BUSINESS RETENTION & EXPANSION
Healthy business equals healthy communities. In order to remain strong and vibrant, business communities must not only be diversified but must also support large and small enterprises, startups and primary businesses.
Today, cities and states across the nation compete to attract the top talent and top businesses. As a result, Business Retention and Expansion (BRE) programs have become more and more critical to economic development strategies because they help keep established businesses in their current community. Why? Up to 80% of net new jobs and capital investment in any economy are generated by existing firms.
The Amarillo EDC recognizes the majority of our jobs are created by existing firms. Our BRE program aims to:
- Establish a solid relationship with business owners and leaders in the Amarillo area
- Through regular meetings and surveys, collect data on the company and industry to identify key pain points or opportunities in our community
- Assist established businesses in addressing regulatory issues or other business climate concerns that may lead to relocation or closing
- Identify local and state level opportunities and resources for local businesses to utilize to promote continued growth of Amarillo businesses
The Amarillo EDC has staff dedicated to the success of our BRE program. Contact us today and let us help you and your business identify growth opportunities in Amarillo.
The Benefits Of Business Retention And Expansion Programs
- Existing business expansions, which account for 80%
- Incoming new businesses, which account for 11%
- And start-up operations, which account for 9%
Supporting existing businesses is critical to the city of Amarillo. Regardless of the media hype and fanfare associated with recruitment wins, business retention and expansion programs inform existing firms they are the primary concern and focus of your organization and market area.
- Generally, existing firms provide even more return on investment in smaller, rural market areas where entrepreneurial and recruitment opportunities are limited.
- While customer attrition is a fact of life in both the private and public sector, it’s 10 times more cost effective to work with existing customers than to continually cultivate new ones.
- Business retention and expansion provide the customer – the existing private sector firm in your market area – with a seamless customer contact and service experience.
- Less than 10% of business closures result from business failures. More than 90% are caused by movement of work through mergers, consolidation, restructuring and deliberate decisions to relocate businesses.