There are benefits to working on business-led community and economic development, but many business leaders aren’t sure how to get started.
At a recent conference of 70 business and academic leaders, MIT Sloan Senior Lecturer Common principles that can help companies foster this mutually beneficial development.
“As business leaders, we want our local economy to do well because that’s good for business. And some of us want to leave a legacy bigger than ourselves and our companies. For our leaders, it’s about investing in the potential of people and places,” said Isaacs, who advises senior leaders and teams on organizational strategy and stakeholder partnerships.
In a follow-up interview, Isaacs talked about how to start investing locally in community and economic development.
1. Build a ladder to your bigger vision.
Start by identifying specific goals to achieve and problems to solve. Imagine what the finish line will look like and create small “ladder rung” goals with easy-to-remember names to help you reach the final goal, Isaacs said. This helps people orient themselves and understand how they can contribute to each step of the process.
Consider, for example, the late President John F. Kennedy’s goal in 1961 to put the United States on the moon within 10 years. Rather than immediately attempting a manned landing on its first attempt, NASA began with Project Mercury, then Project Gemini, and finally Project Apollo.
Isaacs said a common oversight leaders face is stopping to evaluate the process only when problems arise or things have already gone off track. Another is forgetting to celebrate and communicate small wins, because those may be all there is at the beginning of a complex change effort. Building pre-planned check-ins into project plans allows leaders to reflect on whether they are accomplishing what they set out to do and whether their investments are paying off as expected.
“Be calm when you don’t reach your goals, but be equally calm about your progress,” Isaacs said.
2. Act with curiosity and good taste.
Once a vision and purpose are established, leaders must approach their communities with a willingness to listen, a spirit of curiosity, and an understanding (or sense) of the community and the context in which it operates. This approach allows business leaders to hear directly from members about what’s happening in the community, understand their problems and concerns, and then try to propose solutions and gain buy-in.
While there may be some common experiences and common trends across different communities, there is no one-size-fits-all solution, and leaders can “cut and paste” what works in one place. It’s important to remember that you can’t expect it to work. I have had success elsewhere. Isaacs said business leaders need to recognize that their companies and communities are unique and must adapt their plans to reflect the region’s history, culture, community and assets. said.
When Nate Streed started visiting Kroger’s food manufacturing facilities as part of the grocery chain’s sustainability leadership team, he was unsure how to interact with local plant employees as a head office leader. There wasn’t. But Streed wasn’t there for any purpose, he was there as a student and to make some sense of it. In the mid-2010s, Kroger set a company-wide goal to meet and exceed the zero-waste standard of diverting 90% of waste from landfills by 2025. As a first step toward implementation, Streed toured seven facilities identified as target early adopters.
“He spent a lot of time just listening, observing and asking questions to learn from local employees how they produce their food and where their waste comes from.” said Isaacs, who interviewed Streed in 2023. “Rather than prescribing solutions, he asked questions like, ‘How do we change this?’ This resulted in a variety of creative new tactics for waste reduction that were unique to each region. I did.”
Leaders act with curiosity and must be prepared to get some uncomfortable answers. When they open the door to listen, Isaacs said, they will most likely hear complaints. But “it’s okay to be curious,” he said. In fact, it’s even worse when people stop talking to you at all,” she said.
When leaders at Rush University Medical Center wanted to improve the health and longevity of residents in the Chicago hospital area, they said, “We have complete confidence in you.” I had to learn how to deal with neighbors who said, “No.” Other organizations’ development plans are over-promised and under-delivered. To build that trust, the medical center team met with local leaders on their schedules in their respective neighborhood spaces.
“If people want to talk, even if they’re just venting their frustrations, that’s actually a good sign – they’re willing to engage,” Isaacs says. “Your job at that stage is just to listen and believe whatever their experience is. That’s how you lay the groundwork for a real dialogue.”
Isaacs said leaders who find themselves in situations like this should listen and let the community know they’ve heard them and believe the experiences of community members.
“This is key to building partnerships, especially when there is historical mistrust and trauma within the community. It’s a key to building partnerships, especially when there’s historical mistrust and trauma within the community. It’s a way for people to trust you, that their stories are heard, that their experiences are true.” “If you feel like someone believes in you, that’s the starting point for building a relationship of trust,” she said.
3. Bring the right people to the table to lead the effort.
The right people to lead these community and economic development efforts are those with credibility and influence, the ability to nurture relationships, act as intermediaries when trust begins to break down, and the perseverance and strength to drive change in ways that are people-centered and aligned with community values.
“Engagement is the dialogue you have with the world,” Isaacs says. “It’s important to be clear about what you’re passionate about and what you’re good at, but don’t just impose your great ideas on the world as if you have all the answers. When you really listen to what people want and need, your creativity is stimulated and ultimately your solutions will be better. It’s about business leaders and community leaders co-creating the future. ”
