A business isn’t a lone entity floating from one place to another. Like people, companies have connections and roots. If they move to a new place, they need to put down roots-just like you would if you and your family were relocating.
This guide will explain how a business retention and expansion strategy is central to how businesses thrive within a local community. And how this strategy can have a positive impact on your growth.
What Is Business Retention and Expansion?
BRE (Business Retention and Expansion) is a business strategy focused on growth. It’s all about supporting businesses in the local community.
A BRE program can help prevent businesses from moving premises elsewhere or help establish a business in a new location. It can help boost employment and the local economy.
It does that through creating a supportive, business-friendly environment for ambitious companies. That might include specific financial support. Or it might be through softer support like networking and support services.
Commitment to the Community
BRE is vital in bridging the relationship between businesses and the local community. BRE initiatives can make a community feel valued, almost like a stakeholder in a company. And it supports economic development.
So, when done well, it can help build trust.
That’s great for the business because local support often translates to local customers. When companies want to expand, they are less likely to encounter objections from the local community.
Business Retention: Key Strategies
There are proven strategies for retaining a business in a community. But what you choose will depend on the specific needs of your local community and economic environment.
Providing financial incentives like grants and loans is a popular strategy. It can help a business fund expansion plans.
Offering tax breaks that incentivize community support is also possible. That might include training initiatives or eco-friendly building upgrades, for example.
BRE can also provide training and development programs that help businesses. Upskilling core knowledge like IT and communications is a popular option.
Another highly effective strategy is a type of networking. That involves connecting the company with local buyers and suppliers, providing a hub of economic activity.
Entity formation strategies are another essential method if you want to expand to a new community globally.
Sustainable Business Expansion
Growth may be good, but there are different ways to grow, some better than others.
BRE focuses on more sustainable approaches. That might include building energy-efficient facilities, for example. Or it might be about building ethical supply chains.
It’s all about creating sustainable long-term growth and in the interests of the wider economy.
Embracing Technology for BRE
Technology is one of the biggest catalysts for growth in any modern firm. So it makes sense it could play a role with BRE. For example, investments in software solutions like CRM can help accelerate business growth.
Business Retention: A Mutually-Beneficial Relationship
Business retention can help companies. And it’s also good for the local community. So, it’s a perfect example of how a few smart strategies can have a mutually beneficial impact.
For more ideas on accelerating your business growth, head to the latest articles on our website.
