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Business Retention Expansion

What is Business Retention

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Business Retention Expansion

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    1. Business Retention & Expansion Source: International Economic Development Council 1

    2. What is Business Retention & Expansion? Core component of economic development Keep businesses from relocating Help businesses survive economic difficulties Assist them with expansions that add jobs Increase their competitiveness Source: International Economic Development Council

    3. Business Retention & Expansion Enables the community maintain up-to-date picture of the local economy Business retention linked with expansion Impact of a firm on community Relocation Expansion Many communities focus on attraction Source: International Economic Development Council

    4. Business Retention & Expansion Many communities focus on attraction Ignore basic rule of thumb of business marketing (Eric P. Canada) 70% of business is repeat clients 15% comes from referrals 15% comes from new business development Source: International Economic Development Council

    5. BRE & Business Attraction Comparison ATTRACTION Most Sophisticated Customers Supply Driven Limited Access to Firm’s Key Decision Makers Customer Typically Sets the Price RETENTION & EXPANSION Less Sophisticated Customers Demand Driven Immediate Access to the Firm’s Key Decision Makers Supplier (Locality) Typically Sets the Price Source: International Economic Development Council

    6. BRE Core Program Use many same tools as attraction Gives credence to business environment Source: International Economic Development Council

    7. Factors for Successful BRE Programs Industry Knowledge Local Firm Knowledge Professional Service Result Oriented Focus on Long-Term Coordinate Services Source: International Economic Development Council

    8. Stakeholders Role in BRE Economic Development Practitioner Business Community Utility Companies Source: International Economic Development Council

    9. Creating a BRE Program The players Local government Chamber of Commerce or EDO Public-private partnership organizations Source: International Economic Development Council

    10. Local Government Advantages Day-to-day contact with political leaders—support Other government agencies Disadvantages Plant managers dismissive Funding problems May be reluctant to shift from attraction Collective bargaining (ugh) career bureaucrats Source: International Economic Development Council

    11. Private Organizations Advantages Credibility Leverage Freed from political considerations Disadvantages Unresponsive Opponents within Budget problems Source: International Economic Development Council

    12. Public-Private Organizations Advantages Funding from private sector Access to government officials with protection Flexibility in staffing Disadvantages Competition for funding Redundant Source: International Economic Development Council

    13. Community Assessment SWOT for deeper understanding Task Force Action Plan Annual review & update Source: International Economic Development Council

    14. Business Visitation & Surveying Early Warning System Information aggregated & serves as part of a database for local officials Source: International Economic Development Council

    15. Models Mail Surveys Site Visit Surveys Using Volunteers Site Visit Surveys Using Economic Development Staff Combined Main & Site Visit Surveys Email or Web-based Survey Source: International Economic Development Council

    16. Follow-Up Immediate Short Term Medium Term Long Term Source: International Economic Development Council

    17. Early Warning System Signals Declining sales/employment Larger non-local corporate ownership Recent ownership change Lease of property, expiring leases Other facilities producing the same product or service Negative attitudes about the community Unbearable regulatory burdens Union contract expirations Expanding employment/expanding sales Facility & site expansion plans Other – local environment Source: International Economic Development Council

    18. Economic Development Tools for BRE Marketing Identifying & Supporting Industrial Clusters Creating Site Opportunities for BRE Source: International Economic Development Council

    19. Technical Assistance & Assessment Programs Workforce New Markets Assistance with Permitting & Licensing Source: International Economic Development Council

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