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ECONOMIC DEVELOPMENT BUSINESS RETENTION EXPANSION “Off-the Shelf” SYSTEMS

ECONOMIC DEVELOPMENT BUSINESS RETENTION EXPANSION “Off-the Shelf” SYSTEMS. MEDC Winter Conference 2/9/06 Jefferson City, MO Libbey Simpson, CEcD Alicia Stephens, CEcD Mark Dawson, CEcD. SUMMARY OF PRESENTATION. Benefits of BRE Programs BRE vs. Business Attraction

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ECONOMIC DEVELOPMENT BUSINESS RETENTION EXPANSION “Off-the Shelf” SYSTEMS

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  1. ECONOMIC DEVELOPMENT BUSINESS RETENTION EXPANSION “Off-the Shelf” SYSTEMS MEDC Winter Conference 2/9/06 Jefferson City, MO Libbey Simpson, CEcD Alicia Stephens, CEcD Mark Dawson, CEcD

  2. SUMMARY OF PRESENTATION • Benefits of BRE Programs • BRE vs. Business Attraction • Keys to Successful BRE Programs • Different Models for BRE • BRE Software Programs for Economic Development Practitioners • Executive Pulse • Synchronist • Regional Efforts • Q&A

  3. COMPARISON BETWEEN BRE & BUSINESS ATTRACTION • 15% comes from referrals from existing customers • 15% comes from new business development • 70% of all business comes from repeat clients “By focusing only on attraction efforts (the 15% of business that is generated by attracting new firms) you are in effect writing off 85% of the entire marketplace. If you compound that by the shear volume of communities only doing attraction, you have a large number of potential communities for a small proportion of the overall economic pie” Eric Canada

  4. BRE VS. ATTRACTION COMPARISONS

  5. KEYS TO SUCCESSFUL BRE PROGRAM • Business/Industry Knowledge- industries are inlocaleconomy & key factors • Local firm knowledge-Know issues affecting each • Professional Services-Use key account professional philosophy • Results Oriented-Outcome based and customerservice is key component • Long-term business climate improvement-Gainssupport from key stakeholders for overall improvement.

  6. DIFFERENT MODELS FOR BUSINESS VISITATION • Mail Surveys • Low cost • Provide general background • Least time to conduct • Easy to lose in mail • No informal data gathering • Volunteer led Site Visits • Better survey statistical validity since short delivery period • Other business leaders offer more trust • Good public-relations potential • Volunteer bias by respondents • Provides a “one-shot” vision of community • Potential for “leakage” of data greater

  7. DIFFERENT MODELS FOR BUSINESS VISITATION • Staff Driven Visitation Program • Data remains confidential • Establishes long term credibility • Staff develops sense of warning signs • No need for time consuming recruitment of volunteers • Lacks public relations potential of volunteer use • Highest cost option • Time restraints on staff reduces # firms called on

  8. BRE SOFTWARE OFFERS ADVANTAGE OF ALL BRE MODELS • No lost surveys such as in mail surveys • Provides general as well as detail background • Provides opportunity for great PR • Structure eliminates survey bias • Reduces “data leaks” • Logic structured • Cost efficient • Results oriented

  9. EXECUTIVE PULSE • Presented by Libbey Simpson, CEcD • Assistant City Administrator for Economic and Community Development • City of Chesterfield http://www.executivepulse.net

  10. Developed by Del Birch and Laith Wardi, practitioners of BR&E • First in web-based design for BRE software (started 10 years ago) • Largest Staff of any BRE Software System • Customer Focused • Results Focused • On-Line No Obligation Demo

  11. e-Synchronist • Presented by Alicia Stephens, CEcD • Executive Director for Partnership for Growth and Development • Liberty, MO http://users.e-synchronist.com/

  12. REGIONAL APPROACH TO BRE:The Kansas City Area Project • Two utilities partnering together • 18 counties/two states

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