The primary purpose of Business Retention & Expansion (BR&E) is to be very deliberate in acknowledging that the majority of your local economic growth and prosperity comes from taking good care of the companies you have today and ensuring they are happy enough to stay and ultimately expand. Just as in any business, it is hugely smarter and less expensive to take great care of the customers (aka existing companies) you already have than it is to focus exclusively on recruiting new customers or companies.
ProTRACKPlus, as a highly advanced business retention and expansion software, provides you with the tools you need to begin and operate a stellar BRE program. It features multiple ways to communicate with your existing companies to assess their level of satisfaction. Sampling your existing customer’s satisfaction is the most critical first step in discovering and understanding how the community can apply resources to maximize retention.
Undertaking or refreshing your BRE program using ProTRACKPlus becomes easier, more efficient, and is completely integrated into your entire economic development efforts. Furthermore, it comes with many useful tools to streamline communications, track activities and actions, and automate reporting to your leadership. These features are vital in the development of and improvement to local and regional strategies used to support and evaluate business retention and hopefully expansions of your local companies.
Customer retention is one of the highest priorities of every EDO and ProTRACKPlus ensures that retention and expansion stays the top priority. Choosing ProTRACKPlus software will offer you a variety of positive benefits:
To prevent switching between windows and to keep a consistent dashboard of existing companies information, your BR&E software must enable integration with third-party apps and your own system. It should also enable you to capture all your existing company’s information allowing you and your leadership to take immediate action if needed.
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Keeping your elected leadership and stakeholders updated is the first requirement of an economic development organization. Thus, your business retention software should be able to quickly generate reports and provide the required data in the form of reports which is easy to comprehend. ProTRACKPlus can manage all your retention activities while boosting transparency with the leadership.
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The best software in the one people want and need to use every day all day. As a customizable BR&E solution, ProTRACKPlus can be customized to match the terms and functions you currently use plus can add large numbers of new fields to maximize collecting, tabulating and reporting results to your leadership. This is accomplished with a minimum number of clicks thereby saving you and your team time and money.
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A great Customer Relations Management (CRM) tool is a basic requirement to track, manage, and report on all your Company, Contact, and Project activity. ProTRACKPlus starts with a CRM that’s customized exclusively for economic development and then adds six additional modules. One of these modules is specifically built to enhance your BRE programing. ProTRACKPlus software captures and manages all existing company’s data. With ProTRACKPlus, it becomes easy to keep track of all the stages and processes that can help your complete EDO management efforts.
Read MoreThe goal of a strong BRE program is to enable community stakeholders to concentrate their efforts on boosting the economic engines that already exist in their cities, countries, and regions, thereby strengthening and increasing their resilience over time.
To build a community, an influx of wealth and knowledge is the primary requirement. The business retention and expansion (BR&E) activities promote existing neighborhood businesses to stay in the area and ideally expand. Once you have ensured a high level of business retention, then the next step is facilitating expansion opportunities when they become necessary. Companies will only expand in communities where they feel welcomed and are convinced they will have the government’s support for assisting in growth.
A well strategized BRE program enables you to promote investments and jobs in your city and locality.
A great BRE program aims to understand and simplify the business practices, anticipate future actions, as well as resolve any obstacles faced by targeted industries in your locale if and when they need to expand. Such a program creates high value-added services, programs, and/or products using this business intelligence to address both unique and common business opportunities and problems.
The community may choose to assemble resources and possibly provide incentives to the existing businesses to encourage them to boost capital investment and job creation. With the fruitful use of incentives, businesses have the opportunity to boost their profits and in doing so improve the local economy by increasing property and sales taxes and growing net new jobs and payroll.
To boost Business Retention and Expansion (BRE) activities, ProTRACKPlus is strategically built by a large team of software developers in concert with economic developers who have over 30 years of experience running EDOs in communities of every size, particularly focusing on boosting transparency and improving reporting.
The dynamic features and modules assist you in developing a data-driven BRE strategy and excellently support BRE and economic development activities. It is a comprehensive solution that enables EDOs to survey existing companies, detect any urgent risks, pinpoint the opportunities, and handle every facet of their business retention. In the event a company needs to expand, ProTRACKPlus has a Projects module to helpwith management, data collection, and analysis, and interaction with businesses and other stakeholders.
You can design surveys and gather feedback from a specific set of companies working in the local economy with the help of an advanced and feature-rich economic development CRM like ProTRACKPlus. With the help of these resources, economic development groups can establish trusting connections with local and regional businesses and keep abreast of their requirements and potential for expansion.
ProTRACKPlus assists you in developing a data-driven BRE strategy and helps you understand risks, meet challenges early, and find expansion opportunities.
If you do not focus on Business retention and expansion strategies, you may lose one or more of the businesses that bring wealth to your community. With the lack of correct BR&E tools, you may even lose businesses in the area to neighboring communities which ultimately leads to reduced wealth in the community on the whole.
BR&E is an effective economic development program that has advantages over other economic development strategies. A high-quality and focused BR&E program enhances the business climate, ensures healthy competition, creates high-quality jobs and employment possibilities, and aids in economic stabilization.
Yes of course, software doesn’t automatically make or break your BR&E programing. However, ProTRACKPlus has been built by economic developers expressly for economic development and is highly focused on dramatically improving your BR&E efforts. To have a successful business retention and expansion program, you need to have the right tools including software that can assist in assembling everything you need in one place, building surveys and forms, and provide your leadership with automated reporting to keep them better informed.
ProTRACKPlus assists you in:
To prevent switching between windows and to keep a consistent dashboard of consumer information, your BR&E software must enable integration with third-party apps and your own system. It should also enable you to deliver a seamless client experience by allowing you to get insights and context for your local businesses.
Keeping your elected leadership and stakeholders updated is the first requirement of an economic development organization. Thus, your business retention software should be able to quickly generate reports and provide the required data in the form of reports which is easy to comprehend. ProTRACKPlus can manage all your retention activities while boosting transparency with the leadership.
The best software in the one people want and need to use every day all day. As a customizable BR&E solution, ProTRACKPlus can be customized to match the terms and functions you currently use plus can add large numbers of new fields to maximize collecting, tabulating and reporting results to your leadership. This is accomplished with a minimum number of clicks thereby saving you and your team time and money.
A great Customer Relations Management (CRM) tool is a basic requirement to track, manage, and report on all your Company, Contact, and Project activity. ProTRACKPlus starts with a CRM that’s customized exclusively for economic development and then adds six additional modules. One of these modules is specifically built to enhance your BRE programing. ProTRACKPlus software captures and manages all existing company’s data. With ProTRACKPlus, it becomes easy to keep track of all the stages and processes that can help you complete all your BRE management efforts.
