Worcester Business Journal

20 Worcester Business Journal • February 29, 2016 www.wbjournal.com Y esterday's innovations shaped today's Gateway Cities. The commonwealth's legacy as the birthplace of America's industrial revolution still resonates, but after years of disinvestment, this same legacy presents us with a series of shared and unique economic challenges for our Gateway Cities. The Cities' future requires a new phase of innovative thinking that led to an explosion of manufacturing and jobs, but with a 2016 spin: collaboration, commitment and customization. Whether through Community Compact agreements, Transformative Development Initiative (TDI) Districts or other local champions and resources dedicated to strengthen our communities, Massachusetts is dedicated to providing cutting-edge tools to help our communities accelerate their economic vitality. To double down on the commonwealth's deep commitment to our Gateway Cities, MassDevelopment and the National Resource Network – a U.S. Department of Housing and Urban Development technical assistance program that delivers innovative solutions to cities facing economic challenges – recently announced the launch of the nation's first State Resource Network. This pilot partnership will provide up to 10 cities facing economic challenges with comprehensive and cross-cutting assistance designed to increase their competitiveness. The 16 eligible cities are Brockton, Everett, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, New Bedford, Peabody, Pittsfield, Revere, Springfield and Worcester. The State Resource Network will be supported by up to $1.2 million in federal, state and local funds – including $375,000 from MassDevelopment's Transformative Development Initiative, making Massachusetts the first to provide direct funding to the effort. Through this partnership, Massachusetts is once again a national leader. The Massachusetts State Resource Network will employ an approach that has delivered positive results across the country. Cities like Wilkes-Barre, Pa. and Kansas City, Kan. have worked with NRN to identify strategies and initiatives to improve their economies. As the director of transformative development at MassDevelopment, and after our first year of TDI, I know that our cities face varied and distinct issues. That is why the State Resource Network will work with each city and its community partners to develop a customized approach to address economic development and influencing issues such as education, public safety and workforce development. Eligible communities may consider an array of projects like downtown revitalization, community d e v e l o p m e n t , infrastructure investment or even multi-year budget planning. In keeping with the TDI core principles of p a r t n e r s h i p a n d engagement, delivering this additional technical assistance will foster a collaborative approach that emphasizes working with critical anchor institutions, including local foundations, municipal governments and corporate partners. This effort is about a community partnering with national experts and networks and expanding the toolkit to find the solutions that work for that particular city. Just as the industrial revolution put cities like Leominster and Worcester on the map, our State Resource Network has the potential to amplify our efforts. Our Gateway Cities have supported workers and families for decades; it's now time for them to get the resources they need, and secure the prosperous futures that they deserve. n Anne Haynes is MassDevelopment's director of Transformative Development. By Maria McCaffrey Maria McCaffrey is the events and programs manager at the North Central Massachusetts Chamber of Commerce. She can be reached at mccaffrey@massweb.org or 978-353-7600 ext. 235. 10 Things I Know About... State Resource Network can help Central Mass. innovate KNOW HOW 10) Decide what kind of networker you are. Be honest with yourself about what type of networking you like and excel at, such as structured (referral groups) or informal (business after hours). Choose events that fit your mold. 9) Set your expectations. If it's not readily available, contact the event organizer and ask about the agenda, who else is attending, the goal of the event is and if it would be a good fit for you. 8) Make personal goals. Go into the event with a reasonable, tangible plan and stay on task, especially at informal networking events. Planning to meet as many people as possible will leave you with unmet expectations and feeling like you've wasted your time. 7) Make several 30-second commercials. You have a short window to tell someone about what you do. Make a quick commercial about you, your business and who would be a good client. Have a few on hand to use in various situations. 6) Practice, practice, practice. Practice your 30-second commercials frequently, especially right before an event. Knowing exactly what you are going to say and tweaking any tough wording will help you say it smoothly and confidently. 5) Eat before you go. You don't want to go into an event hungry because you're not doing your best networking while thinking about the spanakopita at the next table. This will minimize chances of spilling on yourself or having an errant crumb on your face. 4) Check your face. You have seven seconds to make a great first impression. Smooth your hair and look for anything in your teeth. You want to be remembered for your confidence, not the snack you just had. 3) Let them talk. You said your commercial, now let your partner talk. It may not be all business, but getting to know them better will help you decide if this person would be a good client or if they're better as a referral source. 2) Keep on task. Remind yourself of your personal goals for the event. Keep moving and don't get hung up on people you've met several times or your friend that you can have lunch with next week. 1) Follow up. Keep connected by sending a short email or phone call, even just to say "Nice to meet you!" Not everyone is a client, but people do business with people they like and trust. Staying on someone's radar helps capture referrals, and business will come your way! n H aving a strategy is one thing, but implementing that strategy in an effective manner is critical to see results. Otherwise, your strategy is just a plan never adequately put into action. Whether you are looking to renovate your facility, increase sales or launch a new product, proper implementation is as important as the development of the strategy. Here are three ways to help ensure your strategy's goals are achieved. Narrow in on your primary customer. Any strategy implementation begins here, says Robert Simons at CEO.com. It's a commonsense way to gauge if competition for resources at your company — support functions and business units, for example — are worth it. "But I have more than one kind of customer," some companies might say. "This answer is a guaranteed recipe for underperformance: the competitor that has clarity about its primary customer and devotes maximum resources to meet its specific needs will beat you every time," writes Simons. Communicate down the line. From top to bottom, employees need to understand the larger impact of their day- to-day choices. Don't let a lack of communication render your plan useless, or let team members pursue different goals. Gary L. Neilson, Karla L. Martin and Elizabeth Powers, in an article at Harvard Business Review, give an example of a company where "salespeople would routinely enter into highly customized one-off deals with clients that cost the company more than they made in revenues. Sales did not have a clear understanding of the cost and complexity implications of these transactions." Review, review, review. Evaluate the strategy, before, during and after implementation. Regular meetings "can help executives determine the strategy's soundness in light of changes within the organization, industry and economy," writes Jesse Torres at Entrepreneur.com, and explore potential opportunities. n 101: EXECUTING STRATEGY >> BY SUSAN SHALHOUB Special to the Worcester Business Journal Getting the most out of business events BY ANNE HAYNES Special to the Worcester Business Journal

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