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BUSINESS RETENTION AND EXPANSION <br />A good Business Retention and Expansion Program makes local businesses more <br />competitive by evaluating and addressing some of their key needs and concerns. The <br />program monitors changing marketplace dynamics so that policy makers and community <br />leaders can make decisions that can decrease threats or enhance opportunities, and <br />enhance community economic growth. <br />Why Business Retention and Expansion? <br />• Current businesses form the city's existing economic base. <br />• Current businesses provide the jobs and tax base for local and state entities. <br />• Existing businesses create new jobs at a faster rate. <br />How is the program implemented? <br />We recommend that the program be implemented by using the time and talent of EDA <br />members and other volunteers. Steps to a successful program include: <br />• Identification of businesses and industry to be contacted. <br />• Schedule a site visit <br />The BR&E visitation team will use a specially -designed questionnaire to obtain <br />information on the needs of each business, issues it may be facing, and its future <br />plans. <br />• Participate in follow-up visits <br />Community Development staff and EDA members will conduct regular on -site <br />surveys to continue to evaluate the needs of the business and address its concerns. <br />• Provide data for action plan <br />The EDA will develop an economic development action plan to address <br />opportunities and obstacles that surface through the visitation program as well as <br />many other initiatives. This plan will outline the most pressing issues identified <br />by the business community. <br />• Appreciation Event <br />The EDA will hold at least one business appreciation event annually. The event <br />will promote networking through business education sessions <br />5 <br />