It’s the beginning of the year and many organizations are in planning mode, setting goals and identifying new initiatives that they hope will advance their community. Some of the ideas being considered are big, really big, the kind of step that doesn’t allow room for failure.
Before embarking on big, new ventures, it’s smart to know what has and hasn’t worked for other districts and how your project or initiative can be successful.
Comparative analysis provides the bridge from innovative concept to workable model by investigating feasibility, considering options and minimizing risk.
PLACE has leveraged its network of business district leaders throughout North America to provide clients with important data and information as part of their planning processes. Here are some examples:
Research for the Lincoln Square Ravenswood Chamber of Commerce (Chicago, IL) about creating an indoor/outdoor marketplace in their district. PLACE conducted a comparative analysis of four similar initiatives in Detroit, Seattle, Boulder and Vancouver, B.C., gathering information on project financing, operations, programs and history to provide direction to their efforts.
An industry report for the Evanston Chamber of Commerce (Evanston, IL) of chambers located in small towns with large, Big Ten universities and how they can take advantage of unique opportunities and address common challenges. The Evanston Chamber of Commerce requested this comparative trend analysis and best practices research to support its own strategic planning process for the community it shares with Northwestern University. PLACE researched revenue trends focusing on dues, events, affinity programs, economic development and grants in communities such as Tempe, AZ (Arizona State University), Ann Arbor, MI (University of Michigan), South Bend, IN (Purdue University), and Berkeley, CA (UC Berkeley).
PLACE conducted a comparable organization analysis of six communities across America for the Bloomfield-Garfield Corporation (Pittsburgh, PA), researching structure and operations of similar multi-issue nonprofits working in diverse communities. Learnings from Bickerdike Redevelopment Corporation and Greater Southwest Development Corporation (Chicago, IL), Asociación Puertorriqueños en Marcha (Philadelphia, PA), along with Pittsburgh-based organizations Lawrenceville Corporation, Northside Leadership Conference and the Hazelwood Initiative, provided the Bloomfield-Garfield Corporation with reassurance as they adopted the new business model recommendations developed by PLACE Consulting.
Is your district considering a new initiative that would benefit from some strategic intelligence on what other districts are doing nationally? Contact PLACE today to discuss a comparative analysis study.