Local Money Flows (LM3)
Measuring your impact on the local economy
LM3 allows any organisation to measure its economic impact on the local economy and work out how to improve it.+ Case Study: Bridgend County Borough Council
Bridgend County Borough Council have been working with nef over the last year in the Upper Llynfi Valley – an area facing long-term economic challenges. The project has sought to build economic literacy, facilitating action planning workshops to ensure that a new market square development brings new vitality to Maesteg town centre. The objective is to make sure that the money spent in the local economy can stay re-circulating locally: "plugging the leaks". New entrepreneurial ideas and business networks are forming through the project, and the Council has a clearer understanding of the priorities for fulfilling its role.
Our microsite has provided a platform for disseminating the project outputs.
Across the UK, organisations face the same growing challenge: how to deliver more for less. The public sector faces budget cuts for the next decade, while the not-for-profit sector faces a dwindling pot and movement away from grant-making.
LM3 makes it possible for them to understand where their money goes, how that money impacts on the local economy, and, most importantly, how to improve the local economy while spending the same or less money. It marks a step-change in measuring economic sustainability by enabling any organisation to measure any expenditure on any geographic area using current data.
More effective regeneration: The issue in many places is not that too little money comes in, but that most of it flows out of the local economy in the form of spending on businesses and labour outside the area.
Plugging the leaks: Using LM3 can identify ways to ‘plug the leaks’ in local economy by creating economic linkages.
More independence: It can help develop local distribution, a local workforce and local purchasing, so that communities can build a healthier local economy that can stand on its own long after regeneration funding dries up.
Flexibility: It brings benefits to organisations of any size by minimising the work they have to do to make the necessary calculations. You just upload data, such as a contract or company turnover, specify the target local area, and the system does all the surveying and calculations.
Demonstrating impact: The results of the study will help you demonstrate the impact your organisation has on the local economy, and could have in the future.
Find out more in the brochure: (download)