Department of Innovation, Trade & Rural Development (INTRD)

Transcription

1 Department of Innovation, Trade & Rural Development (INTRD) Business Retention & Expansion (BR&E) Newfoundland & Labrador JASON HIGGINS Analyst, Business Retention & Expansion

2 Overview of the Presentation This presentation will provide: Introduction to BR&E Overview of the provincial BR&E model Highlights of local results and findings Discussion of lessons learned Summary of current implementation activity Outlook on future BR&E in this province

3 Business Retention & Expansion What is BR&E? A community-based economic development tool that promotes job growth by helping communities and industries identify barriers to survival and growth facing local business. It is based on the philosophy that existing firms are the key to community economic prosperity

4 Business Retention & Expansion Two Main Objectives: 1. Identify and address short-term problems of individual firms (red flags) 2. Identify and address long-term business expansion barriers (action plans)

5 Provincial BR&E Model Step 1: Preparation Volunteers: - Leadership Team - Task Force Team - Visitation Team Step 2: Firm Visitation Step 3: Follow-up Step 4: Strategic Planning Monitoring & Evaluation Step 5: Implementation

6 Measurable Results Since 2002: 21 projects and final reports completed 21 local BR&E coordinators contracted Over 400 community volunteers mobilized Close to 1,600 businesses interviewed 300 firm-specific red flags followed-up Over 100 CED initiatives completed or underway

7 Findings: The Bad News Firms identified a number of issues, including: Low propensity to export Weaknesses in business planning Limitations in management skills Difficulty recruiting & succession planning Low level of domestic supply sources Poor awareness of programs & services Challenges accessing financing

8 Findings: The Good News Overall, firms interviewed reported: + Satisfaction with quality of life in the province + Optimism about provincial economic future + Positive projected sales and employment + Low operating costs + Desire to expand operations

9 Lessons Learned: Best Practices What worked well in the Provincial Model: Visitation training for consistency Pre-tested interview guide for clarity Red-flag follow-up for legitimacy Community teams for buy-in and action Confidentiality for firm participation

10 Lessons Learned: Best Practices What needed improvement: Reliance on community volunteers Tracking and analysis of red-flag follow-up Length and content of the interview guide Project-driven nature of the local BR&E program Communications with community, teams, partners Coordination, monitoring and evaluation

11 Departmental Response INTRD responses include: Offering a full suite of business and economic development programs and services Forming an implementation team with crossdivisional, multi-regional representation Monitoring and supporting organizations and industry associations in the development and implementation of BR&E CED initiatives

12 Strategic BR&E Initiatives Over 100 CED initiatives include: Supplier Development Activities (Labrador) Business Builder Seminar Series (Western) Regional Business Network (Central) Municipal Development Symposium (Eastern) Innovation Project (Avalon) Workplace Skills Initiative (Manufacturing) Operation Mentorship (Youth)

13 Outlook for the Future Core elements of future provincial BR&E: 1. Counseling by certified outreach professionals 2. Systematic red flag identification and tracking 3. Local coordination of resource partners 4. Analysis shared with provincial stakeholders 5. Responses via initiatives, policies and programs

14 Future BR&E Model Client Programs/Policies Counseling CED Initiatives Provincial Coordinating Team Certified BR&E Outreach Professional Community Leadership Team BR&E Coordinator Implementation Team (INTRD)

15 Department of Innovation, Trade & Rural Development (INTRD) Business Retention & Expansion (BR&E) Newfoundland & Labrador JASON HIGGINS (709)