Res-134 2017 Distressed County Sales

Home Browse Search

KITTITAS COUNTY ECONOMIC DEVELOPMENT GROUP Economic Development Strategic Plan -Release 1.0 1.6 Participate in regional planning initiatives. In accordance with state requirements, the EDG should identify opportunities to participate in planning initiatives that affect the region. Examples of groups to consider include transportation planning, workforce development, and tourism organizations. The level of participation will be dependent upon available resources and specific priorities, but could Include tracking announcements and publications issued by each group; attending regularly scheduled meetings; or hofding a position on a board or working group. Business Retention and Expansion Business retention and expansion should be the heart of any economic development program. A solid BRE program can help communities protect and even grow their existing base of employers. Focusing on existing employers makes sense as they are already invested in the community, In the context of the private sector, a business retention program Is like the adage that says you must attend to your existing customers first. If you don't, you jeopardize your base. This is especially true in light of current economic conditions, which mean fewer recruitment prospects and more existing businesses in distress. At its simplest, a BRE program helps the economic development organization develop a clear understanding· of the businesses already In the community and helps keep tabs on any changes and challenges area businesses face. The primary functions of a BRE program are threefold: 1) to ensure that at-risk businesses receive support, especially when that risk is the result of labor issues or other factors the community can influence in some way; 2) to expand and support growing businesses; and 3) to act as an ombudsman for local businesses generally, by identifying their issues and needs. A basic BRE program entails the following elements and activities: 1: BASELINE ACTIVITIES {:sIRD IN THE~:D , Existing businesses fonn the backbone of a thriving economy. They typically represent the best. opportunity for increasing the employment and tax base of a col'TYTlunity and the greatest .economic threat if they close or relocate. BUt local firms are often overtooked in a community's enthusiasm to recruit new, headlins"9enerating businesses. Given the fiercely competitive environment for business attraction and the myriad of issuos facing most communities with regard to the recruitment of new business, business retention should be a baseline activity for economic development organizations. In other won::ls, a/l other Initiatives, Including business recruitment, should be considered In lIght of their ability to complement and supporl the ex;stfng business network. \... ~ @ TIP STRATEGIES Theory Into Practice Page 8 .~ Dl (1 ::::r 3 CD :::s ..... G>