|
We all know the grass isn't always greener on the other side of the fence. Yet, many community development efforts center on attracting new businesses without realizing that equally important to community betterment, is the ability to keep existing businesses healthy and strong.
By participating in APS' Building Bridges to Business, or B3 program, leaders in at least a dozen Arizona communities know for certain that maintaining a healthy community means retaining and cultivating existing small-, medium-, and large-sized businesses, as well as attracting new businesses.
To ensure that the economic engine in Arizona's communities continue to thrive and grow, APS sponsors the B3 program, which provides leaders in economic development organizations with a tool that helps them define, analyze and report data about specific businesses and industries within the community.
Using a combination of sophisticated survey instruments and customized computer software, the program evaluates a targeted company's:
Value to the community
Growth potential
Risk of relocation or downsizing
Overall satisfaction
Employment trends
When combined with face-to-face interviews, this information helps economic and community development professionals apply an efficient method to identify and implement strategies that will improve the business climate within their respective communities.
"We've worked with many community and economic development leaders over the years," said APS Senior Consultant Ted Hidinger. "During that time it became apparent that many lacked a formal process for assessing the key strengths, weaknesses, opportunities and threats to their community. Through the B3 tool and program, our partners now have a defined process that offers quantitative data - such as their specific community's business trends, talent pool, base industries, etc. - to supplement the qualitative information that they have gained through their other efforts."
Armed with the quantitative information garnered through B3, economic development leaders can make fact-based decisions to help their community thrive.
"B3 has been a key element in helping us derive a more focused and strategic approach to our business expansion and retention program," said Dan Henderson, economic development specialist for the Community Development Department in the City of Tempe. "We've been using the tool for more than three years, and we've gathered and analyzed data from more than 140 companies. Because of B3, we are able to be more effective in our retention and attraction strategies. Plus, we're able to help small- and mid-sized businesses expand, which also is critical to our community's future growth. I can confidently say we would not have the portfolio management system that we have today without APS' B3 program."
"It's amazing and gratifying to see how our partners are using B3." Hidinger said. "We're proud to offer this program and will continue to support it and offer it to other community leaders for years to come."
|
