EDA Special Meeting Packet 11-09-2020

Home Browse Search

SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES EDA STRATEGIC PLAN 30 5. BUSINESS RETENTION AND EXPANSION The business visitation program is a core activity in the City’s effort to retain its existing businesses and support their expansion—and by all accounts it is going well. A couple of visits are conducted each month. They encompass a formal survey, informal conversation and facility tours. Many of the visits are with newly established businesses, which provides an opportunity to ask about how City processes went, and to see if there are other ways that economic development staff can support the business. Amy Lord, the Career and Technical Training Coordinator from ISD 728, often participates in the meeting, bringing a focus on the workforce training needs of the business. The business survey has been another important resource for understanding the needs of the business community. A small business owner has to have a broad range of skills in order to run a successful business, but they are inevitably better at some things and less skilled at others. Technical assistance for businesses helps to fill in the information, training and skills gaps for small business owners in areas such as business planning, marketing, accounting, or human resources. This can be a lifeline for small businesses. Technical assistance providers may also be able to offer loans to meet certain business needs. Many cities partner with technical assistance providers to offer these services. Elk River does not currently contract with a technical assistance provider. The construction sector emerged from the sector analysis as a locally important industry sector. Elk River’s construction sector outperforms the state of Minnesota in terms of its share of Elk River’s jobs, and that share has grown over the past decade. Additionally, jobs in the construction sector are typically living wage jobs. Although we are not recommending that construction companies be included in the target industries list, these businesses play an important role in Elk River’s economy and for that reason are a category of business that deserves attention and support through the City’s business visitation program, to stay apprised of the industry and informed about how the City can support it. An additional need of the area’s business communities, as identified by Elk River’s Manufacturing and Industry focus group, and as is common to rural cities across the state, is the need for affordable housing, and for multifamily housing options more generally. The lack of these housing options can be an impediment to recruiting qualified workers for a job at a local business. Strategies/Actions 5a. Continue the business visitation program with an emphasis on strategically important businesses (including manufacturing and construction businesses) and newly established businesses 5b. Survey the business community annually as a follow-up to the recent business survey