Diversifying Our Local Tax Revenues...
Through Business Model Innovation (BMI)
BMI & Local Tax Revenues
BMI offers rural communities a viable opportunity to grow & diversify local tax revenues. Individuals who choose a career in BMI live and work locally on projects that serve markets throughout the world. This means their incomes are not dependent on local markets, nor are the local tax revenues they generate. When they purchase homes, vehicles, food, clothing and entertainment, etc., they infuse our local economy with financial resources from outside our community.
Moreover, they are able to work on projects in sectors of the economy that are not available locally; thereby further diversifying resident incomes and tax revenues.
With as few as 3% of our local residents working as BMI Practitioners, it would directly generate $15 million of annual income for residents of our community and an increase in accompanying local tax revenues. Another $9 million of annual income for residents working in supportive roles of BMI would generate additional income and tax revenues.
Moreover, $9 million in debt-free, annual funding of desired community amenities would bring the total value to our community to $33 million annually (see next post for more on this); a significant impact on our local economy.
Underemployment & Local Tax Revenues
One of the chief obstacles to growing diversified tax revenues in Rural America is underemployment. Individuals who are underemployed earn less, are less than fully engaged in a career, and less likely to perform at their best; a needless waste of talent and potential.
BMI helps individuals who are underemployed build careers that pay well and utilize their strengths and abilities to create compelling value in the marketplace. Individuals who are optimally employed (those with resilient, rewarding careers) are fully engaged in their work, happier, and more productive. They earn more and contribute more to the local tax revenues as they purchase homes, automobiles, food, clothing, entertainment, etc. These factors, by and large, grow and diversify the local economy and local tax revenues.
Growing & diversifying local tax revenues through BMI is a viable way to strengthen and prosper our local economy. It provides local residents a way to live and work locally while serving markets worldwide and provides them with more resilient income and thereby greater resilience for our local tax base in the face of fluctuating economic conditions. It is a key element in providing an ongoing source of growth and diversity for our local tax revenues, economy, and community.
In response for the need to grow & diversify local tax revenues in Rural America, Partnering Technologies’ Strategic Partnering Program offers comprehensive training in the discipline BMI in virtually all industries and sectors of the economy. To explore the rewarding career opportunities available in BMI with Partnering Technologies email firstname.lastname@example.org.
The Silver Creek Economy blog is sponsored by Partnering Technologies, an Arizona-based Learning & Development Company. Their focus is helping rural communities across America and throughout the world build and maintain prosperous, thriving local economies through the systematic application of innovation principles and methodologies. Its founder is Jim Sanderson. Contact him at madison85937@yahoo.