Market size
The Kentucky Cabinet for Economic Development’s 2008 Kentucky Business Climate report referred to this factor as “market access.” The more accessible the state can be to either employees via public transportation, or business imports we will continue to see a growth in those that wish to invest in developing within Maryland borders. Factors such as roadway miles, number of airports, and waterway access are just a few factors that attract new business to states.

5. Cost of living
Cost of living plays a crucial role in exhibiting key trends that will decide if a state has a “good” business climate. States with lower costs of living allow residents to feel the significant increase in their purchasing power as opposed to those states that have high costs of living, per IECD’s key findings.

Other Contributing Factors

  • Quality of life
  • Environmental regulation
  • Permitting, licensing, and various reporting regulations
  • Real estate costs and availability
  • Infrastructure
  • Access to financing and capital
  • Incentive
  • Quality of services

So how does Maryland measure up?

Factor Indication Rating/Rate
Business Tax Levels State Business Tax Climate Index 4.25 (Rank 44)
Workforce Availability New Economy Index 3rd (MA ranked 1, NJ-4, DE-6, PA-22)
Income Tax Levels (State) Comptroller of Maryland MD 2.00-6.25%
DE 2.2-6.95%
PA 3.07%
VA 2.0-5.75%
D.C. 4.0-8.5%
Energy Costs SBE Council Energy Cost Index 39 (tied with Maine, DE-38)
Cost of Living MERIC Composite Cost of Living 44 (VA-24, PA-32, DE-35, DC-50)

So it would seem that Maryland faces some challenges to its business climate, but at least our state motto is not Massachusetts’ motto “Our Taxes Are Lower than Sweden’s (For Most Tax Brackets)”.

1 Comment | Business Analysis, Economic Analysis | Tagged: , , , , , , | Permalink
Posted by Daraius Irani

Maryland, the deficit and the debt limit

June 21, 2011

Daraius

Many people have heard me state that Maryland’s economy is based on “Eds, Beds, Feds, and Meds,” and this is one of the reasons why Maryland has suffered comparatively less during this most recent recession.   However, this insulation from economic events may be coming to an end and may have a severe impact on Maryland’s economy. Maryland by virtue of geography has become the home of many federal agencies, and by virtue of its highly educated workforce Maryland has received a disproportionate share of federal funding in research, cyber-security, defense, medicine, and other areas.

While the debate in Washington rages regarding the role of government and the need to shrink it, we Marylanders should feel especially vulnerable.  The Federal government directly employs approximately 130,000 civilian or over 5% of Maryland’s labor force. Moreover, Maryland is home to eleven agencies as well as ten military installations with over 80,000 military personnel, and the state receives over 1.5 billion dollars in federal research dollars, over ten billion dollars in federal expenditures, and over twelve billion dollars in private sector contracting opportunities. Finally, numerous Maryland citizens work for the federal government in Washington, D.C. and Northern Virginia.

It has been estimated that for every federal job in Maryland, two other private sector jobs are created. These private sector jobs include IT contractors, teachers, retail clerks and other professions.

A 10% cut in federal employment could potentially  result in the loss of nearly 40,000 jobs in Maryland, or about 1.6% of the total workforce.

Moreover, the federal workforce tends to be older on average and therefore will likely have a higher salary. As a result, a 10% loss in jobs will also have a disproportionate impact on Maryland’s income tax collections of those federal workers who live in Maryland.

To lessen the state’s dependency on the federal government, Maryland needs to encourage the growth of private sector jobs and companies.  There are hurdles from public policy to perception regarding Maryland’s business climate and tax rates. Hopefully, this is outweighed by our highly educated workforce. According the Department of Labor, Licensing and Regulation (DLLR), Maryland created only 4,400 net new private sector jobs between April 2010 and April 2011 (a growth rate of 0.2%), a very modest number, to say the least .

This growth rate suggests that Maryland is in a precarious position in these latest deficit and debt discussions. Maryland’s economy would perform better if the federal cuts were targeted towards entitlement programs—Medicare and Social Security, for example—rather than agencies (NIH, NIST, DoD, etc.) as cuts to entitlement programs would be felt nationwide while cuts to agencies would be more acutely felt in Maryland. While I am not advocating government for government’s sake, we Marylander’s need to be aware of just how closely tied our economy is to the Federal government.

Image credit: World Travel Guide

2 Comments | Business Analysis, Economic Analysis | Tagged: , , , , , , | Permalink
Posted by Daraius Irani

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