Expand and Retain Existing Business

SITUATION

Expand and Retain Existing Business
The most effective and efficient way for a community to experience job growth is from the retention and expansion of existing businesses.
  • A well-structured and coordinated Business Retention and Expansion program can accelerate this process.
situation
Expand and Retain Existing Business

KEY STRATEGIES

Formalize a Business Retention and Expansion (BR&E) program:
 
  • Business retention and expansion is a key economic development strategy deployed in the most successful communities.
  • It is a coordinated program by community economic development advocates to identify, contact and assist primary employers.
  • Currently, no such program exists to maintain regular, meaningful contact with key employers to understand and address their issues and needs.
  • It is imperative that the Chamber and allied organizations work in an orchestrated way to meet annually with those businesses driving our economy.
Meet with 100 area businesses each year to identify challenges
and opportunities
 
  • Prioritize visits for those companies identified as likely growth prospects in order to facilitate their expansion.
  • Form a volunteer Rapid Response Team to intervene in urgent situations involving a company’s expansion or potential departure from the region.
  • Convene existing industry sector groups to identify and address common challenges and opportunities.
  • Partner with neighboring Chambers and Larimer County economic development programs.
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