For most of us, trying to quickly explain what we do as economic developers includes some mention of locating a new company and growing the local tax base. Of course, these aspects of our work are important, but what often goes unmentioned is the other work that we do, which may sometimes be considered less glamorous, to care for the companies already located in our communities. Business retention and expansion (BRE) is essential work. Hickey Global believes that instead of treating it like Cinderella before the Ball in our story of community prosperity, we should treat it like the royalty it is.
BRE is not just about supporting and growing the businesses already in your community. It's about understanding their needs, addressing their challenges, and helping them thrive. The success of your program is directly linked to the quality of the data you collect. In other words, the more accurate and comprehensive your data, the more effective your program will be. Remember this: garbage in, garbage out.
While there are many ways to get information from your existing companies, most information extraction starts with a survey or questionnaire. Questions should be consistent, and data should be stored to allow for easy aggregation and interpretation so that decisions about how to serve the business community are data-driven. Some programs use volunteers to help gather data, while others manage outreach using department staffers. Many communities set metrics for BRE success that may include the total number of visits, the total number of companies assisted, and the total number of companies retained—but there is so much more to keep track of! Consider launching a new initiative based on company feedback and tracking that progress, finding opportunities to advocate for companies and touting that impact, or implementing topic-specific networking opportunities.
Successful BRE programs serve as cost-effective ways to grow the business base. When existing companies create jobs, there are more chances to keep employment opportunities local and nurture environments that can support larger-scale corporate expansions. BRE programs also build loyalty and shared purpose between businesses and the community. When businesses succeed, so do the local economy, schools, and overall quality of life.
While attracting new businesses is still essential, BRE is the cornerstone of a balanced economic development strategy. It focuses on nurturing the already invested businesses in your community to foster a thriving and resilient local economy.
If your community is ready to prioritize business retention and expansion as a critical component of its economic development program, but is unsure where to start, our team is here to help. We bring a wealth of firsthand experience and a deep understanding of the importance of community engagement in BRE. Contact us today to start your journey towards a more prosperous and resilient local economy.
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