Implementing a Business Retention Program: Questions to Guide the Process

Skill Building

Over the last several decades local communities have paid increasing attention to existing businesses as an important part of a well-rounded economic development strategy. Two retention and expansion models, often referred to as "traditional" that relies on local volunteers or "continuous" that relies on paid staff, have emerged. There is some belief that the latter is more appropriate in larger urban areas while the former is preferable in rural areas. Which approach is right for your community? This presentation argues that the distinction is not urban versus rural but that the appropriate approach depends on the capacity of the community to implement a business retention-expansion (BRE) program.

The presentation describes and contrasts the two approaches, discusses how each is implemented and provides a series of questions that will guide a community through a logical process to assess its capacity to engage in a BRE program and identify the best approach. Initial questions focus on general community readiness for a BRE program, and a second set of questions focus on the choice of an approach for implementing the program.