STRATEGIC ACTION PLAN 2016-2018
MISSION: Bay Future, Inc. is a public-private 501 (c) (3) non-profit organization dedicated to facilitating economic development strategies that promote and secure opportunities for business retention, growth, and the attraction of new industries that create quality jobs for community residents.
STRATEGIC ACTION PLAN 2016-2018
The vision of Bay Future, Inc., is to be the lead economic development organization located in the Great Lakes Bay Region, that demonstrates leadership, collaboration, and ingenuity to enhance the business climate, business and employment base, while promoting the unique and identifiable assets of the greater Bay County area, with the purpose of creating wealth and being the model of a results-driven organization.
Bay Future, Inc. is therefore dedicated to strategies that increase tax base, create jobs, and support existing business for the greater Bay County, Michigan area. Bay County is located along I-75 in the Great Lakes Bay Region or Mid-Eastern Michigan. Bay Future, Inc. was founded in 2004 and is charged with helping retain and grow existing businesses, as well as working to position the county to successfully market and attract new employers.
Bay Future, Inc. has accomplished the following in recent years:
- Assisted 70 businesses with growth projects that have created or retained 2,124
- Leveraged $1,053,872,767 in new capital investment of new building & real estate, and machinery and equipment in the 200+ projects, since 2004.
- Attraction projects, such as Halla Mechatronics, Thomas Instrument, and Winford Engineering have located new facilities in Bay County in recent years.
- Recent projects include the expansion of Kerkau Manufacturing, Monarch Equipment Technologies, Cambron Engineering, MCG Plastics, GM Powertrain, Landaal Packaging, Michigan Sugar, Thistledown Farms/Everbest Organics, and Consumers Energy.
- Collaborated with Prosperity Region #5 to implement a region-wide attraction & marketing initiative.
- Represent Bay County at Prosperity Region #5 Economic Development Board, the regional economic development and marketing organization for the eight-county Great Lakes Bay Region area.
- Partnered with the Bay Area Chamber of Commerce and the Bay Area Community Foundation on the development of The Roadmap to the Future which encourages countywide unity in business and government to achieve economic, community, and social development goals.
To continue its successful economic development efforts, Bay Future, Inc. and key community leaders have developed this three-year Strategic Action/Work plan. Although there are many strategies and action items, they all focus on reaching the following specific three-year Goals and Initiatives:
|$300m||over 3 Years of New Capital Investment|
|600||New Jobs over 3 Years|
- Retain and expand the existing business base in greater Bay County.
- Establish and reinforce the image of Bay County as a “pro-growth” location within the Great Lakes Bay Region.
- Increase the inventory of “shovel-ready” sites/acres in Bay County and targeted available building space/square feet.
- Increase the interest (measured by contacts, visitations, etc.) amongst strategic targeted companies in Bay County.
- Improve all aspects of the support network for Bay County entrepreneurs.
- Establish an Opportunity Fund to be able to incentivize economic development projects in the County.
Periodically during the next three years, the Bay Future, Inc. Board of Directors will provide oversight and review this Strategic Action Plan to monitor the implementation progress and incorporate economic strengths, weaknesses, opportunities and trends into the organization’s brand, goals and position.
Tactics for Success
I. Retain, Support and Expand Existing Industries & Entrepreneurial Growth
Recognizing the clear, indisputable value of Bay County’s existing business base, Bay Future will:
- Conduct over 100 company visitations/interviews per year with local employers to determine expansion opportunities and roadblocks to growth. Track visitations on BayFuture.com
- Serve as the liaison between existing employers and public officials to resolve any barriers to growth and/or the creation of jobs.
- Maintain a confidential database to work with individual companies tracking business trends and intelligence utilizing “synchronist” CBM software.
- Provide economic data modeling reports for businesses.
- Collaborate with CMU-RC to establish a satellite Research Center for Entrepreneurs to incubate business ideas.
