As private industry has known for years, you must constantly change and grow or risk losing your competitive edge.
Those of us who serve the community as private/public not-for-profit organizations also must follow these same principles to achieve the results that our community expects and deserves.
The Economic Development Authority of Western Nevada (EDAWN) has taken those principles of growth and change, and under the leadership of Chuck Alvey, president and CEO, launched a major business retention and expansion effort over the past two years that has positioned northwestern Nevada as a place for businesses to expand their operations.
EDAWN's new Business Services department developed the program which is considered by many economic development organizations as a "model" for business and retention in Nevada and the United States.
Business Services provides a wide range of support services to local existing businesses to assist with their retention and expansion needs.
Business retention and expansion is an ongoing effort and utilizes a number of partner agencies for the purpose of identifying opportunities to assist local firms in expanding their facilities, creating jobs and diversifying the local economy.
In order to develop relationships with company executives, as well as to gather data and leads, we schedule one-on-one confidential interviews and then enter the data in a software program called Synchronist.
This is a nationally known software program that was developed by former economic developers with more than 30 years experience in business retention and expansion.
Once the interviews are complete and the data is entered, staff responds to the individual needs of companies and then a series of reports are generated from the software program that allows us to be proactive with respect to business concerns and issues.
The local focus on business retention and expansion originally began with the Nevada Commission on Economic Development (NCED).
The Synchronist master license for the State of Nevada was funded by a grant from the NCED in 2001.
EDAWN was the first economic development authority in the state to purchase the sub license to use the software locally.
On a national level, while many states and local economic development authorities realize the need to have formalized business retention and expansion programs in order to remain competitive and maintain existing businesses, many have not made it a priority.
Traditionally economic development groups do not recognize the importance of such programs, are caught in a history that says the sole and most important mission of economic development is attracting new business or do not have the financial resources to embark on such a program.
EDAWN's efforts in retention and expansion are significant when you consider that few of our neighboring western states, competitors for relocating companies, have formalized programs.
Of the 11 western states only two, Washington and Arizona, have programs that utilize advanced software programs like Synchronist to facilitate information gathering and responses to companies.
On a state level, EDAWN was the first economic development authority out of 14 economic development authorities in Nevada to have a formalized business retention and expansion program.
Since 2002, we have assisted various economic development authorities launch programs of their own, including the Northern Nevada Development Authority.
Additionally, EDAWN, in conjunction with the Nevada Commission of Economic Development, will assist the Nevada Development Authority in Las Vegas and local government entities to begin a cooperative program in Clark County.
Other than supporting local business, why are business retention and expansion programs so important to our region?
* This is where real job growth comes from.
Up to 80 percent of most area's job growth comes from existing companies.
* There are so many players in the recruitment game that more than 15,000 economic development authorities chase fewer than 200 major relocations annually.
* Retention and expansion methods are extremely cost-effective as it is much easier to keep and grow existing companies than it is to continually identify new ones.
* Retention and expansion services supports EDAWN's ability to attract companies, since one of the main ways CEOs evaluate a community for investment is to talk to other local CEO's for information and referrals.
* These outreach efforts connect local executives with the programs and assistance we provide and creates a seamless point of contact with service providers.
We have the ability to develop long term relationships to better serve the needs of a company as it grows and expands.
* We can measure the economic impact of the companies we assist in the areas of retention and expansion.
Over the past two years, staff and more than 100 certified EDAWN member volunteers have met with more than 200 local companies to gather data and insights as well as to offer our services throughout their growth and expansions.
EDAWN's business services department currently works with more than 24 companies on their case specific needs in the area of retention and expansion.
These companies, once they expand or decide not to leave our area will contribute more than $40 million to $50 million in economic impact to our region resulting in quality jobs and a diversified and growing economy.
EDAWN's focus on retention and expansion could not be achieved without the help and ongoing support from our board of trustees, EDAWN members who volunteer countless hours and the many partner agencies and organizations who have contributed to this regional effort.
As our local companies continue to expand and grow in an environment of support and appreciation we all benefit.
Gail Conkey is the Economic Development Authority of Western Nevada's director of Business Services.
