In The 'Hood The world's growing at Internet speed, but your local economic development agency's still watching out for you.
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Just about every metropolitan area in the country has aneconomic development organization that's probably best knownfor attracting new business and industry. Ever thought about whatthese agencies can do for existing businesses? The answer, in manycases, is plenty.
Though the specifics vary by organization, many economicdevelopment agencies offer services geared toward expansion andretention, as well as recruitment. The Economic DevelopmentCorporation of Utah (EDCU) is a good example. "Any of theeconomic data or tools we have that are used by corporate siteselectors can also be used by existing businesses," says ChrisRoybal, vice president of EDCU in Salt Lake City. Such informationmight include data on the labor market, utilities, taxes, financialresources, various incentives and more.
The EDCU also operates a supplier database to help companiesfind needed materials from in-state vendors. Yet another servicethe agency offers is networking and referrals, using its owncontacts to bring together companies that need the services andorganizations that provide them.
"These services are for companies that don't haveresearchers who can go out and collect this type of data,"Roybal says. "Most, if not all, of the economic data providedby groups like ours is free of charge."
Roybal notes that not all economic development agencies arecreated equal. Some are public, some are private, and some arepublic-private partnerships; some are independent, while otherswork within other organizations, such as chambers of commerce."All of them have varying degrees of expertise," he says.Taking advantage of that expertise may be as simple as calling yourlocal economic development agency and asking what it can do toassist your local business.
Jacquelyn Lynn left the corporate world more than 13 yearsago and has been writing about business and management from herhome office in Winter Park, Florida, ever since.
Contact Source
- Economic Development Corporation of Utah, (801)328-8824, www.edcutah.org.
