Why Business Retention & Expansion Is the Unsung Hero of Economic Development

April 11, 2025 – By Jarvis Sackman

An integral part of Economic Development, which focuses on building relationships, improving public infrastructure, and encouraging businesses to thrive in the local economy, is the area of Business Retention and Expansion, or BRE in short.

Nearly every small or, for that matter, large business begins with an idea, a concept in the mind and imagination of someone with a dream. In a corporate, franchise, or individual endeavor, the goal is to bring the vision to life by opening a business, providing quality goods and services, and, yes, making a profit. Opening a business begins with a series of steps, all of which can seem very daunting, permits and licenses, meetings and approvals, whether to rent, lease, or own, all enough to test the mettle of even the most determined entrepreneur; who thought it could be this difficult? Once approved, moving forward begins with selecting a location, hiring employees, and eventually, the customers come, and thus the business cycle begins, and the dream becomes reality, a living, breathing extension of the visionary.

In time, as growth occurs, businesses may find the need for assistance in the areas of acquiring additional employees, real estate, a larger building, or even business referrals. On the other end of the spectrum, a business owner has built a legacy, a good business, well-rooted in the community and is someone who may be considering scaling back or looking for other options as part of a retirement plan; either way, just getting started, expanding your business, or looking for an exit strategy, a BRE professional should be someone to consider as a viable resource for all facets of the process. This trusted advisor has working relationships with local municipalities and other business leaders and can also offer resources for start-ups in the planning phase, such as a business incubator, which can offer space and help in developing business plans and strategies to avoid making costly mistakes. Workforce development services are another area of focus for the BRE professional, helping to connect employees and employers through various state and local programs.

Attracting multi-million-dollar projects to the community and seeing the equipment roll onto the jobsite is no doubt a win for the community, with the promise of new jobs, increased exposure, and economic prosperity for the city; that’s the impact statement of Economic Development! Through business retention and expansion and the building of relationships and trust with existing businesses the impact is equally important, and by being proactive and seeking future growth opportunities, the person in this position can be a key player in the success and sustainability of local businesses, and is vital in helping the community flourish and be attractive to prospective clients.