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Suggest You - The Home Field Advantage
I heard this story told about film director Cecil B. DeMille. I have no way of knowing if it's true, but the story beautifully captures the communications stall.Mr. DeMille spared no expense to part the Red Sea for his epic production of The Ten Commandments. Actors, engineers, horses, and assorted other animals were everywhere. The dust, heat, and noise were ferocious. Finally, everyone was ready to go and DeMille called out, "Roll the cameras" and "Action." After he finished shooting the scene, DeMille called to a cameraman on a high cliff to check on how that part of the filming had gone. The cameraman reportedly yelled back, "Ready when you are, C.B.!"If the story were true, DeMille should have checked to see if the camera was rolling before shouting "Action."You should do the same. Check first to see if your message is received and correctly understood before going into action. Ask people what they heard and what they plan to do, and keep repeating the message in different ways to reinforce your point.JUST THE FACTS, MA'AMSeeing and Doing Make for BelievingIn the 1980s a top U.S. producer of roofing materials decided to improve its operations. Since it was prohibitively expensive to ship such materials to the United States from Asia, the division president often visited noncompeting plants there to get ideas.On one trip to Japan, the president discovered something unexpected. While using the same equipment that his company employed, the Japanese manufacturer was able to operate a production line with 8 employees rather than the 30 that the U.S. manufacturer used. The president returned elated by the opportunity to reduce his costs. But when he told his manufacturing chief what he planned to do, the man said, "Baloney!"So the president took the manufacturing chief to Japan. The man immediately grasped the point, turned to his bos
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their cust
Give ThanksThank individuals for their contribution to the company. If your group is small, mention each person individually. In larger firms, thank teams or departments who succeeded in special initiatives or projects. Thank your partners and alliances, especially if they are sponsoring your company celebration.Share SuccessesShare specific kudos about your team members with their spouses. You know, it doesn't get much better than hearing that all of one's efforts and long hours are being recognized. And saying this to the spouse lets the spouse know you appreciate his or her sacrifices and support, as well.Allow your employees' children to hear of the contribution their parent makes to your company. Talk about those values you would want your own children to hear; perhaps "commitment," "integrity," "work ethic," "fairness," "team work," or other wonderful qualities. Be an inspiration to those children, after all they just might be your company's future leaders.Highlight the FutureAs the year winds down, it is appropriate to turn your attention to the coming year's main events and the contributions each of your employees need to make. Talk about the goals and make sure you use words and a tone of voice that will help people remember these goals as they enter the New Year. Try placing extra stress on the most meaningful words and be passionate about your excitement for the coming year.Introduce New AssociatesAcknowledge new team members by asking supervisors to briefly explain each person's job responsibilities and by noting something humorous about the newcomer.Remember Special CircumstancesDon't forget to offer a fond memory and kind words for the dear colleagues who have passed on, or are not able to be with you because of an illness, injury, military duty, or other reasons.<
After a six-month national search, your firm has developed a short list of three highly competitive sites for your client’s new manufacturing facility. You’ve had helicopter tours of Greenfield sites and met with local government and economic development officials. You’ve gathered information on available workforce, historic weather patterns and school systems. You’ve been placed on the ‘rubber chicken’ circuit, treated to local cuisine as part of each community’s efforts to wine, dine and attract your client.
Each site meets the basic criteria for your client, a major multi-national food products company. While incentives for each vary, the differences are offset by the unique attributes that each community offers, making the situation basically a toss-up. So, which location do you recommend?
Before you answer, here’s one more question.
Have you considered how the community works for its business retention? If you’re wondering about the relevance of this question to an attraction project, here’s the same question expressed differently. Are you going to entrust your client to a community that places a long term value on its business base – or one that’s constantly looking for the next big win? After all, a site consultant’s reputation rests on how well the recommended community works for the client in the long run, not how good it looks on paper when the location is announced.
Business Development Strategy - Playing at Home
Sports teams know the importance of the home field advantage, especially at playoff times. Playing in familiar confines in front of a friendly, supportive crowd can be the difference between a win and a loss – and even a championship season.
The home field advantage is not limited to sports. It is relevant to the site selection process, especially in a competitive global economy where every advantage, large or small, is important. How a community treats the businesses already located there could be a harbinger of things to come for your client. When a location is finally selected and the decision announced local government and economic development leaders will be your client’s best friend during these exciting early days of the relationship. Their eager-to-please attitude reflects your client’s status as the new kid in town.
Now, let’s fast forward three years. What happens when the excitement dies down? When there’s a bigger, newer kid in town? Or when global conditions present unforeseen challenges for your client? Will local government and economic development leaders be as supportive as they once were? Or, have they focused their energies on attraction prospects, virtually ignoring the companies already in town?
