Business Retention and Expansion

The retention and expansion of local businesses can
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Terms in this set (19)
The retention and expansion of local businesses can
Keep or increase local jobs
Preserve or increase local tax base
Increase local property values
Enhance community image
Maintain or diversify economic base
Tools of BRE
Marketing
Assistance with land and buildings
Infrastructure
Financial Assistance
Workforce training
Technical assistance/assessment
Availability of technical resources
Export assistance
Ways to reduce energy costs/comply with environmental lows
Permitting and licensing assistance
Tax and non-tax incentives
Components of a BRE Program
Team Building
Outreach/Relationship Building
Red flags/responding to needs
Management and follow up
Characteristics of a successful BRE
Industry knowledge
Primary knowledge of firm needs and priorities
Professional customized service
Outcome oriented
Favorable business climate focus
Coordinate services
Components of a BRE SWOT Analysis of a community
Strengths and Weaknesses-
labor force
access to markets
transportation
educational infrastructure
site availability
business climate
utility costs and availability
quality of life
resources

Opportunities Threats-
outlook
technology
legal and regulatory
changes
large employers
economic trends
competitors
BRE Infrastructure
Human Capital
Budget
Technology
Marketing a BRE Program Includes
Media and PR (op-eds, press releases, social media)
Partnerships in marketing (utilities, education)
Tradeshows - of available resources to businesses
5 Ways to Conduct a Survey
Mail
In Person by volunteers
In Person by ED Staff
Combined mail and in person
Email or web based surveys
Survey Focus Areas
Firm background
Business climate
Labor and training needs
Marketing and trade
Financing needs
Regulatory issues
Barriers to growth
Satisfaction with public services and facilities
Past utilization and satisfaction with local BRE
Survey follow up
Immediate - review surveys for assistance requests and red flag at risk companies for rapid response
Short Term - send a thank you letter, tabulate completed surveys, create a file for each survey
Medium Term - make sure all agencies have responded to all requests
Long Term - Update firms on progress in dealing with community wide issues that impact the business climate
Indicators a firm may be at riskDeclining sales/employment Larger non local corporate ownership Recent ownership changes lease of property expiring Other facilities producing same product Negative attitude about community High regulatory burdens Union contract expirations Expanding employment/sales Facility and site expansion plansWhat to Include on Site Information MaterialsLocation Zoning Immediate past use Square footage or acreage Monthly rent or purchase price Utility access and providers Rail/Highway/Air Listing broker Property ownerFinancing options for entrepreneursVenture capital State venture capital Pension fund set asides Angel networks Capital network Grant fundingIncentives for BRESometimes tied to purchase of machinery to increase production Operational efficiencies- Workforce training Tech assist consulting services productivity assessment tech commercialization land acquisition assistance infrastructure improvement CDBG Section 108 loan guarentee VC, angel, RLF, loan/grant, utility discount, Inductrial Bond financingPerformance Based CriteriaNumber of jobs created Quality of jobs Minimum investmentRetention IncentivesSales/Use tax exemption General Obligation bonds Tax exemption on land and capital improvements tax exemption on equipment and machinery tax exemption on manufacturers inventories tax exemption on goods in transit inventory tax exemption on raw materials tax exemption To encourage R & D tax exemption on corporate and personal income tax exemption on excise fees TIF Enterprise zones Renewal communities tax incentives for job creation in areas of high unemployment tax abatement tax credit for job creation tax credit for use of specified products and industries accelerated depreciation of industrial equipment foreign trade zonesAssistance a BRE can provide to help a firm open new markets1.Procurement opportunities 2. Networking - horizontal(all different industries),vertical (within same industry) 3. Technology transfer 4. Federal programs - manufacturing extension partnerships, conduct assessments and assist with technology transfer 5. State programs 6. Exporting 7. Defense diversification resourcesDisaster Recovery BRE TasksCollect critical emergency contact info from local businesses Establish remote server to backup BRE database Established a tiered re entry system Create a bank consortium Prepare media messagesStrategies for Retaining Businesses after disasterEstablish a business recovery center Deliver services through a cases management approach Communication and outreach Survey local businesses Hold business recover workshops Provide financial services long and short term Incentives IEDC website www.restoreyoureconomy.org