Professional Education Course

IEDC Business Retention and Expansion

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Course Title: IEDC Business Retention and Expansion
Program ID: EDEV 1004P Subject: Economic Development

Sections

There are no sections available for registration to this course at this time. If you want to request an offering of this course, please contact us.

Important Course Information

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Course Description

While attracting a new company to a community gets lots of press attention, an even more important economic development strategy is the retention and expansion of a community's existing businesses. A strong business retention and expansion program ensures that the needs of local businesses are being not only heard, but addressed. In this course, attendees will learn the "red flags" that may indicate a company is looking to move elsewhere. Attendees will learn how to structure an effective system to respond to business concerns.

What Is Covered

  • Establish and organize a business retention and expansion (BRE) program
  • Create effective models for business visitations and surveys
  • Track feedback and response
  • Foster and strengthen business alliances

 

Course Administrator

Hortense Jackson

Course Agenda

April 19

8:30 - 9:00 am

Registration

9:00 - 10:30 am

Introduction
This session introduces the attendees to the layout of the two-day course and gives the background on the types of programs that the trainers are involved in. The attendees will start with a short case study that sets the tone for the course.

10:30 am - Noon

How to Approach BRE
A community's approach to business retention and expansion will differ based on the resources and needs of the community. However, economic developers must come up with a general workable approach to BRE that can be applied to any program. Who is the customer and what does that mean in setting up your program? Best practices from BRE programs across the United States will be highlighted.

12:00 - 1:30 pm

Lunch on your own

1:30 - 3:00 pm

Understanding the Signs and Getting There
A variety of factors must go into the pre-planning of a BRE program. The types of red flags and early warning signals should be determined, as well as how to measure whether or not the program results in the retention of your customers. One way to ensure this is to have a strong corporate outreach program with key decision-makers in your economy.

3:15 - 4:15 pm

The Team
The personnel to lead and carry out the efforts of a BRE program will need to be trained to work with the local businesses. But how do you find this personnel, especially if you have a tight budget? This session will discuss the pros and cons of having paid professionals or volunteers in the field to carry out the business surveys. The strength of the team that you put together, both in carrying out the surveys, as well as the follow-up, will determine the ultimate success of the BRE program.

4:15 - 5:00 pm

Nuts and Bolts
This session will cover the type of database technology that is available to gather the information for your BRE program. It will also cover the facts on BRE program costs, duration, objectives and how you accurately measure results.

 

April 20

9:00 - 10:15 am

The Questionnaire
After briefly reviewing the key concepts from day one, as well as a brief group exercise, the meat of the BRE program, the questionnaire, will be discussed. What type of questions should be asked and to what detail? How can you ensure that business owners will take the time to fill out the information, which is required for your outreach programs? Although any series of questions can be asked on a questionnaire, which questions are the ones that truly gather the information you require to make a difference?

10:30 am - Noon

Improving the Product
Team building, questionnaire development and follow form the basics of a BRE program. To create a sophisticated program, you will need to use business intelligence to satisfy the customers. There are specific steps that you can take to go beyond the basics of a BRE program, which will include business sense, as well as the involvement of the community.

12:00 - 1:30 pm

Lunch on your own

1:30 - 4:00 pm

Putting It All Together
Customer satisfaction may not always mean that you will retain every business in your community. However, really knowing your market, your economy and having a solid support program in place will mean that your program will be effective in retention efforts. What are your colleagues doing to make sure that they have the best program for their community in place? This closing session will end with a dynamic exercise reviewing the past two days' worth of information.

4:00 - 4:30 pm

Wrap-up/Evaluation/Certificates

 

* Agenda subject to change

**PLEASE NOTE: In order to receive full IEDC certification credit for this course and a certificate indicating course completion, participants must attend the entire course and stay through the final session on the last day. Please make travel plans accordingly.**

INSTRUCTORS

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