business retention and expansion what it is why it is important how it works what makes it...
TRANSCRIPT
Business Retention and Expansion
What it is
Why it is important
How it works
What makes it successful
Business Retention and Expansion
A Community-based economic development strategy with a focus on:
“Taking Care of”
“Nurturing and Supporting”
Businesses in the community
What it is
“An ongoing cooperative effort between business, local government, agencies, other organizations and people in the community with the purpose of identifying opportunities and actions to assist local businesses in expansion, the retention and creation of jobs and the diversification of the local economic base, as well as the implementation of defined actions to improve the local business climate.”
Short Term Objectives
Builds relationship with existing business
Demonstrates and provides support for local businesses
Addresses urgent business concerns & issues
Improves communications
Retains jobs where there is risk of closure
Long Term Objectives
Increases competitiveness of local business
Job creation and new business development
Establish & implement strategic action for local ED
Strong viable economy
Why it is Important
It’s a program that works!
40-80% of new jobs created come from existing businesses
Contributes to the local economy
Strategic business intelligence
More cost effective approach to Economic Development
Why it is Important
Early Warning System
Business Attraction Strategy
Improved business climate
Communities cannot afford not to be involved
in taking care of their existing business sector!
Your Community’s Best Companies
Are
Your Competitor’s Best Prospects
How it Works
Volunteers
Interview Guide
Training
CORE QUESTIONS
What is their take on the outlook for their industry.
What are the companies success stories?
What is the companies growth strategy?
What part will this facility play in those plans?
Are there new products in development?
Has the company looked at the possibility of suppliers closer to the facility?
Resource Network
Economic and Business Professionals
Inside and Outside the Community
Expertise and Resources
RESPONSE
Recognition and promotion
Securing & maintaining adequate labor
Infrastructure problems
Expansion and improvement with industrial buildings and sites
Finance and Expansion
Government regulations and municipal services
Sources of raw materials and TA
What Makes it Successful?
Strong and Committed Leadership
Partnerships
Community Readiness
Human and Financial Resource
Business Service Providers - Engaged
Why Invest in BR+E?
Demonstrates that you CARE!
Builds Networks
Learning Experience
Brings Community Together
Gets Results
RESULTS:
Companies are saved
Companies are helped
Critical issues are identified
Resources are allocated
Policies influenced
Questions