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Maximizing Aboriginal Economic Opportunities

31/01/2011


A cornerstone to sustainability and eventually prosperity for any community is Economic Development. Building a solid economic base from which to produce employment opportunities and generate new revenue streams to support financial growth and social development, is a key to keeping communities – especially Aboriginal and rural communities – healthy and thriving.

While many community leaders recognize this critical need, many economic development efforts are scuttled by a variety of bad deals which should have been avoided through better Due Diligence.

Although many of us are familiar with the term Due Diligence, it is not a process that is employed widely. Perhaps this is because very entrepreneurial thinkers see Due Diligence as an overly complex and bureaucratic process that can interfere with fast-paced business dealings.

When properly understood and embraced, Due Diligence processes can be designed to accommodate fast-paced business and protect communities from the pitfalls that so many have fallen in to. It’s also a common component of good governance that many corporations and investors expect to see.

At its core, Due Diligence is all about one basic principle: “Look Both Ways Before You…”

For many people, the excitement around a new economic project can be overwhelming; the big dollar signs, the change to mingle with big businesses, the feeling of power that comes from being offered new opportunities. These are all great things, but Due Diligence is needed to ensure that these bright shiny lights at the end of the tunnel aren’t oncoming headlights!

Done right, Due Diligence can help produce more dollars and benefits for your community – while protecting you from wolves in sheep’s clothing. To help our clients and their communities maximize the true value of economic development, MNP offers Due Diligence training workshops, complete with practice workbooks to help clients create a flexible Due Diligence process that works for them.

For more information on Due Diligence and how you can create or tone-up your own process, contact me, Will Fong, MNP Management Consulting.