‘Know thy economy’!

Every good LED Strategy is based on a sound understanding of the locality. The availability of up-to-date secondary data often poses a problem for LED practitioners. However, it is important to remember that there are many other possibilities of getting to know your locality better. A wealth of information can be retrieved by simple, qualitative, enquiries (e.g. interviews within the business community) on certain key questions of your LED strategy, your own business survey in one of the focal areas of your LED strategy or information gained from the participants of your LED Forum.

Key questions:

  • What is the quality and type of data used (statistical and qualitative)? Is your data from reliable sources? Have you used current data?
  • What method was used to produce the strategy? Is the document transparent about the method? Have you done a SWOT analysis?

Read more on data and analysis in LED Step by Step: The competitive assessment.