Imagine that you’re a Business Retention & Expansion (BRE) professional. You target certain businesses locally to get to know, develop good relationships with them, and yet “things happen” with them that catch you off-guard. They announce they’re leaving, they’re downsizing, or they won’t renew their lease.
You wonder “Why didn’t I know about this sooner?”
Part of being great at BRE requires that BRE professionals get to know what’s going on OUTSIDE the area that can affect local industries. For example, CSS monitors business intelligence for BRE organizations, and noted below are examples of information that applies to our clients’ industries. Assume that “Company ABC” is one of your key local businesses:
- Company ABC Appoints Two Key Executives to New Leadership Positions
- Company ABC recalls key product
- Company ABC Completes Purchase of Key Competitor
- Company ABC expands its campus with purchase of 16 acres…in another State
- Company ABC to close plant (in a different region of the country)
- Company ABC starts hiring freeze after slower sales
- Company ABC cuts hundreds of jobs, pays millions in dividends
- Other jurisdiction approves incentives to help lure Company ABC
- Company ABC to be purchased for about $229 million
- Competing jurisdiction to sweeten the incentive pot to attract Company ABC.
A strong BRE professional will know how to utilize information about what was taking place outside his/her region.
With this business intelligence, would you be able to be proactive in communications with local constituents? Would you be able to predict risk and opportunities earlier? Would you be able to impact business decisions?
Your answers should be Yes, Yes, Yes!
An important part of any BRE strategy is to be able to predict what could happen with your local businesses by staying abreast of what factors OUTSIDE your jurisdiction could be impacting your clients.
Be Alert to BRE Red Flags.
Check out our BRE intelligence-building service at http://brebuzz.com/.
