Cuts, Cuts, Cuts Everywhere

Many economic development organizations (EDO's) are experiencing sizable budget cuts because of state and local government revenue shortfalls caused by our national economic problems. While this is no surprise to those running these organizations, we need to try out some new ideas on how to get our jobs done with a shrinking budget pie.

An illustration of this is the recent budget cut proposed for the Maryland Technology Development Corporation (TEDCO). If Maryland General Assembly budget-cutters have their way, TEDCO's budget will be slashed 26 percent, from $5.75 million in 2003 to $4.25 million in 2004. Another issue pointed up by this situation is the need to be ready to describe the "value" provided by your ED program. Funding sources are hitting hard on this issue. Our advice: anticipate it and be ready.

EDO's are finding it much harder right now to answer the question being asked by funding sources: "What have you done for me lately? The economy has simply taken its toll on business investment, the driving engine for economic development. There are fewer deals to be done this time.

Do not despair, fellow professionals. Take the high road in dealing with these tough budget issues. Keep your eye focused on your goals. Innovate. Find alternative strategies to accomplish your goals. Examine how new regional, statewide and national and international collaborative strategies can help you achieve your goals. Work with your peers and even your competition where you need to.

Look for new ways to use the Internet to accomplish your work. Technology could be your best friend right now.

Go here to read more about the Maryland situation.