These are questions relevant to the site selection process. These are questions that impact the long-term satisfaction of your client with the location that you ultimately recommend.
Rodney Dangerfield and Economic Development
If you, as a site selector or corporate real estate professional, haven’t considered the ‘retention factor,’ don’t be surprised. The quiet, behind-the-scenes work to retain and grow an existing company seldom generates the headlines or top story status that an attraction prospect does. It’s nitty-gritty, in-the-trenches economic development work, usually not very visible, appreciated or valued – but entirely necessary.
For just these reasons, Randy Welker, the business retention manager for the Greater Cincinnati Chamber of Commerce, characterizes business retention as the ‘Rodney Dangerfield’ of economic development when compared to other economic development activities.
While colorful, the description has more than the ring of truth to it. In fact, when compared to business attraction and incubation efforts, retention is often overlooked in many communities. According to research conducted by the International Economic Development Council (IEDC), economic development professionals claim to focus primarily on business retention in their daily activities. Yet, other studies of private sector firms reveal that local companies perceive recruitment – not retention – as the primary function of local economic development groups.
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their custo
A construction cost estimator knows that there are a lot of expenses that need to be tracked when estimating a job. Many people who have been in the industry for a long time have always relied on pen, paper and a calculator to estimate a job. They feel that their experience in estimating out weighs the convenience of the new software programs. However, what they do not realize is that using this software can save them a lot of time and headaches.Projecting Construction Costs Is The First Step To A Successful ProjectThere are a lot of costs that have to be considered when estimating a job. Both the seen and unseen cost can delay a project if they are not calculated correctly. Land acquisition, as well as assembly, holding and improvement are just a few of the things that need to be taken into consideration. Others include Planning and feasibility studies of the structure; capital costs for a construction project are just a few of the costs that need to be considered.You will also need to take into consideration the financial fees, which include filing fees and architectural and engineering design. These factors need to be taken into consideration before you can estimate any other part of the project. When you have these numbers, you can then go on to add the construction cost, labor and materials, insurance, taxes equipment and all of the other factors that will make up your bid or proposal. You have to take into consideration that maintenance costs will be a big part of your expenses. It is critical that you account for all maintenance costs in your estimate. This includes the operating staff, land rent, periodic renovations, labor and material for maintenance and repairs, insurance and taxes, financing costs, utilities. There will be other expenses that you will need to deal with as they pop up, however, with the estimating software; it will not be a problem.
Business Development Strategy - Playing at Home
Sports teams know the importance of the home field advantage, especially at playoff times. Playing in familiar confines in front of a friendly, supportive crowd can be the difference between a win and a loss – and even a championship season.
The home field advantage is not limited to sports. It is relevant to the site selection process, especially in a competitive global economy where every advantage, large or small, is important. How a community treats the businesses already located there could be a harbinger of things to come for your client. When a location is finally selected and the decision announced local government and economic development leaders will be your client’s best friend during these exciting early days of the relationship. Their eager-to-please attitude reflects your client’s status as the new kid in town.
Now, let’s fast forward three years. What happens when the excitement dies down? When there’s a bigger, newer kid in town? Or when global conditions present unforeseen challenges for your client? Will local government and economic development leaders be as supportive as they once were? Or, have they focused their energies on attraction prospects, virtually ignoring the companies already in town?
These are questions relevant to the site selection process. These are questions that impact the long-term satisfaction of your client with the location that you ultimately recommend.
Rodney Dangerfield and Economic Development
If you, as a site selector or corporate real estate professional, haven’t considered the ‘retention factor,’ don’t be surprised. The quiet, behind-the-scenes work to retain and grow an existing company seldom generates the headlines or top story status that an attraction prospect does. It’s nitty-gritty, in-the-trenches economic development work, usually not very visible, appreciated or valued – but entirely necessary.
For just these reasons, Randy Welker, the business retention manager for the Greater Cincinnati Chamber of Commerce, characterizes business retention as the ‘Rodney Dangerfield’ of economic development when compared to other economic development activities.
While colorful, the description has more than the ring of truth to it. In fact, when compared to business attraction and incubation efforts, retention is often overlooked in many communities. According to research conducted by the International Economic Development Council (IEDC), economic development professionals claim to focus primarily on business retention in their daily activities. Yet, other studies of private sector firms reveal that local companies perceive recruitment – not retention – as the primary function of local economic development groups.
