The Power of Business Retention and Expansion Efforts in Iowa Lakes Corridor

31 Oct 2024
News
In the Iowa Lakes Corridor, success is built on supporting and strengthening the businesses already contributing to the local economy. The Corridor's Business Retention and Expansion (BRE) efforts are more than just checking boxes—they're about creating meaningful, lasting relationships with the companies that call this region home. By addressing their unique needs and challenges, the Corridor actively fosters long-term growth and stability.
In line with this commitment, the Iowa Lakes Corridor is excited to unveil a refreshed approach to its BRE efforts by introducing the GROWTH program. GROWTH—an acronym for Gathering, Relationships, Opportunities, Wins, Trends, and Hometown—represents a renewed focus on relationship-building and community-driven progress. This rebrand highlights the importance of gathering critical insights from businesses, fostering meaningful relationships, and seizing new growth opportunities.
By celebrating the wins of local companies and recognizing trends that shape the future, the Corridor remains deeply rooted in its hometown values while preparing businesses for tomorrow's challenges. Working closely with local economic development partners like Lexie Ruter of the Estherville Area Growth Partnership and Lee Dutfield, Development Services Specialist in Storm Lake, the GROWTH program solidifies the Corridor's commitment to sustaining long-term, collaborative success across the region.
What Does Business Retention and Expansion Involve?
For the Iowa Lakes Corridor, BRE goes far beyond routine check-ins. It's a comprehensive strategy designed to understand each business's inner workings and provide targeted solutions. Joanne Follon, the Business Retention & Workforce Partnership Coordinator, leads the charge by maintaining an up-to-date database of businesses, tracking their progress, and collaborating with development partners across the region.
A key component of the Corridor's BRE initiatives is meeting directly with business leaders to discuss pressing issues like workforce shortages, regulatory concerns, or internal management shifts. These visits allow the team to gain a hands-on understanding of the businesses they support, from touring production facilities to identifying logistical pain points.
The insights gathered during these visits are invaluable. For instance, when a local newspaper needed to downsize, the Corridor connected them with a beverage distributor looking for a new facility, turning a potential challenge into a win-win for both companies and demonstrating how the Iowa Lakes Corridor's BRE efforts translate into real, impactful solutions.
Trust and Relationship Building: The Foundation for Expansion
Trust lies at the heart of the Iowa Lakes Corridor's BRE initiatives. Companies need to feel confident that their discussions will remain confidential before sharing sensitive information about their challenges and growth plans. Joanne and the Corridor team carefully nurture this trust, ensuring that businesses know they can rely on the Corridor for support, no matter how complex the issue.
By fostering open communication, the Corridor builds relationships beyond solving immediate problems. These connections create a supportive environment where businesses feel valued, secure, and more inclined to invest in the community's future.
How the Iowa Lakes Corridor Helps Businesses Overcome Challenges
The Iowa Lakes Corridor doesn't wait for problems to escalate—it actively works alongside businesses to tackle them head-on. Workforce retention, for example, is an ongoing challenge in the region, especially within industries like agriculture. When businesses face reduced production or layoffs, the Corridor steps in by connecting them to local training programs and offering strategic advice on workforce development.
In today's economic climate, high interest rates have also become a pressing issue, threatening many businesses' growth and expansion plans. During BRE discussions, the Corridor team provides resources and connects companies with state-level financial programs to ease these burdens.
Partnerships are another key element of the Corridor's approach. By collaborating with local governments, utility providers, and educational institutions, the Corridor ensures businesses can access the tools and support they need to navigate challenges and continue growing.
Strengthening Local Businesses: The Iowa Lakes Corridor's Commitment to BRE
Business retention and expansion are at the core of the Iowa Lakes Corridor's mission. By focusing on collaboration, problem-solving, and building trust, the Corridor works closely with businesses to address challenges and capitalize on new growth opportunities. With strong partnerships across the region and a dedication to confidentiality, the Iowa Lakes Corridor ensures that local businesses have the support they need to thrive, driving sustained economic development throughout the area.
Let’s work together to ensure your long-term success and drive continued economic prosperity in the region. Contact us to learn how our Business Retention and Expansion efforts, now rebranded as the GROWTH program, can support your business.
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