Business Retention

Business Retention 2017-11-10T12:49:38+00:00

The old sales maxim, “Your best prospects for new business are with your existing customers” holds true for economic development in the new millennium. Eighty percent of job growth in any community is generated by the businesses already located there. MCILEDC realizes this and is implementing retention strategies to enhance private sector investment and job growth.

An engaged local business community is the key element to the success of this endeavor and we are inviting all local businesses to participate in our “listening to businesses” initiative. This initiative is designed to stimulate economic development and growth by identifying the needs of the region’s existing business community and finding ways to meet those needs.

Benefits

  • Job retention
  • Improved business climate
  • Assist in pursuing expansion opportunities
  • Identify challenges local businesses face and create solutions
  • Connect businesses with the resources they need to grow and thrive
  • Increase communication between businesses, local communities, and state government

Objectives:

  • Learn the future of the region’s local businesses with respect to expansion, relocation and/or retention and follow-up where assistance can be provided
  • Demonstrate the community’s pro-business attitude and develop an effective means of communication with local businesses
  • Detect and retain business with “red flag” issues, that may be planning to close, move, sell, or expand to another location outside of the region
  • Identify and implement improvements to community services and communication
  • Build community capacity to sustain growth and development
  • Assist a business with all levels of expansion

The Process

  • Existing businesses will be asked to participate in a business visit and a face-to face-interview.
  • A standardized survey will be used to collect information about the company.
  • Individual company information and comments will be confidential, but the aggregated data will be invaluable to the region and the state of Illinois to identify issues and needs of our existing and future business community.

Contact ekoch@mciledc.com to access these business retention services.