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their cust
One of the things that medical billing companies don't like about DME software companies is how they nickel and dime them for just about everything that comes with the software. One of the biggest areas where this is a major source of pain is with user licenses.When you purchase your DME software, most software companies sell the software in two different versions. One version is standalone, to be used on a single PC and the other version is to be used on the network. There is more different between these two versions than just the fact that one version runs standalone and the other runs on the network. The biggest difference is the user licenses that come with each version.Usually, by default, with the standalone version, you will get a user license for only one user. If you want to install the standalone system on multiple PCs, assuming you don't need network support, then you have to purchase additional licenses. These licenses can cost as much as a couple hundred dollars or more, depending on how complex the software is and the original cost.The network version gets a little more complicated. Because the software runs on a network, usually the number of people who can access that network is controlled by the network itself and not by the software. But software companies have this covered very well. What they do is make it so that when the software is installed, it places data on the network that indicates how many people can connect to the software at one time. Once the maximum number of users is reached, no other users will be allowed to connect.Most software packages come with anywhere from five to twenty licenses to begin with. If a medical billing company wants additional licenses, then they have to pay for them. When they do this, what the software company does is go into the system and change the area containing the data that stores the nu
Now, let’s fast forward three years. What happens when the excitement dies down? When there’s a bigger, newer kid in town? Or when global conditions present unforeseen challenges for your client? Will local government and economic development leaders be as supportive as they once were? Or, have they focused their energies on attraction prospects, virtually ignoring the companies already in town?
These are questions relevant to the site selection process. These are questions that impact the long-term satisfaction of your client with the location that you ultimately recommend.
Rodney Dangerfield and Economic Development
If you, as a site selector or corporate real estate professional, haven’t considered the ‘retention factor,’ don’t be surprised. The quiet, behind-the-scenes work to retain and grow an existing company seldom generates the headlines or top story status that an attraction prospect does. It’s nitty-gritty, in-the-trenches economic development work, usually not very visible, appreciated or valued – but entirely necessary.
For just these reasons, Randy Welker, the business retention manager for the Greater Cincinnati Chamber of Commerce, characterizes business retention as the ‘Rodney Dangerfield’ of economic development when compared to other economic development activities.
While colorful, the description has more than the ring of truth to it. In fact, when compared to business attraction and incubation efforts, retention is often overlooked in many communities. According to research conducted by the International Economic Development Council (IEDC), economic development professionals claim to focus primarily on business retention in their daily activities. Yet, other studies of private sector firms reveal that local companies perceive recruitment – not retention – as the primary function of local economic development groups.
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their cust
CNBC's new show Business of Innovation is s show all business students should watch. It throws a window of clarity to business and innovation ideas that have been twisted over the years. Maria Bartiromo is very helpful with pulling out tips from the guests on the shows. These are areas she probably already knows, but she makes it easy for viewers to get the idea. Last weeks episode focussed on the fact that technology is not necessarily innovation, but understanding what problem you are trying to solve is key.I was mostly intrigued by the insights of ray kurzweil, The man is a genius He thinks like an innovator should. Reinforcing the point that its the mentality one has to cultivate than just constantly running after things that are supposed to be innovative. When you have the mentality, it comes automatically. The coverage of the virtual universe Second Life is also very interesting as the platform provides an avenue for young businesses and entrepreneurs to hone their skills for the real world and even make a fortune online. The idea of living a second life solves the problem of loneliness that the suburban lifestyle has created for most of us its like going back to the basics of community.I am always excited when topics like this is being discussed it just opens your own creative mind and fosters innovative thinking. kudos to CNBC for initiating such a program even if its not the first, it comes at a time when we need to get out of the clutter and stand out.
If you, as a site selector or corporate real estate professional, haven’t considered the ‘retention factor,’ don’t be surprised. The quiet, behind-the-scenes work to retain and grow an existing company seldom generates the headlines or top story status that an attraction prospect does. It’s nitty-gritty, in-the-trenches economic development work, usually not very visible, appreciated or valued – but entirely necessary.
For just these reasons, Randy Welker, the business retention manager for the Greater Cincinnati Chamber of Commerce, characterizes business retention as the ‘Rodney Dangerfield’ of economic development when compared to other economic development activities.
While colorful, the description has more than the ring of truth to it. In fact, when compared to business attraction and incubation efforts, retention is often overlooked in many communities. According to research conducted by the International Economic Development Council (IEDC), economic development professionals claim to focus primarily on business retention in their daily activities. Yet, other studies of private sector firms reveal that local companies perceive recruitment – not retention – as the primary function of local economic development groups.
