Would regional planning accelerate economic growth?

These are extracts from my Master's thesis "Leadership for Regional Economic Development" on leadership and strategic planning summary. It was was published by University of South Australia 2004.

The analysis of the data in the thesis identified and discussed the following nine important dimensions to effective leadership: vision and a shared vision; empowerment; partnerships; networks and strategic alliances; collaboration; values; charisma; communication and trust; and teamwork. A consistently emerging aspect from all participants was the perceived importance of community involvement in regional economic development. Whilst some respondents and participants found it difficult to define ‘leadership in the context of regional economic development’, the need for leaders and for collaboration between leaders existed as two of the key ingredients for success. Respondents and participants also highlighted the importance of our civic and community leaders to be working cooperatively towards a shared vision in conjunction with other stakeholders in the regional economic development process.

The key to strategic planning process is the leadership team and the elected and board members with their professional staff and senior management team in refining development opportunities through rigorous assessment, so that they are consistent with the long-term vision of both the Council and Regional Economic Development Board. It has to be well grounded, well coordinated, and the Report stresses well integrated collection of available resources and opportunities in the community and/or region. The Report outlines the process before any new firm is supported, training program implemented, or community infrastructure improved, justification for support is to clear to all organizations and groups in the zone, region and/or community. It believes such planning efforts allow outside firms or government agencies to easily see the advantages of a zone, region and/or community for a particular initiative, and resources allocated. In addition, strategic planning for regional economic development must be flexible, with success and failures contributing to an evolving vision and revised goals. The Report states that the unchanging development plans are outdated that with the constant flux of global trade, new technologies, and resource restructuring, the challenge for the New Regional Economic Development is to harness innovation and change in a way, which supports community viability. Stimson, et al (2002: Chapter 1: 10) argue that the more recently, strategic planning has promoted collaborative advantage where firms and regions are encouraged to collaborate in competition for strategic advantage.