Performance Measurement Toolkit for Local Economic Development
As economic development practitioners, you are increasingly asked to track and report on metrics related to your economic development work. This can be challenging when your resources or capacity are limited, or if there is a lack of clarity around how or what you should be tracking.
A performance measurement plan allows you to:
- Track your successes
- Demonstrate the value of your activities
- Ensure that your efforts remain focused
The Performance Measurement Toolkit is a step-by-step guide to help you:
- Choose relevant indicators
- Develop a customized implementation plan
- Communicate the impact of your work
How the Performance Measurement Toolkit Works
The toolkit consists of five essential steps to planning performance measurement. You can go through the steps sequentially or access only those that make sense for your needs. Find more details on performance measurement and how to use this toolkit in Getting Started. You can also download all steps in the Toolkit User Guide.
Click below to access each step. Begin at the “About You - Inventory” step.
The first step in performance measurement is to determine what economic development work is currently planned and underway, as well as what direction you are headed. A clear understanding of your current state will better position you to use performance measurement in an effective way.
The second step is to visualize the entirety of your program or project from where you are now to where you want to go. A common way to do this is to represent your program or project as a logic model. Logic models are easy to use and provide a clear roadmap for success.
The fourth step moves you from visualization into action by outlining how you will manage your performance measurement efforts. An implementation plan describes the who, the why, the when and the where - essential details to help you keep your stakeholders informed.
The final step outlines how to communicate the progress and success of your program or project. Regular communication maintains support and buy-in from your stakeholders. A recommended approach is to use an indicator dashboard as it provides a clear and easy-to-understand snapshot of your current state.