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• i <br />, , j <br /> II. Importance of Business Retention <br /> Advantages to the Local Economy <br /> Although the goal of recruiting new industry to bring additional jobs and tax dollars to a community <br /> is admirable,efforts to retain established businesses are critical to a community for a number of reasons. <br /> Established businesses are already providing the community with jobs and tax dollars. Locally owned <br /> businesses are more likely to be responsive to community needs and to retain profits in the community. <br /> They have established reputations and existing relationships with local bankers and accountants. <br /> In addition to their current contributions,existing businesses are also the most likely sources of future <br /> economic growth.Research indicates and experience confirms that at least two-thirds of new industrial <br /> jobs created come from the expansion of existing successful businesses. Local businesses don't have <br /> Itobe lured by expensive marketing programs or financial incentives that may cost the community a <br /> fortune without ever achieving results. <br /> As resources for local economic development groups are usually limited, the relative success of BRE <br /> efforts versus prospecting efforts should be kept in mind when allocating any economic development <br /> group's time and money. As it's often said: <br /> "Local businesses are prospects, outside businesses are suspects." <br /> '1 1 <br /> BRE efforts should be a strong focus of any economic development organization. <br /> 1 <br /> 1 <br /> 1 <br /> 2 <br />