From the Growlab BlogBusiness Retention and Expansion: Defined by GrowLab

Business Retention and Expansion (BRE) focuses on supporting the businesses already established in a community. Instead of just trying to bring in new businesses, BRE aims to help existing businesses grow and stay competitive. By understanding the challenges and opportunities they face, BRE programs work to create an environment where these businesses can continue to succeed.

The key idea behind BRE is that local businesses play a vital role in the community's economy, providing jobs and contributing to the tax base. BRE efforts focus on helping these businesses expand, improve, and keep running, which strengthens the overall economy. BRE is about helping the businesses that are already here to grow and succeed, ensuring long-term, steady economic growth for the community.

Business Retention and Expansion involves a comprehensive set of initiatives designed to understand, support, and address the needs of local businesses. The primary goal is to enhance the competitiveness of existing businesses, thereby ensuring their sustained growth and contribution to the local economy.

The Why, Key Components of Business Retention and Expansion:

  1. Assessment and Relationship Building:

    • Identifying and understanding the needs, challenges, and opportunities of local businesses through surveys, interviews, and regular interactions.

    • Building strong relationships between businesses and local economic development organizations, creating a supportive network.

  2. Resource Alignment:

    • Aligning available resources, both financial and non-financial, to address the specific needs of businesses.

    • Facilitating access to funding, grants, and incentives that can spur growth and innovation.

  3. Infrastructure and Workforce Development:

    • Collaborating with local educational institutions to ensure a skilled workforce that meets the evolving needs of businesses.

    • Investing in and maintaining a robust infrastructure that supports business operations and expansion.

  4. Policy Advocacy:

    • Advocating for policies that create a favorable business environment, such as streamlined regulations, tax incentives, and infrastructure improvements.

    • Engaging with local government to address issues that may hinder business growth.

  5. Community Engagement:

    • Fostering a sense of community by encouraging local businesses to support each other.

    • Promoting awareness and appreciation of local businesses among residents to stimulate local spending.

The What, Benefits of Business Retention and Expansion:

  1. Economic Stability:

    • Local businesses are often more resilient during economic downturns, contributing to stability and minimizing the impact of economic fluctuations.

  2. Job Creation:

    • Supporting the growth of existing businesses leads to job creation, reducing unemployment rates and improving the overall standard of living in the community.

  3. Innovation and Competitiveness:

    • By addressing the needs of businesses, BRE initiatives foster innovation, ensuring that local companies remain competitive in a rapidly evolving global market.

  4. Community Well-being:

    • Thriving businesses contribute to a vibrant local community, attracting talent, and creating a positive environment for residents.

Business Retention and Expansion is not merely a strategy; it's a commitment to nurturing the economic health of a community by supporting the businesses that call it home. By understanding the unique challenges and opportunities faced by local enterprises, and by aligning resources and policies to foster growth, communities can build a sustainable and resilient economic foundation for the future. In the intricate dance of economic development, business retention and expansion take center stage, ensuring that the local economy not only survives but thrives.