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Business Retention & Expansion by Grady Batchelor


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Soaring to Success with Business Retention & Expansion, a presentation given by Grady Batchelor at the Economic and Community Development Institute (ECDI) at Auburn University

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Business Retention & Expansion by Grady Batchelor

  1. 1. Soaring To Success With Business Retention & Expansion (BR&E) Grady Batchelor President, Industrial Development Authority of Winston County, Alabama
  2. 2. What I’ve Learned About BR&E <ul><li>BR&E Can Be Done </li></ul><ul><li>BR&E Is Key To Success </li></ul><ul><li>BR&E Opens Doors </li></ul><ul><li>BR&E Creates Demand & Awareness </li></ul><ul><li>BR&E Supports Funding Initiatives </li></ul><ul><li>BR&E Uncovers Facts </li></ul><ul><li>BR&E Promises Tremendous Future Value </li></ul>
  3. 3. What Is Synchronist®?* A Tool A Process A Foundation for Growth Synchronist® is a service of Blane-Canada Ltd.
  4. 4. Why BR&E – WIIFM? Primary Outcomes <ul><li>Business Retention </li></ul><ul><li>Business Expansion </li></ul>Secondary Outcomes <ul><li>Introduce Goodwill </li></ul><ul><li>Identify Opportunities </li></ul><ul><li>Develop Trust </li></ul><ul><li>Uncover Niches </li></ul><ul><li>Shape Policy </li></ul><ul><li>Secure Funding </li></ul><ul><li>Show the Love </li></ul>Show your industries you care and they are important to you
  5. 5. Key Elements of BR&E Programs Confidentiality People Planning BR&E Model Partners
  6. 6. BR&E Begins & Ends With Confidentiality – Vital to Success <ul><li>No information, written or verbal, concerning the industry shall be shared with any other individuals. </li></ul><ul><li>All information is for statistical analysis and is not to be revealed to third parties. </li></ul><ul><li>The rules of confidentiality will continue to apply after the interviews are completed. </li></ul>
  7. 7. BR&E Model Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Pre-Launch Planning Company Visits / Interviews Post Visit / Red Flag Identification Data Analysis Follow Up Strategic Planning and Implementation
  8. 8. BR&E Model Post Visit/Red Flag Pre-Launch Planning Visits/Interviews <ul><li>Define Objectives </li></ul><ul><li>Leadership </li></ul><ul><li>Publicity </li></ul><ul><li>Business Selection </li></ul><ul><li>Training </li></ul><ul><li>Business Contacts </li></ul><ul><li>Visits/Interviews </li></ul><ul><li>Post-Visit/Red Flag </li></ul><ul><li>Data Analysis </li></ul><ul><li>Strategic Planning </li></ul><ul><li>Implement Strategy </li></ul><ul><li>Plan Next Visit </li></ul><ul><li>Add clarifying details </li></ul><ul><li>Make adjustments as needed </li></ul><ul><li>Complete the Post Visit form </li></ul><ul><li>Make personal observations </li></ul><ul><li>Identify warning signs / Red Flags </li></ul><ul><li>Return the survey(s) to the appropriate party </li></ul><ul><li>Setup Meeting Time </li></ul><ul><li>Accept a Survey by Mail as a Last Resort </li></ul><ul><li>Take Two Copies of the Survey Forms to the Visit </li></ul><ul><li>Familiarize Yourself with the Survey Forms </li></ul><ul><li>Arrive 5 Minutes Early and Allow Time for Tour </li></ul><ul><li>Make Introductions as Appropriate </li></ul>
  9. 9. Synchronist Forms <ul><li>Company Background Form </li></ul><ul><li>On-Site Form </li></ul><ul><li>Post-Visit Form </li></ul>
