Business Retention Model

1
Business Retention Model

• Introduction to Business Retention Expansion
  Programs.
• Action Steps in Developing a Program.
• What it can do for your community.

2
Introduction to BRE

• Concept developed 20 years ago
• Business Retention Expansion Programs are
  considered one of the primary functions of
  Economic Development Departments.
• New business openings receive more press, but
  existing businesses create jobs.

3
BRE Programs Defined

• BRE Programs are a set of strategies to assist
  and encourage existing businesses to continue to
  do business, increase efficiency or to grow.

4
Goals Objectives of a BRE Program

• To strengthen and diversify the local economy
• To promote economic development and job creation.
• To build local capacity to implement economic
  development action plans.

5
Action Steps for a BRE Program

• Business Visitations
• Data Analysis
• Development of Local Action Plans
• Follow Up

6
Business Visitation Goals

• Demonstrate a pro-business attitude and an
  appreciation of each firms contribution
• Determine perceptions and problems of local
  businesses
• Develop mechanisms to deal with business problems

7
Business Visitation Goals

• Involve different segments of the community in a
  problem-solving network
• Help businesses become more effective and
  competitive through the use of federal and
  provincial programs.

8
Benefits of Business Visitation

• Strengthens relationships between local
  businesses and economic development agencies.
• Exposes local businesses to programs, resources
  and organizations that aid in the improvement of
  the local business environments.

9
Benefits of Business Visitation

• Provides a wealth of business information for the
  community that can be used for
• The evaluation of community strengths
  weaknesses
• The analysis of local market strengths and
  opportunities
• The attraction of new business investment

10
Conducting Business Visitations

• A survey is the primary tool of a business visit.
• Determine which businesses will be visited.
• Recruit people to conduct the visits.

11
Conducting Business Visits

• The first phase is a one-to-one visit to all
  businesses
• The second phase of visits are to follow up with
  any businesses that had immediate issues that
  needed to be addressed.
• The next phase is to maintain the program.

12
Conducting Business Visits

• As the visits were taking place in our community,
  the people conducting the visits became more
  motivated and the business people responded
  positively because someone was taking the time
  and taking the interest in their business.

13
Data Analysis

• With a completed survey in hand, the next step is
  to compile the data in a well designed database
  so that statistics and general reports can be
  pulled from the information.

14
Data Analysis

• In our community the results of the survey gave
  us a pleasant surprise.
• In the past 5 years local business had created
  201 new full time jobs, 106 new part time jobs
  and 13 new seasonal jobs.
• Positive results ignite communities to push
  forward into new initiatives

15
Action Plans

• With data analyzed, there will be some obvious
  areas that require attention.
• These areas form the basis of the Action Plans
  that you build for your community.

16
Action Plans

• Address any urgent issues immediately
• Action plans can be simple or complex depending
  on need.
• Plans should address local issues, strengthen
  existing business, and provide increased
  awareness of expansion opportunities.

17
Follow Up

• Developing a relationship with the business
  community by conducting visitations and
  implementing a program is the most critical
  component to success.
• Share the information on general trends and
  opportunities with the businesses.

18
What Can BRE Do For Your Community?

• Most businesses appreciate that they have been
  asked for their opinion.
• Continue to communicate with your businesses so
  that they know that their business is always
  important to the community and not just when you
  need to complete a survey.

19
What Can BRE Do For Your Community?

• 60-80 of new employment is due to the retention
  and expansion of existing business.
• Adding employees to an existing business is less
  expensive and more stable than developing a new
  business which can be high risk.

20
What Can BRE Do For Your Community?

• Our community has created over 200 new jobs with
  existing employers in a 5 year period.
• Our most recent industrial project took 7 years
  to develop and created 38 new jobs.

21
What Can BRE Do For Your Community?

• A business visitation program involves the whole
  community.
• In the end the visitors are enthused about local
  business and local business is enthused about
  their future in the community.