TN Business Retention & Expansion Course

A two-day course designed for economic development practitioners and community leaders at local, regional and state levels. Participants will better understand the importance of existing business and industry, techniques to identify and prioritize business and industry needs, and how to develop the strategies and tools to support business retention and expansion in their communities.

When existing businesses relocate they leave a void in your community. They must not be taken for granted! The reasons a business may leave a community include lack of public services, political unrest, site limitations and lack of trained labor, just to name a few.

According to the State of Tennessee Department of Economic Development, in 2009, 75 percent of all new jobs from manufacturing, distribution, headquarters, and other selected services were from the expansion of existing businesses in Tennessee.

When considering the same sectors, 25 percent of all new jobs were from attraction strategies. Moreover, the State of Tennessee reported 93 percent of all economic development projects were considered business expansion activities and not attraction activities.

These statistics emphasize the importance of a comprehensive approach to economic development that includes strategies for business retention and expansion, recruitment, and new business development. In order to prevent some of the potential closures and/or relocations in a community, outreach to businesses may be necessary.