The Objectives & Benefits of BR&E

Objectives

A business retention strategy will promote job growth by helping communities identify the concerns and barriers to survival and growth facing local businesses. Listed below are the short-term and long-term objectives of the program.

Short Term:

• Demonstrate a pro-business attitude and an appreciation for each firm's contribution to the local economy.
• Determine perceptions and problems of local business.
• Develop mechanisms to address business problems.
• Involve different segments of the community in a problem solving network.

Long Term:

• Help businesses increase competitiveness through the use of municipal, provincial and federal programs.
• Develop and implement a strategic action plan for economic development.
• Establish an early warning system for plant closures or layoffs.

Benefits

• Strengthens relationships between local businesses and local/regional economic development organizations.
• Exposes local businesses to programs, resources and organizations that aid in the improvement of the local business environments.
• Provides a wealth of information for the community. This information can be used for:
  • Evaluation of strengths and weaknesses
  • Analysis of local market strengths and opportunities
  • Attraction of new businesses and new investment
  • Tools to access government funding for economic development in the community
• Increases the visibility and viability of local economic development organizations.
• Allows local development organizations to work in a collective and cooperative manner.