Business retention and expansion (BR&E) is arguably the most effective economic development activity the state or local communities can undertake. Considering that up to 80% of all new jobs come from existing companies and that it costs a lot less to keep a company than it does to recruit a new company, it makes sense that communities commit resources to making sure existing companies stay strong and grow.

In addition to a strong state level BR&E program, Commerce is dedicated to helping communities put effective BR&E programs in place, including providing proven tools and resources and supporting local efforts.

Critical to the success of this initiative are Commerce’s rural development specialists (RDSs) who can assist you with all aspects of BR&E.

Components of an Effective BR&E Program

Build Relationships with Existing Companies – It all starts with building relationships with existing companies.  That means regular, meaningful contact with company executives and other staff.

Understand the Business – In addition to understanding the work of the local facility, it is important to have at least some understanding of the industry of which they are a part.

Keep a database of pertinent information – Gathering key information and keeping it in a database provides a history of each company and an opportunity to watch for trends for individual companies and for groups of companies – information that can guide local decision makers in allocating resources and advocating for the needs of local companies. Commerce has available for any Oklahoma community an excellent tool - Oklahoma’s Biz Beat - designed specifically for BR&E activities.

Make local, regional and state level service providers a part of the BR&E team – The local BR&E team is made up of all of the organizations which contribute to the success of local companies. Examples of service providers include:  CareerTech technology centers, two-year and four-year colleges and universities, Manufacturing Extension Agents, utilities, city officials, Workforce offices and boards, the Oklahoma Department of Commerce, Resource Conservation & Development (RC&D) offices, Small Business Administration (SBA), USDA Rural Development, Oklahoma Extension Service, and many more.  Helping these providers understand the needs of business and industry is critical to the success of local companies.

Provide Solutions (short-term and long-term) – The value of building relationships, conducting ongoing information gathering and having a BR&E team in place is that when challenges arise for existing companies, the community is ready to provide the solutions needed. Whether it is additional power requirements, training for the workforce or the myriad of other challenges businesses face, the community, with the help of the service providers, needs to lead the way in helping resolve the issues.

Recognition means a lot - Recognizing achievements and the contributions of existing companies is an important part of any BR&E program.  Weekly news articles highlighting companies in the community, visits to company facilities, plaques celebrating milestones and achievements are all examples of  recognition that help companies understand that they are valued by the community.

At-risk Companies – Early identification of companies that may be at risk provides an opportunity to help resolve issues before they get too big or too far along to solve. 

In the end, it really is about regular communications and relationship-building with executives of local companies.  Your goal is for those executives to feel comfortable enough to call community leaders if challenges arise.  The Oklahoma Department has a variety of tools and resources to assist communities with business retention and expansion.ent training

• Oklahoma Department of Commerce Economic Development Specialists coordinate the many programs, resources, incentives, and services offered to help businesses grow and prosper.

  Managed by Vikki Dearing, Director of the Commerce Business Solutions Team, Economic Development Specialists provide a wide variety of expertise and assistance including:

  • Rural economic development;
  • Assistance with new Executive Pulse Business Intelligence/Retention System;
  • Business and community advocacy;
  • Women-owned business assistance;
  • Minority-owned business assistance;
  • Entrepreneurial and start-up business support.

The Economic Development Specialists, contact information, and areas of expertise are listed below.