Strategic Priority 2 | Retain and Expand Local Business

Business First Greater Richmond is a regional outreach and assistance program that has already touched more than 600 businesses since launching in September 2006. The initiative builds on the success of an ongoing effort to support the retention and growth of companies who already call Greater Richmond home. As promised in the previous five-year plan of work, partners are actively working with the business community to better understand critical success factors and attitudes about doing business in the region.

Partners are utilizing a dynamic new technology platform to quickly respond to the needs of companies in our region. The program has adopted a holistic team approach that engages a myriad of organizations who share our commitment to retaining and growing businesses in our region. This customerfocused approach delivers value by quickly connecting companies to the resources they need and removes barriers to business growth.

Goals

Chamber President Jim Dunn (far right), along with leadership from the Partnership and municipal partners, launch the Business First Greater Richmond program.

• Support the creation of 7,500 new jobs and encourage more than $250 million in new investment by existing firms over the five-year period.

Programs

• Further develop a diverse, world-class team of outreach professionals to include professional economic development staff as well as trained volunteers from the business community. This team will interview more than 500 existing business executives each year.

• Develop and execute a regional Business First outreach strategy that supports the needs of firms in the region’s cluster industries and addresses the unique concerns of small, women- and minority-owned firms.

• As a direct result of these business interviews, the team will actively support the expansion of 100 existing businesses each year.

• In response to business needs, build a strong regional resource team with expertise and services relevant in today’s dynamic economy.

• Execute a customer-focused approach to problem resolution and service delivery that achieves a 90% satisfaction rating by participating firms. Analyze the information collected in aggregate; identify and address at least one regionally-critical business issue each year. Actively collaborate with other stakeholders to resolve regional issues that negatively impact the business climate.

• Explore unique and innovative ways to encourage the growth of firms in the Greater Richmond region through identified international trade opportunities (such as participation with inbound trade mission groups) and other means.

• Increase awareness of the Business First program and resources available through aggressive marketing using a variety of media (print, electronic, web). Use case studies to demonstrate the value of the program.