Last month, I wrote about how accountability sparks action in economic development.
But what happens after that spark? How do communities sustain momentum and ensure they’re on the right path? The answer lies in measuring progress and sharing those results.
We’ve all heard the saying, “Not everything that matters can be measured.” True enough. But does that mean we shouldn’t measure what we can? Absolutely not.
Too often in economic development, we use the intangible aspects of our work as an excuse to avoid setting ambitious goals and tracking progress. The fact is, while some outcomes are harder to quantify, measurable progress is essential for driving accountability and ensuring that we’re moving in the right direction.
While it is true that some of the most valuable aspects of economic development, like building networks and fostering collaboration, can’t be easily quantified, that doesn’t mean we should ignore what can be measured. Numbers may not tell the whole story, but they tell an important part of it. As Peter Drucker wisely said, “What gets measured, gets managed.”
The key is balance. Measure and report on the metrics that matter most for achieving your community’s goals, such as job creation, venture formation and investment attraction. They offer valuable insight into progress. However, economic developers should also consider less tangible indicators like the strength of local partnerships or the community attractiveness to innovative talent. These factors don’t fit neatly into a spreadsheet but are critical for fostering lasting growth.
The real magic depends on what is done with this information. Sharing stretch goals and progress with key stakeholders and the community at large creates momentum and drives accountability. That transparency fuels the organizational courage and innovation needed to stay competitive and adapt when necessary.
In the end, setting bold goals, measuring progress and reporting results isn’t just about numbers. It’s about fostering a culture of accountability that pushes everyone to perform at a higher level. It’s this cycle — setting goals, measuring, sharing and adjusting — that leads to lasting success in our local economies.
After all, isn’t that what economic development is all about?
John Moore is a principal with Momenteum Strategies, an Upstate-based consulting firm specializing in helping communities and their economic development organizations build thriving, impactful innovation ecosystems.
