Top Ten Reasons Communities Need a Business Retention & Expansion Plan:

1. Competing states are targeting companies in your community;
2. A strategic plan demonstrates commitment to your business community;
3. Up to eighty percent of all new jobs are created by existing, expanding companies;
4. Identify concerns, problems, and opportunities for local businesses;
5. Opportunity to refine policies and strategies to improve the overall climate for investment, employment, and competitiveness;
6. Ninety percent of closures arise from mergers and acquisition, consolidations, restructuring, and planned relocations--most of which can be headed off with a solid BR&E plan;
7. Increased incomes, employment, and opportunities;
8. It's cost-effective; business recruitment costs up to $300,000 per job, while retention and expansion programs cost as little as $300 per job;
9. Prevent overlap and duplication in government's dealings with business;
10. Improve mutual awareness between business and government.

For assistance in developing a BR&E strategic plan for your community, contact one of Commerce's Economic Development Specialists.

Successful BR&E Projects Require the Following:

• Community and organizational readiness for economic development;
• Local champions;
• Immediate action on urgent issues;
• Maintaining community momentum until the project completes;
• Commitment to economic development;
• Strong community and business leadership;
• Ability to analyze survey data and develop recommendations;
• Cooperation;
• Dedicated volunteer base;
• Business resource network;
• Project coordinator dedicated to the project;
• Budget for the project;
• An ability to coordinate and facilitate the entire process.

Quick BR&E Tips

These quick tips for conducting a solid business retention and expansion initiative in your community come from David Myers with the Ponca City Development Authority.

• On-site visits (rule of thumb schedule)--visit every manufacturer with at least 10 employees no less than once a year; visit manufacturers with at least 20 employees every 90 days; and your major employers should see or hear from someone almost weekly.
• Use and maintain the Executive Pulse Business Retention system.
• Develop a database or matrix of all programs offered to businesses by your area technology centers and colleges and universities.
• Help promote the successes of your local businesses regionally, statewide, and nationally.
• Develop a way to regularly communicate resource information to existing businesses.
• Provide plenty of networking opportunities that bring together businesses and community, workforce, and economic development professionals.

The Business Visitation Program Handbook provides step-by-step instructions on developing a systematic way to check in with your local companies and find out how you can help them expand and prosper. It includes sample survey questionnaires, tips for recruiting volunteers, and more. Download your copy now