Tool: COMPASS of local competitiveness

A Compass of local competitiveness is based on the balanced score card method. The key idea is to introduce a wider, more balanced set of performance indicators that is not one-sidedly looking at financial and other economic indicators but also at other, more qualitative indicators that adress the long term growth perspective of the local economy. The elaboration of a Compass is primarily based on structured workshops with local decision makers and stakeholders. The outcome of these workshops is the definition of a set of critical success factors that can be used by the key persons of the respective innitiatives or activities to monitor the ongoing effort.