CW-BRE Study Guide Flashcards
How do BRE programs assist businesses?
1) Keep them from relocating
2) Help them survive economic difficulty
3) Assist with expansions that add new jobs
4) Increase competitiveness in wider marketplace
Define a BRE program
Involves partnerships of:
-public
-business
-community
leadership that continuously assesses the:
-existing industrial base
-physical, locational, technological, and human
resource needs of individual companies
What data is obtained to maintain a picture of strengths and weaknesses of the local economy?
1) Competitive strengths and weaknesses of the area as a business location
2) Strength of local economy (#of expansions, new investments)
3) Areas of interest or concern used to formulate public policy, enhance development efforts, or improve business climate
List 5 impacts of a business closing or relocating
1) eliminates jobs
2) reduces tax base
3) lowers surrounding property values
4) contributes to blight or decline
5) lowers community image/outlook
List 4 impacts of a business expansion
1) creates or retains jobs
2) increases tax base
3) increases local property values
4) improves community image/outlook
Why is BRE a core program?
1) 65-80% of new jobs are created by existing businesses
2) helps market the community to new companies
3) emerged during the recession in 1970’s-80’s
List 6 successful BRE factors for the EDO
1) industry knowledge
2) local firm knowledge
3) professional service
4) results oriented
5) long-term focus of overall business climate and problem solving
6) Coordinate services between and among agencies and programs
What is the role of the ED practitioner in BRE programs?
1) direct provider of financial and technical assistance
2) broker between companies and resources
3) advocate for business concerns relating to government policy
Who are the stakeholders in BRE?
1) business community
2) major employers
3) existing company employees
4) utility companies
What are 6 unique offerings of utility companies for BRE?
1) discounted rates
2) site info
3) energy audits
4) revolving loan funds/ grants
5) low cost financing
6) export assistance
List nine areas to examine in assessing a community’s strengths and weaknesses
1) labor force
2) access to markets
3) transportation
4) educational infrastructure
5) site availability
6) tax rates
7) utility costs and availability
8) quality of life
9) business climate
What factors should be considered when assessing opportunities and threats?
1) structural changes in the economy
2) demographic changes in the community
3) technological changes
List 7 important factors that a BRE SWOT Analysis should reveal
1) outlook- age and growth trends of key industries
2) technology- how will advances impact local industries
3) legal/regulatory changes- beneficial or harmful to key industries
4) large employers- location of headquarters, trends
5) economic trends- growth/recession/international
6) competitors- attraction to other locations
7) other concerns- industry health/consolidation trends/leadership change
Sources of firms to target for BRE programs
1) Chamber of Commerce/EDO Listings
2) Business license info
3) Business associations
4) Agencies (SBA, SEC)
5) Business publications and Directories
What are the two primary purposes of a visitation and surveying program?
1) early warning system to alert officials of plans/problems/concerns of local businesses
2) aggregates info into a database for local economy awareness
List the 5 models of business visitation and surveying programs
1) mail surveys
2) in-person surveys via volunteers
3) in-person surveys via ED staff
4) combined mail and in-person surveys
5) email/web-based surveys
When are mail surveys most appropriate
When the primary objective is:
-to get a general sense of the business community’s level of satisfaction with the community
-to gauge overall health of local businesses
-follow up after larger in-person survey efforts
What are the sequence of events to organize a volunteer program?
1) elected official support for visibility and credibility
2) appoint task force chaired by prominent private sector leader
3) identify firms to survey
4) send letter of introduction from elected officials three weeks prior to kick-off
5) hold training for volunteers
6) hold kick-off event to promote and heighten awareness of program
What are the sequence of events to organize an ED staff administered program?
1) obtain elected official support
2) identify firms to survey
3) schedule blocks of interviews (geographical regions)
4) letter of introduction from elected official 2 weeks prior to interviews w/ copy of survey
5) follow up phone call one week later to set appointment
List criteria to be used in developing a list of targeted companies
1) company size - either employee count or revenue sales
2) industrial sector
3) geographic region
4) ownership (local-based or headquartered elsewhere)
Explain an ideal mail survey
1) one page
2) 2-3 focus areas
Explain an ideal site visit questionnaire
1) confidentiality issues addressed upfront
2) tested for time constraints, ambiguity and validity
3) basic info obtained ahead of time (name, principals, parent/subsidiaries, SIC/NAICS codes, age, current and historic # of employees, own/lease facility)
4) specific focus areas
List and explain specific focus areas for site visit surveys
1) firm background (suppliers, customers, revenue, growth potential, product lines, employment
2) business climate (location, rating of community)
3) Labor and training needs (skill levels required, average wages, education levels, unions, residency, turnover, absenteeism, employment pool)
4) marketing and trade (are sales in: various jurisdictions, exports, domestic sales, government sales/contracts)
5) financing needs (problems securing capital, areas where additional capital needed, sources of capital/credit)
6) regulatory issues (relationships with agencies, business friendly regulatory climate, complexities, costs, time, guidance)
7) barriers to growth (size and condition of facility, location, workforce, regulations, taxes, labor costs, transportation, crime, energy costs)
8) satisfaction w/ public services and facilities (schools, higher education, parks, culture, police and fire, water, sewer, solid waste)
9) local business assistance (utilization and satisfaction with services)
List the elements of a training session agenda for in-person surveys
1) welcome and introduction by task force leader and elected official
2) overview of program and confidentiality (goals/objectives/services)
3) survey form (step-by-step walk through)
4) interviewing tips (punctuality/dress/professionalism)
5) role playing
6) conclusion
Explain the various stages of survey follow-up
1) immediate (w/in 2 days, determine red flags)
2) short-term (w/in 2weeks, thank you/compile results/create files)
3) medium-term (w/in 4 weeks/ internal and external responses to requests)
4) long-term (w/in 3-4 months/ update firms on progress dealing with issues
List the top 10 red flags for an at-risk firm
1) declining sales/employment
2) larger non-local corporate ownership
3) recent ownership change
4) expiring leases
5) competition in same service/ product field
6) negative community attitudes
7) unbearable regulatory burdens
8) union contract expirations
9) expanding employment/sales
10) facility/ site expansion plans
What are some early warning signals that a company may be at risk?
1) obsolete facility, product lines, or technology
2) location problem in neighborhood
3) contentious labor relations
4) lack of export or international focus
5) no succession plan (family-owned businesses)
6) relocation of top management to another location
8) loss of supplier/customer contracts
Define cluster-based economic development
an approach to economic growth that builds upon existing concentrations of competing, complementary, and interdependent firms within industrial sectors.
