Released on May 30, 2008
Saskatchewan regional economic development agencies now have a tool to quickly assess key economic indicators and make development decisions, when implementing a community or regional Business Retention and Expansion (BR&E) strategy.
The tool known as the Synchronist Business Information System or e-Synchronist, identifies a business community's concerns and opportunities, sets priorities and takes action. This, when implemented, is expected to create jobs, sustain growth, generate wealth and build community capacity and prosperity.
"This tool will keep our economic momentum rolling as it will give the government and economic development organizations the ability to conduct comprehensive assessment on 92 key performance indicators," Enterprise and Innovation Minister Lyle Stewart said. "Our plan is to spur our local economies into high performing regions by providing economic development tools such as the e-Synchronist."
The Ministry of Enterprise and Innovation is currently working with the Prince Albert region to test and train economic developers on the use of the e-Synchronist Business Assessment Tool. The region will soon be implementing a BR&E program with partners involved in Pursuing Regional Economies through Prince Albert Regional Engagement (PREPARE).
The City of Swift Current through Action Swift Current, a local economic development organization, launched a successful BR&E program in 2003. It has resulted in direct and indirect economic impact, running into millions of dollars. It is now used as a case study at international training sessions.
The Synchronist System, which was released in 1998, is a set of survey tools, database, software, preformatted reports and embedded analysis designed to specifically help economic development organizations understand individual businesses in an economic region.
The analysis covers many critical business indicators such as business health, international markets, workforce health, economic base indicators, investment forecast, community challenges and community strengths.
The costs for the province to utilize the e-Synchronist system are: $17,800 for the initial investment and purchase of the product, $21,000 for initial set-up of multiple regional access point and administration levels, and $4,600 per year for maintenance, upgrades and technical support. There is no cost to regional economic development agencies to access the tool.
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For more information, contact:
Joanne Johnson
Enterprise and Innovation
Regina
Phone: 306-787-7967
Email: joanne.johnson@gov.sk.ca