BusinessRetention Expansion Wyoming Economic 企业保留和扩大怀俄明经济.pptVIP

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BusinessRetention Expansion Wyoming Economic 企业保留和扩大怀俄明经济.ppt

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BusinessRetention

* * * * * * * * * * * * * * * * * * AN ECONOMIC DEVELOPMENT STRATEGY Business Retention Expansion WEDA Summer Economic Development Conference – August 18, 2010 Presented by Lisa Johnson, Executive Director Goshen County Economic Development Corporation Healthy communities have healthy businesses Business retention and expansion programs assist small businesses to prevent relocation and help them survive difficult times. #1 economic development activity in US. REAL JOB GROWTH OVER TIME COMES FROM LOCAL BUSINESS EXPANSION. Purpose Establish relationships Strengthen existing companies Establish early warning signs to flag at-risk businesses that require assistance Ensure that public programs meet business needs Advantages Local businesses have strong community ties Less expensive than recruitment, attraction Yields more jobs Identifies and directs resources to growth companies Defines clear role for economic development organization Outcomes Link expanding businesses with public programs to mitigate growing pains and regulatory issues Improved communication and partnerships Strong public image for economic development Strategic plan for improved business climate Improves infrastructure, making communities more attractive for future investment Business cluster strategies Success stories documenting company and economic growth Economic Impact Average community derives 76% of new jobs and capital investment from existing business Business attraction = 15% Entrepreneurship = 9% In a rural area, the contribution of existing businesses is likely to be 86 - 90% because both business attraction and entrepreneurship will contribute less. Looking at the source of jobs in a community gives insight into the importance of business retention Assessment of business climate Form steering committee Develop business list Invite broad cross-section to serve on task force Train the task force Interview businesses in teams of 2 Address immediate needs Review survey results and strat