All of these will have a positive impact on the business atmosphere in the community. Establishing outreach activities to assist in the growth and promotion of existing companies will enhance the formula for business vitality. Retention programs are challenging to implement. Organizations should not get discouraged. And, to reiterate, business retention projects a positive, proactive image of the community for future business attraction.
Anticipation is crucial to retaining firms.
A major component of anticipating a potential relocation or closure is having and updating a business inventory. A database of basic company information should include name, contact, address, phone, etc., as well as the most recent census data and other published information on a business. Larger communities, on the other hand, will need to target the companies whose closing or relocating will have the greatest impact. Developing a community profile, in other words, the business community's service area, will also be of value to the effort. This information will help identify business clusters that are most likely to expand or downsize.