In economic development, business retention and expansion is a program designed to strengthen the connection between companies and the community while encouraging each business to continue to grow in the community. It promotes business success and vitality through strengthening your connection with local business operators. A comprehensive BRE program is a critical component to fostering a healthy business climate and developing your business community.
In an urban or suburban setting, existing local businesses provide 80 percent of jobs and investment; this reliance greatly increases in rural settings. Consider that it is significantly less expensive to keep and grow existing companies than to attract new ones
Business retention and expansion is the foundation of effective economic development. It makes little sense to invest time and resources to recruit new businesses while losing others due to lack of attention to changing needs or emerging obstacles. An effective retention and expansion program is based on accurate knowledge of the business community and constant communication.
Through direct interactions, events, and research, we seek to gain insight into business practices, planned future actions, as well as the challenges of targeted companies. Then, we turn this “business intelligence” into value-added services, programs, and/or products that address individual and shared company opportunities and problems.