  10. 10. Interview Dos <ul><li>Do review the questions before the meeting. </li></ul><ul><li>Do ensure you are familiar with all of the terminology used in the survey. </li></ul><ul><li>Do ask every question on the survey instrument. </li></ul><ul><li>Do ask questions exactly as they are worded. </li></ul><ul><li>Do mark answers with “does not apply” (DNA) or “no response” (NR). </li></ul><ul><li>Do ask probing questions where appropriate to elicit information supporting the answer, especially on open-ended questions. (e.g., ask Who, What, When, Where, How and How Much). </li></ul><ul><li>Do record comments. </li></ul>
  11. 11. Interview Don’ts <ul><li>Don’t try to solve a problem on the spot. </li></ul><ul><li>Don’t make any promises of assistance. </li></ul><ul><li>Don’t overreact to something said when you know or believe the facts to be different. </li></ul><ul><li>Don’t try to market services during the visit. </li></ul><ul><li>Don’t accept a tour if it will delay your arrival at another visit. </li></ul><ul><li>Don’t suggest answers even if you believe you know the correct answer. Allow the executive to respond. </li></ul><ul><li>Don’t get off the subject. </li></ul><ul><li>Don’t skip survey items. </li></ul>
  12. 12. Identifying Red Flag Issues <ul><li>Handle Red Flag items immediately. </li></ul><ul><li>Dominant Warning Signs </li></ul><ul><ul><li>Corporate Warning Drivers </li></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul>
  13. 13. Red Flags - Continued <ul><ul><li>Operations Warning Drivers </li></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><li>Facility Warning Drivers </li></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><li>Market Warning Drivers </li></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul><ul><ul><ul><li>___________________ </li></ul></ul></ul>
  14. 14. More Red Flag Items <ul><li>Product / Service </li></ul><ul><li>Market </li></ul><ul><li>Industry </li></ul><ul><li>Management </li></ul><ul><li>Workforce </li></ul><ul><li>Others </li></ul>
  15. 15. BR&E Initial Outcomes <ul><li>New Product Line, A New Facility and 50 New Jobs </li></ul><ul><li>Retained a Top Ten Industry and 450 Jobs </li></ul><ul><li>Top Ten Industry, 75 Jobs Retained, 50 Jobs Gained and 600 Additional Jobs Impacted </li></ul><ul><li>Gained $450,000 in Community and Economic Development Funding </li></ul><ul><li>Identified a Unique Niche Market </li></ul><ul><li>2005 BREI Award for Excellence in Small Community BR&E Programming </li></ul>
  16. 16. BR&E Fast Forward <ul><li>New Industry Located to Lynn, IDA Approves $2.5M Bond Issue, 25-50 New Jobs </li></ul><ul><li>New Industry Locates in Haleyville, $1.5M Capital Investment, 30-50 New Jobs </li></ul><ul><li>Industry Expands in Double Springs, $2.5M Capital Investment, Water Infrastructure Grant for Industrial Park, 50 New Jobs </li></ul><ul><li>Cooperative Improvement District, Countywide Industrial Park Development, Site Selection Based on Key Economic Development Factors </li></ul><ul><li>Transorganizational Development </li></ul>
  17. 17. Transorganizational Development <ul><li> Transorganizational Development </li></ul><ul><li>Planned change in the collective relationships of a variety of stakeholders to accomplish something beyond the capacity of any single organization (Culbert et al. 1972). </li></ul>
  18. 18. Major Positive Change
  19. 19. Major Positive Change
  20. 20. What I’ve Learned About BR&E <ul><li>BR&E Can Be Done </li></ul><ul><li>BR&E Is Key To Success </li></ul><ul><li>BR&E Opens Doors </li></ul><ul><li>BR&E Creates Demand & Awareness </li></ul><ul><li>BR&E Supports Funding Initiatives </li></ul><ul><li>BR&E Uncovers Facts </li></ul><ul><li>BR&E Promises Tremendous Future Value </li></ul>
  21. 21. Conclusion and Contact Info <ul><li>Questions and Answers </li></ul><ul><li>Contact Information </li></ul><ul><ul><li>Grady Batchelor </li></ul></ul><ul><ul><li>(205) 269-1780 </li></ul></ul><ul><ul><li>[email_address] </li></ul></ul>