As NSBI moves forward into its next phase of growth, the organization is confronted with some fundamental questions:
How can NSBI contribute most effectively to enhancing the economic growth of the province? How can NSBI respond to the rapid changes in the global marketplace and in Nova Scotia’s economy?
How can NSBI better serve and respond to the needs of the province’s businesses, regions and people?
Nova Scotia’s business environment has evolved, diversified, and most importantly, it has grown. NSBI confronts this reality every day. Like Nova Scotia, countries such as India, Ireland and China see foreign direct investment (FDI) as a powerful driver in growing local businesses and attracting new business opportunities.
In 2001, the provincial unemployment rate was 9.7 per cent, and in 2002, it reached 11 per cent. In short, people needed jobs. The provincial unemployment rate has improved and Halifax has one of the lowest rates in the country. The province’s economy and its position as a global competitor has changed and it will continue to change.
NSBI’s success over the past five years illustrates that its approach to business development has worked. The organization knows that a radical shift in direction is not required for the next five years. In preparing the new plan, NSBI set out to gain a deeper insight into new business opportunities and challenges, and to understand how the organization could take business growth a step further.
To do so, NSBI traveled to every region of the province to listen to local businesses, partners, government and industry leaders about what they saw as the opportunities and challenges over the next five years. This initiative was invaluable in helping the organization shape its role for the future.
Information was shared at each consultation and even more was gathered to assist NSBI in charting its next five years. NSBI experienced the value of coming together as a community to share insights into Nova Scotia’s business environment - recognizing the good, identifying the limitations, and from all of this,
understanding how NSBI can move forward.
It is clear that NSBI must maintain its core focus of working directly with businesses to deliver results for the province. To support this core focus, five additional areas were identified: regional growth, ompetitiveness, talent, leadership and collaboration.
To successfully implement this plan, NSBI will develop annual business plans over each of the next five years. These plans will outline tactics that NSBI will implement to achieve the goal of $800 million in total client payroll created and retained over the next five years. This will assist the organization in reaching its ultimate goal of its clients creating and retaining $1 billion in total payroll by 2013.
As NSBI works with its clients to achieve this goal, significant taxes will be generated for Nova Scotia. These taxes can be used to invest in provincial priorities like health care, education and infrastructure.