subject: Economic Development - Top Business Resources To Help Expand Your Business [print this page] Economies seem to be run by big corporations, and sometimes you may feel like your business may get lost in the
shuffle. Economic development seems to be fueled by Fortune 500 companies. We hear about them in the news,
about the mergers and acquisitions, the bankruptcies and the "bailouts", but what about smaller businesses (from start-ups
to large corporations) that don't belong in the Fortune 500 set? Is there help for your business to grow and expand?
There is help. An economy is made up of a multitude of different businesses. From small to large, local to multinational,
from service to manufacturing,there is a need for different types and sizes of businesses
to make the economy run well.
How does this help your business? You want to grow and expand your business, right? To do that you get new clients,
offer more products and services, hire new employees, search for new markets, and expand to new
locations.
Maybe you'll open an office or production center in the next town. Perhaps you'll open one in another country. Your
business needs to grow to succeed. You might think that you don't need to grow because you're doing well right now.
That may be true for a while, but businesses that don't push to grow and innovate will stagnate. If your business stagnates,
it will eventually fail.
Economic Development Organizations (EDOs) can help. Even though most economies are free market economies,
almost all countries have EDOs. EDOs are non-profit organizations, usually government-funded or a direct branch
of the government, sometimes even a blend of private corporations and pubic organizations, but their primary goal
is to attract new business investment to their region and retain existing businesses.
In order to attract businesses, economic development organizations offer companies many services and incentives
to get a company with an appealing expansion project to locate in their region.
Why do they offer these services, which are almost universally free of charge, to attract new business? They want to
create new jobs in their region. EDOs have many goals, but at the forefront is the creation and retention of jobs.
If you plan to expand your business, it may be worth your while to work with an EDO. They can also offer you advice and provide you with detailed regional info and market research specific to your industry, help you network with
other businesses, and help you with all steps of your expansion project, from site selection through to completion.
The primary factor that you, as a business director or manager, need to focus on is to find the right economy to
enter. Find out what makes the most sense for your business, is financially feasible, and will, in the long-term,
help your business thrive.
Once you've decided on a region, perhaps two, then approach an EDO and see what benefits the region possesses
