In news articles that come out on a daily basis, business retention and expansion successes are touted. Oftentimes, these articles announce an expansion of a plant, consolidating functions from other locations to the local facility, or moving into a larger local facility.
But for all these good things to happen, they don’t simply occur on their own. Most local municipalities today have (or fund) an economic development organization to help drive these successes. Many of these EDOs have a dedicated Business Retention and Expansion program. We work with several BRE organizations and have identified some of what makes for a great BRE program. Review these keys, and apply them to your business:
· BRE organizations need to be great at quick issue resolution. Can you efficiently link your customers with somebody who can resolve them, or how quickly can you resolve issues yourself?
· The best of BRE Programs view their role as relationship-building. They define and execute 12 month Touch Point Plans to continually pull/push information to local business to learn about them, understand their retention drivers, and look for growth and partnering opportunities.
· BRE organizations need a focus on efficiency. Just like most account representatives in business today, BRE representatives have too many clients to truly know all deeply and personally. They have to prioritize communications, touches, and retention efforts for maximum staff time efficiency and maximum retention and growth of jobs
Learn from the Business Retention and Expansion leaders, and use these keys to continually develop client relationships and grow your community and your business.
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