- Increase support for entrepreneurs by providing incentives, remove barriers, and create an atmosphere that nurtures entrepreneurs by developing a one-stop support system.
Regional & Expansion/Entrepreneurial Support 3-year - $365,000
II. Global Business Attraction & Marketing
By continuing our successful utilization of new talent and proven tools, Bay Future will:
- Focus on targeted industries which include Agribusiness, Advanced Manufacturing, Medical Device Manufacturing, Warehouse/Distribution & Logistics and Data/Call Centers/IT, to complement our existing business and recently recruited companies.
- Identify and recruit emerging industries with the highest growth potential;
- Enhance national marketing and public relations through the implementation of our newly enhanced website and social media opportunities.
- Partner and Collaborate with local, regional, state, and federal officials to improve our infrastructure
- Collaborate with Governor’s Prosperity Region #5 Partner EDC’s and Great Lakes Bay Regional Alliance on an attraction and regional marketing initiative.
- Increase prospect activity and post results to Bay Future.com website on the number of jobs (created/retained), capital investment, attraction project #’s, retention visit #’s, site/building lead submissions, and site visit prospects to Bay County.
Global Business Attraction 3-year - $300,000
III. Workforce Retention, Recruitment, and Development
A strong economy depends on a quality workforce. In this often ignored area of economic development, Bay Future will:
- Continue our partnership with Delta College, Saginaw Valley State University and the Great Lakes Bay Regional Alliance in the promotion of STEM education.
- Collaborate with local colleges and K-12 educators to expose elementary and middle and high school students to career paths available within the area, which is critical to our regional economic success.
- Coordinate tours of local industries for K-12 educators.
- Continue to collaborate with Michigan Works!, which eliminates duplication and enhances the performance of regional workforce partners and programs;
- Identify, develop and evaluate results of a Bay County Labor-shed to determine the makeup of Bay County’s workforce and how we benchmark to other areas that we compete against for business;
Workforce Development 3-Year - $255,000
IV. Deliver a High Quality, Results Driven Service System to Investors
Connecting and Engaging Investors and Other Stakeholders in the Economic Growth Effort, Bay Future will:
- Connect existing businesses with each other and with local and regional resources;
- Develop and deliver comprehensive Return on Investment (ROI) data to investors via Dashboard Analytics on the BayFuture.com website;
- Provide performance metrics on BayFuture.com website, which track the strategic goals, activities and initiatives.
- Increase positive perceptions of Bay County through meaningful and collaborative relationships with local, regional, state and national allies;
- Provide leadership for the coordination of local economic development services;
- Build public support and knowledge of economic growth activities and their impact on the community via press releases, news articles, quarterly reports, e-newsletters and BFI website.
- Continue to maintain/update the Bay County Manufacturer’s Directory
- Update Governor’s Prosperity Region #5 cluster analysis with additional Bay County companies
- Develop sustainable revenue sources that exceed the industry norm for communities of similar size.
Investor Relations 3-Year - $280,000
Three-YEAR BUDGET SUMMARY
- Retention & Expansion/Entrepreneurial Support…… $365,000
- Global Business Attraction….……………………………… $300,000
- Workforce Development………………………………….… $255,000
- High Performance Service Delivery to Investors……$280,000
Oversight and Governance
Bay Future, Inc.’s Board of Directors, in partnership with area business and community leaders, will guide the three-year strategic plan initiative. The Board of Directors will remain accountable for program implementation, management oversight and disbursement of funds.
Investors will receive timely communications, updates on program successes, briefings, program reports, and invitations to key program events and will be recognized accordingly.
We envision Bay County in 2018 as a community that makes things happen, where existing businesses grow, where corporations, entrepreneurs and small businesses flourish, and where new significant companies have found a new home.
In addition, we envision Bay County’s competitive position in 2018 as greatly enhanced, where we have become a “community of choice” for current and prospective residents, companies, investors, and where our workforce is gainfully employed.
We are convinced the best way to achieve these goals and our vision is implementing this new, bold strategic plan of action.