By Tracy Pringle
In my role as Director of Business Retention and Expansion for the WindsorEssex Economic Development Corporation, I’m often asked to explain how business retention and expansion fits with the overall goals of economic development in our region. It’s a great question, and if you’ve worked in sales, or purchased something that required service after the sale, you’ll understand how it works.
“After Sales Support and Service” is a critical component of any major purchase decision we make as consumers, and in good businesses, it’s an important part of the offering to their customers. When we purchase a new gadget, maybe a cellphone or a laptop, we might purchase a maintenance contract that will provide technical support and upgrades as part of our contract. A new car typically comes with some kind of warranty that guarantees support from the dealership or the manufacturer should we experience mechanical problems down the road. When we have maintenance work done on our homes we’ll usually look for a contractor who provides a warranty on workmanship.
Business Retention and Expansion is kind of like that. Our job is to assist local companies, whether they’ve been here forever or are new to the area, keep their businesses in the community. We offer training programs, facilitated sector seminars, access to current economic data and regional intelligence that helps them grow their businesses.
Why the focus on existing businesses? Because 80% of job growth in any region comes from the businesses that are already there. Businesses that are financially committed to their communities. Here in Windsor-Essex, there are approximately 12,000 businesses operating. Some are large, some small, and others somewhere in between; all of them contributing to our regional success.
Imagine the impact on our local economy and jobless rate if each of those businesses added 1, 2, 5 or 10 employees over the course of a year… I’ll share more about how we’re doing this in my next post.
Discover more about the resources we offer at www.choosewindsoressex.com.
Tracy Pringle is the Director, Business Rentention & Expansion for the Windsor-Essex Economic Development Corporation.