4 Framing the Business Opportunity Assessment A comprehensive business opportunity assessment for the Vulcan County Area has emerged from a multi-phase process based on thorough research and analysis of the Area's business opportunities as well as an extensive consultation process. In support of the research and analysis, a comprehensive consultation and stakeholder engagement process was conducted. This effort has included business and development community strategic planning discussions, as well as oneon-one interviews with members of Council, senior municipal and planning staff, as well as business and community representatives. The process was overseen by the Vulcan Business Development Society (VBDS). These sessions were designed to identify the Area's key opportunities for growth as well as the stakeholders who should be involved in implementation and execution of these opportunities. The findings from the project efforts have been used to formulate the action plans. These plans provide the VBDS, partner municipalities, and other partner agencies with direct actions to pursue an aggressive and sustainable growth agenda as well as measures to evaluate the Area's ongoing performance. While developing the action plans, particular attention has been paid to the recently completed Vulcan Brand Action Plan. The brand action plan sets forth the goal for Vulcan: to become the most technologically advanced small town in Canada. The vision of transforming Vulcan into a hotbed of rural technological research and application has been adopted and the process of gathering partners to realize this vision is underway. The Brand Action Plan sets the stage for economic development initiatives in agriculture, tourism, alternative energy and ICT particularly with respect to the adoption of technology in everyday life.
4.1 Value in Strategic Planning Time spent in developing this business opportunity assessment will pay significant dividends to a community, as it will: 1. Outline the steps to follow. Economic development does not just happen. It requires the community to identify a number of intermediate steps to reach its final goals. 2. Promote efficient use of scarce resources. A significant amount of money, time, and people will be required for economic development efforts and these limited resources must not be wasted. The plan will provide rationale for resource allocation.
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