Business Retention and Expansion focuses on supporting existing Lanark County businesses
Lanark County is moving ahead with a Business Retention and Expansion (BR+E) initiative designed to better understand the needs of local businesses and identify opportunities to help them thrive.
Business Retention and Expansion co-ordinator Tim Woods outlined the program during a presentation to Carleton Place committee of the whole on June 23, describing it as a proactive approach focused on supporting businesses already operating in the region.
“The name says most of it, really. It’s all about focusing on the needs of existing businesses in the county,” said Woods.
The program will include confidential interviews with local business owners and managers to identify opportunities and challenges facing the business community. Information gathered through the process will be used to develop an action plan aimed at strengthening the local economy.
Woods said the initiative looks for both “green flags” and “red flags” during interviews.
“A green flag might be an opportunity to help a business access capital to expand. A red flag might be a business that is struggling and may need support before a problem becomes a crisis,” he said.
Woods noted that retaining existing businesses is often less costly and less risky than trying to attract new ones.
The project will be carried out in four phases: preparation, business visits and surveys, development of recommendations, and implementation. Volunteers will be trained to conduct interviews with businesses across Lanark County, with the goal of gathering feedback from a broad range of sectors and employers.
Coun. Linda Seccaspina asked how the initiative differs from work already undertaken by the town’s chamber of commerce and business organizations, and whether the program would focus on specific industries.
Woods said the initiative is intended to complement existing economic development activities while providing detailed, community-specific information to help shape future county policies and programs.
Mayor Toby Randell welcomed the initiative and pointed to existing supports available through Valley Heartland Community Futures Development Corporation.
“And the county is attached to Valley Heartland as well. That helps small businesses and businesses alike through all sectors to obtain grants and loans and startups, all that kind of thing,” said Randell. “So I appreciate the work that you’re putting in.”
Information gathered through the BR+E process will be used to create a county-wide action plan focused on business retention, expansion and long-term economic growth.
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