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their cust
When a merchant signs a contract with a credit card processing provider, said business owner must indicate the anticipated monthly volume, average ticket and highest ticket. Invariably, merchants (especially new ones), have an exceedingly difficult time with this speculation process. It’s not easy forecasting one’s volume of business, let alone how much will be secured through the use of credit cards.Despite the arduous task of predicting limits, it is always best to OVER-estimate the volume. While the merchant needs to use reasonable assumptions in arriving at these figures, an overinflated amount may preclude a problem in the future.Suppose a merchant indicates that the highest anticipated amount will be $1,000 for any given transaction. If this merchant unexpectedly makes a sale of $3,000, this transaction will be red flagged and funds will not be released. The risk department of the processing company will verify the validity of the transaction, holding up this merchant’s funds, jeopardizing needed cash flow. Subsequent transactions may be held as well, even if they fall below the highest threshold amount.While some companies expedite the process in confirming the authenticity of transactions, other processing firms place indefinite holds on merchant accounts, refusing to release funds for weeks or even months! This is especially problematic during a merchant’s busy season where monthly volume can accelerate and reach much higher levels than anticipated. Here, too, the processing companies can put the kibosh on the merchant’s account until further notice (i.e., when transactions are verified). Serious funding delays may materialize and the merchant may very well be out of business (literally) as funds are not released on a timely basis.While it may appear to the merchant that the processing company does not gain any commission from held transaction
Business Retention and Business Development in the Eyes of Expert
As Phil Phillips, Manager of Business Retention and Expansion for the Greater Omaha Chamber of Commerce puts it “Retention is priority #1 in any economic development organization’s mission statement, but often slips to #2 in their work plan and virtually disappears in day to day agency activities. This is a classic case of the ‘urgent’ forcing out the ‘important’. We have all had site selectors demand reams of information from us on nearly impossible timetables. What economic developer has ever had an existing business call to demand the developer come out to do an existing business survey IMMEDIATELY?”
Given disconnect between local development groups and their customers, it’s not surprising that some site selectors may shortchange the retention factor. Like Dangerfield’s signature complaint, retention doesn’t get any respect – and it may be undervalued as a competitive factor in the site selection process.
The Signs of Business Retention Supportive Community
So, how can you determine if a community is serious about the business of business retention? One indicator is the status of the retention program. Retention should not be viewed as a short-term, one-time, feel-good blitz. It should be a formal, ongoing program that is an integral part of the overall economic development strategy. It should be aggressively marketed and have a recognizable brand name such as The Team Pennsylvania Business Calling Program in the Keystone State; DC Connects in Washington D.C. and Business First! in Dayton and Montgomery County OH.
Another indicator is the type of outreach with the customer – i.e., the CEO or business owner in the community’s key industry clusters. While outreach often takes the form of phone, mail or fax surveys, programs that emphasize face-to-face dialogue with business owners take retention to a higher level. These meetings provide an opportunity for relationship building that a phone, fax or mail survey cannot provide. It permits an in-depth discussion of the challenges and opportunities facing the firm, especially if the owner is interested in available programs and resources.
Causes of Failure of Business Retention Plan
Outreach is virtually meaningless unless the community has assembled a cohesive team of service providers who are ready to respond to requests for assistance. One of the biggest failures of existing retention programs is the inability of local economic development groups to work together on behalf of the customer – whether it’s retention or recruitment. One site selector notes that he can determine the level of cooperation among local government and economic development groups within 10 minutes of arriving in a community.
The common theme of the nation’s best retention programs is that existing customers are the foundation of economic growth. This is consistent with studies that indicate up to 80% of local job growth is generated by the companies already located in the community. The best retention programs rely on human interaction to build relationships with valued customers – as demonstrated by those programs focusing on face-to-face meetings with business owners and committed, enthusiastic local development groups who work together to benefit the business community.
The best retention programs don’t wait for the phones to ring. Instead, these programs put local development officials on the street, systematically meeting with businesses on a regular basis. They strive to build relationships with CEOs, understand their challenges, seek their opinions about the business climate and link them to resources. In a nutshell, communities that value their businesses take a proactive, formal and systematic approach to business retention. These communities are ideal candidate for your clients who are looking for a competitive location today that will remain a competitive and supportive location tomorrow.
A Competitive Edge in Omaha
While many local development groups ‘talk’ retention, some communities practice it religiously. Omaha NE is one community that recognizes the distinct connection between their retention and recruitment activities.
A systematic retention program has been an integral part of the ‘Target Omaha’ economic development strategy since 1994. Each year, over 300 firms in strategic industry clusters are visited including:
• Large firms that have the most employees and set the pace for the economy.
• Basic wealth generating companies that bring dollars into the community such as
• manufacturing, distribution, and business and professional services including
• teleservices and insurance, two important local clusters.
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