The Collaboration Score: Why Site Selectors Should Use It
he next time you conduct a site search for the optimal location for a business operation, consider adding the “collaboration score” of each community to your matrix.
Location modeling and real estate site selection is a process companies may undertake either through the use of internal resources or by outsourcing the task to a company that specializes in the field. A qualified site selection professional or firm will apply a methodical approach to the process in order to evaluate all factors that are important to a location decision and ultimately reach a conclusion about which site will best serve the needs of the company.
One approach is to construct a matrix built upon analyzing key factors that make a site suitable for business growth. To account for the relative importance of these factors, they can be ranked and weighted to determine the comparative strength of one location to another. A typical approach might include the evaluation of standard factors such as human capital, business climate, quality of life and infrastructure availability.
These factors, while not comprehensive for all projects, are quantifiable and can be ranked. Through various methods of comparison, these ranks can then be used to translate large amounts of data into values that are easy to interpret and consider in the decision-making process. As an example, in the chart below, data in each category has been ranked resulting in comparable scores that are then color coded, green indicating higher/better scores, red lower scores to highlight the best site in each category and overall. This can be used as the basis for justifying on a quantifiable basis a site selection decision.
What may be missing from this approach but should absolutely be a consideration in the site selection process, is the community “collaboration score.” Though less defined and more qualitative in nature, a collaboration score is the measure of the extent to which the community is fully aligned with its economic development strategies and efforts. In other words, a highly collaborative community would be one which has an agreed-upon and holistic approach to business attraction and retention. All agencies, public and private, that will be involved in the successful outcome of the project are in sync and understand the project objectives.
Read the rest of the article by Leslie Wagner, Senior Principal with features on:
- The challenge and true risk to the site selection process
- How to have peace of mind that a project will result in success
Access the full story as part of the TrustBelt report in Site Selection magazine here: https://siteselection.com/trustbelt/the-collaboration-score-why-site-selectors-should-use-it.cfm