Secrets to Managing a Successful BR&E Program
Having a sound Business Retention and Expansion program is an imperative pillar of economic development. Through our work, we’ve met with countless professionals that have created, tweaked, and mastered business retention and expansion initiatives in their communities of all sizes. We are happy to share with you some best practices and initiatives that we have found very useful in implementing a new business retention and expansion program. We have unlocked some of these secrets for you!
The secrets to a managing a successful BR&E program:
A successful BR&E program is driven by your community initiatives, but they all have some common themes for success.
Part 1: Create a manageable BR&E Program
BR&E programs should be serious, structured, systematic and sustainable for you! Create a game plan before getting personal. This can be organized with a multi-layered framework which can consist of business walks, social media, site visits etc. Allow yourself time to get everyone working on the same page: rules, protocols, inclusiveness, start small and grow organically. High functional relationships are based on recency and frequency.
Part 2: Manage your interactions with a CRM
A CRM tool should be a dear diary, light and agile approach, it is also vital to have an active business directory. Your CRM tool can be used for notes and event history. This will become your credibility and you will also be working in an integrated way to understand the story that has been told before.
Part 3: Prioritize your companies
Companies that make significant investment in r&d, plant modernization, workforce, unique and defensible products and service offerings should be of focus. Organize networks of similar businesses: Common projects done by networks can be placed into groups of input, processing and output.
Part 4: Provide consistent support for selected businesses
Make sure you are creating incentives for companies that are meeting performanced based criteria goals. Your Businesses care about speed, risk and cost; help them to create a speedy low cost solution. Strengthen high value sectors as well as clusters within your businesses. Also, provide market research and counseling for your businesses when applicable.
Part 5: Collect Data through surveys
Instead of a 170 question survey, create a survey to be differentiated and specific ( it has to be a conversation, focus on discovery process, organic discussion, narrative survey) . Data points must be measurable, if not you can not manage it.
No matter the size of your community, a business retention and expansion program is important for the growth and prosperity of your city or town. Here at Bludot we work with over 100 communities in over 26 states and are here to support your city in providing lightweight tools to help support your BR&E initiatives.
If you want to learn more about how our solutions can help assist and elevate your goals, schedule a call here.