In economic development, it’s easy to focus on attracting new businesses. It’s the stuff that gets headlines. Elected leaders love it, banks and construction companies love it, and even car dealerships and other service-oriented businesses perk up their ears when they hear about a new company coming to town. And I love business attraction, too, because it scratches that competitive itch. But I would argue that a more sustainable and impactful strategy lies in nurturing the companies already in our communities. This is where Business Retention and Expansion (BRE) visits come in. These proactive meetings between economic developers and local businesses are the cornerstone of a healthy and resilient economy. They are about building relationships, understanding challenges, and identifying opportunities for growth from within. And we are doubling down on our efforts, and want your help.
Let me start with a confession: I hate the title “Business Retention and Expansion” visit. Actually I just hate the “retention” part. Sure, we are certainly hoping to “retain” our businesses, but putting it in the title seems like foreshadowing to me. I much prefer the “expansion” talk. But BRE visits are scheduled, individual meetings between a local business owner or leader and a member of the GPEDC staff. I promise that the purpose is not to sell anything but to listen and learn. These visits allow my team to:
- Take the Community’s Pulse: Understand the overall health of the business community, including trends, strengths, and weaknesses.
- Address Challenges: Help businesses overcome obstacles, whether they’re related to workforce shortages, regulatory issues, or infrastructure needs.
- Identify Growth Opportunities: Learn about a company’s plans for expansion, new product lines, or potential investments, and offer support to facilitate that growth.
- Connect to Resources: Act as a conduit, linking businesses to relevant resources like training programs, financing options, or government assistance.
As much as I enjoy business attraction, I really like going on BRE visits. We have some really great companies in Greater Peoria. And while you might think we limit our efforts to the “big guys” I can tell you that I often have more fun learning about the hidden gems of the community, companies that often have a national or even international presence. Did you know that Enercon in East Peoria makes an energy storage system that is used in the US military’s mobile missile defense system? Or that Peoria-based Vonachen Group has nearly 3,000 employees across the Midwest and beyond? Or that Philippi-Hagenbuch designs, manufactures and ships custom heavy truck beds (tanks, rear ejects, tailgates, etc.) from their Peoria county factory to mining sites across the globe? We have so much to offer the nation and world.
A robust BRE program can generate a higher return than chasing new leads. Studies show that 80% of all new jobs are created by existing businesses. Remember, Caterpillar and OSF Healthcare were once pretty small operations. When we help our companies grow, we directly contribute to job creation and economic prosperity. A healthy ecosystem of growing local businesses can also attract outside investment. We just saw that when BioUrja in Peoria convinced one of their biggest customers, Viridis Chemical, that they would save money if they set up shop next door to the ethanol plant. A good BRE program can help identify those opportunities.
Sometimes, a BRE visit becomes an Early Warning System. The visit can reveal a company’s struggles before they reach a critical point, such as considering a relocation or a significant layoff. Luckily that doesn’t happen often, but we want to be in position to help when we find it. But more importantly, when we establish a relationship with a business, they know who to call if they have an issue or an opportunity for which they need help. By understanding the needs of a wide range of industries, GPEDC can identify gaps and build programs that support a more diversified and resilient local economy.
At GPEDC we’ve been building our BRE muscles. We’ve added a new staff member to really focus on business outreach and assistance (maybe BOA is better than BRE), but everyone on the team is charged with making these connections. I’ve personally made it a goal to conduct 30 or more visits myself each year. But you don’t need to wait for us to call you! If you are a business owner and would like to meet with one of our team members, just drop me a line. By mission, we don’t tend to work much with businesses whose customers are largely local (i.e. retail, restaurants, personal services), but all businesses are important to us and we will do our best to meet with anyone who reaches out.
I hope we can meet with you soon to help your business, and our region, grow.