In today’s fast-paced and competitive business world, economic development has become a key priority for regions and communities seeking sustainable growth. Economic developers play a crucial role in fostering a favorable existing business environment and for attracting new investments. However, managing and expanding existing businesses can be a complex and challenging task. That’s where business retention & expansion (BR&E) software, like ProTRACKPlus, comes into play. Since ProTRACKPlus is built by economic developers with 30 years of experience, it has evolved beyond the traditional tools which streamline processes and drive successful economic development outcomes. In this blog, we’ll delve into the reasons why business retention & expansion software, such as ProTRACKPlus, is vital for economic development.
Let’s see why software like ProTRACKPlus is helpful in BR&E.
How Can Technological Support and Enhance BR&E Efforts?
BRE is the main pillar of economic development. With the right BR&E strategies and plans, an local economy can flourish and grow which paves the way for the betterment of future generations.
Having the right CRM for economic development has the capabilities to boost yourBR&E and economic development efforts. Unlike other CRM tools, this powerful EDO software allows organizations to find risks, identify opportunities, and manage all aspects of their business retention and expansion. This software includes tools for data collection and analysis, project management, and communication with businesses and other stakeholders.
One of the key benefits of using business retention and expansion software is the ability to gather, track and analyze the data of local businesses. This data can include information on business demographics, employment trends, and other factors that can impact local economic growth. By analyzing this data, economic development organizations can identify areas of need and opportunities for growth and develop targeted strategies to support local businesses.
Another important aspect of economic development software is the ability to communicate and collaborate with businesses and other stakeholders. With these tools, economic development organizations can build strong relationships with local businesses and stay better informed about their needs and opportunities for growth.
All these features and tools ensure that your EDO has the most potent formula for success!
What You Get with the Software Made Especially for EDOs?
Streamlined Data Management
As an economic developer, handling a vast amount of data is inevitable. ProTRACKPlus offers a robust data management system, allowing economic developers to efficiently collect, organize, and analyze relevant information. The software’s customizable report generator empowers users to create insightful reports and visualize data trends. With ProTRACKPlus, economic developers can make informed decisions based on comprehensive data, ultimately driving effective strategies for business retention and expansion initiatives.
Customizable Calculator for Incentives and Benefits
One of the significant challenges faced by economic developers is quantifying and presenting the incentives and benefits of locating or expanding a business in their region. ProTRACKPlus addresses this challenge with its customizable calculator module. This powerful tool enables economic developers to accurately do two things very well. First, the calculator allows you to duplicate your local taxing formulas to estimate the future taxes companies might pay to local taxing jurisdictions. Secondly, the system allows you to forecast a variety of potential incentives, workforce benefits, and other financial advantages you might offer to businesses.
Using these two calculations you can estimate the future tax liability a company is likely to pay and the corresponding estimated revenues to all taxing jurisdictions. This tool forecasts taxes due based on capital investments for each of the next ten years and then you select the best incentives needed to win more deals. By providing a clear and transparent overview, ProTRACKPlus helps you and your leadership to effectively communicate the advantages of investing in their region, enticing businesses to locate and stay or expand.
Document Storage Library
Confidentiality and security are paramount when dealing with sensitive business information. Using ProTRACKPlus’ “Safe Room Feature” ensures the safe storage and organization of confidential documents related to business retention and expansion. Economic developers can securely store critical documents such as legal agreements, business plans, and financial statements within the software’s document storage library. The easy accessibility and efficient management of documents contribute to enhanced productivity and streamlined operations.
ProTRACKPlus empowers economic developers with an editable administration module, enabling them to customize the software to their needs. This feature allows users to adapt the software to match their region’s economic development goals, preferences, and unique challenges. Economic developers can tailor ProTRACKPlus to capture the specific data points and metrics that are most relevant to their region, ensuring a highly personalized and effective approach to business retention and expansion.
Collaboration and Communication
Successful economic development requires seamless collaboration and communication between various stakeholders, including economic developers, businesses, local government agencies, regional economic organizations, and community leaders. ProTRACKPlus facilitates this by offering a centralized platform for collaboration and communication. Economic developers can easily share information, updates, and progress reports with relevant stakeholders, fostering a sense of partnership and transparency. This streamlined communication strengthens relationships, increases trust, and enables coordinated efforts toward shared economic development goals.
Business retention & expansion software, such as ProTRACKPlus, has become an indispensable tool for economic developers striving for successful and sustainable economic development. By offering streamlined data management, customizable calculators, secure document storage, editable administration, and effective collaboration features, ProTRACKPlus empowers economic developers to drive positive outcomes for businesses and communities.
ProTRACKPlus has revolutionized the approach to economic development, allowing you to deliver exceptional results and create a thriving business ecosystem. Embracing the right software solutions is essential for economic developers aiming to excel in today’s dynamic and competitive landscape.
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