DT #685 How Communities Can Turn Their Assets into Competitive Advantages

How can communities identify their greatest strengths and turn them into a competitive advantage?

In this episode of Develop This!, Dennis Fraise sits down with Jeanette Goldsmith, President of Strategic Development Group, to discuss how communities can build a smarter asset strategy that attracts investment and supports long-term economic growth.

Jeanette explains that successful economic development goes beyond available land and infrastructure. Communities must recognize both their tangible and intangible assets—from workforce and leadership to partnerships and organizational alignment—and understand how those strengths position them for future opportunities.

A major focus of the conversation is the Economic Development Readiness Continuum: Stabilize, Strengthen, Prepare, and Compete. Jeanette walks through each stage, explaining how communities can assess their current position, reduce risk, and develop the capabilities needed to compete for investment.

The discussion also explores common mistakes communities make, including trying to pursue every opportunity instead of focusing on industries and projects that align with their strengths. Jeanette emphasizes the importance of prioritization, collaboration, and realistic market positioning.

Throughout the episode, she shares practical advice on aligning community assets with economic goals, improving organizational readiness, and balancing long-term planning with short-term wins.

A key takeaway? The communities that succeed aren't the ones with the most assets—they're the ones that understand, align, and leverage their strengths with purpose.

Key Takeaways

• Community assets include both physical infrastructure and intangible strengths

• Organizational alignment improves speed, execution, and competitiveness

• The Readiness Continuum helps communities prepare for sustainable growth

• Focused strategies outperform trying to chase every opportunity

• Understanding market realities leads to better investment decisions

• Long-term planning and continuous improvement drive lasting success

Key Topics Covered

• Community asset strategy and economic development

• Tangible and intangible community assets

• The Economic Development Readiness Continuum

• Organizational alignment and collaboration

• Common asset strategy mistakes

• Prioritizing opportunities and building community competitiveness

Sound Bites

• "Prepared communities know where they can win."

• "Intangible assets can really make a difference."

• "Communities that win are incredibly focused."