Trying to Navigate A Challenging Economy? We’re Here to Help

The Kitsap Economic Development Alliance (KEDA) was designed to support the vitality of our community.

But how can we succeed at doing that when the economy is so turbulent? What tools can we offer our business owners to help them weather a difficult storm?

Although the International Economic Development Council (IEDC) recognizes National Economic Development Week during the month of May, partnering with business owners to successfully ride the wave of economic change is a priority that never wanes. 

“The truth is, business owners should lean on their economic development organizations in any economy, but especially during times of significant and rapid change. There are a few key reasons why,” said IEDC CIO Dr. Dell Gines. “First, a strong economic development organization like KEDA operates from a high-level perspective. They are monitoring international and national policy shifts, observing what peer regions are doing, and keeping tabs on state and local government responses. They translate all of that, both the threats and the opportunities, into actionable insight for local businesses. This matters because business owners are often focused on daily operations. Of course, great owners pay attention to trends, but they usually do not wake up every day thinking about economic development or policy changes. That is not their core job. KEDA helps bridge that gap.”

Adapt, Respond, Grow

But how exactly does an economic developer do this?

By keeping local businesses informed about changes and providing clear explanations of new policies, practices, and trends, Gines explained. And that’s just the beginning.

“They also show how existing tools and programs can be used more effectively during turbulent times. Staying connected to KEDA helps ensure that business owners are not navigating uncertainty alone. They have a partner who can help them adapt, respond, and grow,” he said.

A Dramatic Shift

In the past, economic development was often focused on one thing: attracting a hot business sector to the region. In the early 20th century, it was industry. By the 1980s, it was entrepreneurship. Get the businesses in and the remaining pieces—attainable housing, quality school systems, better roads, etc.—would fall into place.

Fast forward to 2025. That viewpoint is shifting. Economic developers are recognizing the need for a hands-on approach, getting all the pieces in order, rather than passively assuming the puzzle will naturally come together.  It’s called Multi-Stakeholder, Multi-Sectoral Collaboration.

“It’s based on the concept that economic developers now have to be involved in more things,” said Dr. Gines.

That also means they’re being pulled in multiple directions.

“The field of economic development has shifted from running programs to addressing broader community issues and how they connect to development,” he said. “Instead of just recruiting or retaining firms, they’re being asked to look at housing, workforce, and infrastructure. Entrepreneurship has always been part of the field, but now developers must look at it at scale and understand how it integrates into their broader portfolio. They have to navigate global tensions, local tensions, and policy tensions.”

According to Dr. Gines, all that has translated into the need for a more holistic view of economic development.

“It also means bringing more stakeholders to the table, from industry, community, policymakers, and beyond, and taking a network-driven approach. That means hyper-collaboration, driving growth through multiple actors, and building new skill sets for developers. Yes, it’s still about not putting all your eggs in one basket, but it’s also about diversifying both your industry base and your development strategies,” he said.

You’re Not Alone

That diversified approach is what inspired KEDA’s creation of One Kitsap. It’s an intensive, five year strategic initiative consisting of public and private partnerships that together, can successfully execute a set of intentional actions to support the region’s economic vitality, prosperity, sustainability, jobs, income and GDP.

KEDA also offers an invaluable set of tools covering a range of business resources such as workforce development, tax incentives, site selection and non-traditional funding opportunities.  By taking advantage of those resources, business owners can make decisions that are data-driven rather than done under the pressure of fear, panic, and uncertainty.

Even so, Dr. Gines reassures any business owner that such emotional responses to trying economic circumstances are totally normal.

“I want to say this clearly: it's okay to feel that way. You are not alone. Anytime massive change happens, and you're a business owner trying to take care of your people, build a company, feed your family, and support your community, it will create tension. It will create frustration, and it will create concern. That is completely normal,” said Dr. Gines. “Too often, we treat business owners as if they are superhuman, expected to handle everything without emotion. That is simply not true. It is okay to feel overwhelmed.”

That being said, he encourages all of Kitsap’s entrepreneurs to take advantage of the invaluable resources available to them.

“Stay connected to your local economic development organizations, like KEDA and others. These groups are here to support you. They offer insight and information to help you navigate the changes happening around you. They can point you to resources, interpret policy changes, and help you prepare for what is coming,” he said. “Also, connect with industry groups that represent your type of business. For example, if you are in retail, industry organizations are likely tracking how shifts in the economy are affecting businesses like yours. They can offer tools, best practices, and real-time updates that are directly relevant to your situation. In short, it is okay to feel unprepared. But do not isolate yourself. Stay connected to the people and organizations designed to help you. They can guide you through uncertainty, give you the right information, help you access resources, and provide the support you need during challenging times.”

Are you ready to tap into the wide array of services we have to offer your business? Contact KEDA today!