Since they were conceived during the 1920s, at a time when 90% of rural homes were still without power, cooperatives have demonstrated their potential as powerful drivers of economic development for their communities. Despite competing demands on financial resources, economic development is a perennial top priority at best in class companies, with the most successful having initatives that are customized to their own unique goals.
Top performing cooperatives foster economic devlopment in a variety of ways, but well-designed programs typically include initiatives covering Data and Analytical Resources, Community and Industry Collaboration, and Planning and Direct Development. ScottMadden believes that organizations should work not only to select their own initiatives for fostering economic development that are customized and measureable, but also to ensure that a sustainable annual process exists for the prioritization, evaluation, and modification of those initiatives.
“In many ways, the future of rural electric cooperatives is tied to the future of their rural communities. Strong economic development programs are simply good strategy because they attract more commercial and industrial members, expand the size of membership, and increase electricity sales,” said Brad Kitchens, President and CEO of ScottMadden.
“A strong economic development program is also a reflection of one of the key principles of cooperatives:
For 30 years, ScottMadden has been a leader in energy consulting, serving more than 200 energy organizations, including 20 of the top 20. ScottMadden has completed thousands of successful projects and provides practical expertise in nuclear, fossil, renewables, transmission, distribution, Smart Grid, gas, regulatory, and a host of other areas. ScottMadden:
About ScottMadden, Inc.
ScottMadden is a management consulting firm delivering customized, practical solutions for clients in energy, clean tech & sustainability, corporate & shared services, and the federal government. ScottMadden’