Business Retention and Expansion

Development and planning efforts in rural communities have historically targeted specific economic sectors or commodities. Lower levels of real income, decreased community services, and the exodus of young people make the continued decline of many rural communities obvious. The lack of jobs has shown that past economic efforts have in many cases not been successful. Rural communities need a set of strategies that develops a system that incorporates all economic sectors and components into a single plan to increase the standard of living for all residents.

Every component in a community’s economy is important to its success. Therefore, a method of engaging economic institutions that may have previously felt uninvolved in community/economic development efforts is vital to the development of a strategy that strives to raise the economic tides of all communities.

Business Retention and Expansion (BR&E) provides a framework for strategic planning for economic development by including select business and industry sectors in a comprehensive assessment. Intensive surveys are developed for specific business and industry types. A detailed analysis of the survey results, presentations, and reports to various business and leadership organizations within the targeted counties is included in a BR&E program.

A BR&E project has as its primary objectives:

• A demonstration to local businesses and industries that the community appreciates their contribution to the local economy
• A method to help existing businesses and industries solve their problems
• A way to help businesses and industries identify and use programs designed to help them become more competitive in today’s economy
• A process to develop strategic plans for long-range business retention and expansion efforts
• A means to build community capacity to sustain growth and development

To see if a Business Retention and Expansion program is right for your community, review thisi brochure (PDF).

Contact Al Myles for more information on business retention and expansion programs or assistance.