1 module #6 – business retention & expansion. 2 why existing businesses are important: ...
TRANSCRIPT
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Why Existing Businesses are Important: Recruitment has limitations Over time, they create more new jobs They invest in the community They are ambassadors for industry targeting and
recruitment
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Traditional Process
Led by local coordinator working with a volunteer leadership team of 10-15 people
Additional volunteers recruited to assist in face-to-face interviews of business owners
Process repeated every 3-5 years
Visit as many businesses as possible
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Traditional Process
Immediate concerns of businesses identified and addressed
Often uses outside assistance to develop survey instrument, analyze data and write report of findings and recommendations
Results in a 2-3 year strategic economic development plan
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Traditional Process
Pros Engages Community Low cost Visits all or random
sample of businesses Shortened data
collection time
Cons Hard to sustain Many communities only
do this once Volunteer time
commitment management Lack of follow-through
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Hours Committed to a Volunteer Driven BRE Program
Local Participants
Through Interviews
Implementation
Overall Coordinator 70 40
Leadership Team Members 45 30
Task Force Members 20 20
Volunteer Visitors 8 0
Firm Owners/Operators 1 0
Outside Assistance
Consultant 100 30
Report Writer 75 0
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Continuous Process
Managed by local economic development professional
Operates continuously
Visits limited number of targeted businesses annually
Uses face-to-face and telephone interviews
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Continuous Process
Economic Development professional addresses immediate concerns
The economic development professional “narrates” the local economy to elected officials and the public
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Continuous Process
Pros Continuous effort Professionals better able to
inform community about issues
Relationships with businesses developed and maintained
Cons Limited business visits
tends to overlook smaller firms
Systemic issues not identified
Lack of citizen involvement
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Continuous Process
Communities using this approach must address:– Where to “house” the program
• Public• Private• Combination of sources
– How to fund the program– How to staff the program
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Choosing the “Right” Approach
Choosing the “right” approach “is a function of many factors, including community size, economic circumstances, local development objectives, and the level of commitment of (the) public and private sectors to economic improvement.” Alan Gregerman
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Common Program Elements
Leadership Development Community support Partner organizations Business visitation teams Community assessment Survey process and questionnaire Response process Data analysis and interpretation Benchmarks to measure success Report of results
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Leadership
Committed to BRE
Dynamic – leads by example
Seeks opportunities to serve businesses
Willing to partner with other organizations
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Development Community Support
BRE is not glamorous. It does not get the headlines.
BRE must be seen as an equal partner in the overall economic development mix.
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Partner Organizations
BRE is a team sport Existing businesses need access to a wide
variety services Partners include, but aren’t limited to:
– Workforce Development– Community college/vocation school– Financial institutions– Local, state & federal ED programs
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Business Visitation Teams
BRE is a contact sport
While you may learn about businesses over the phone or with a mail survey, nothing works as well as a face-to-face visit
Typical visits require a team of two – one to conduct the interview and one to record responses
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A Community Assessment
You must know your community
Conducting a community assessment identifies both the assets and deficiencies
The assessment also serves as a tool to education partner organizations, visitation teams and the general public
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A Survey Process and Questionnaire Why are you visiting the business?
How you will collect information from the businesses?
Who will you visit?
Where can you find a questionnaire?
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Conducting Successful Business Visits
Identify the purpose of the visit
Establish visitation teams
Train for successful visits
Visit the business
Respond to business concerns
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A Response Process
Develop a response plan before you visit the businesses
Identify critical issues during or immediately after the visit– Information requests– Urgent (red flag) issues– Longer-term (yellow flag) issues
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Data Analysis and Interpretation
Must be done
Is easier than you think
All you need is a calculator and a pencil
Is easier if you use a software package such as a database or spreadsheet
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Establishing Program Benchmarks Decide what should be measured
Focus on positive outcomes
Measure progress, not activities
Conduct intermediate checks on progress
Use commonly accepted and clearly defined measurement terms
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Preparing a Report of Findings and Recommendations Know your readers and write the report and
summaries accordingly
Use a commonly accepted format for business research reports
Tie the report narrative to the survey goals
Use charts, tables and graphs
Document all recommendations with findings from the survey