SBA's Business Retention and Expansion Update
Business Retention and Expansion – November 9th, 2017
As part of the SBA’s continued mission to be the leader of economic growth and prosperity the SBA has launched a proactive Business Retention & Expansion (BR&E) program to further engage and support the Schaumburg business community.
The purpose of the SBA’s BR&E effort is to provide continual support to our corporate partners so that we can better understand, and address, the challenges that face our business community's growth and prosperity.
Since the implementation of this program earlier this Fall the SBA has completed over 60 BR&E conversations with executives from a wide-range of industries. These conversations focus on understanding each company’s specific opportunities for increased growth and the challenges preventing that prosperity from occurring. The SBA processes this information and works with our members and partners to implement programs and services that will facilitate that growth.
While much of the perception for doing business in Illinois centers around business closures and relocations, the aggregated findings from the SBA’s conversations are offering a different story:
- 61% of businesses cite a strong sales and business growth in 2017 and a promising outlook for 2018. With a successful 2017 comes planning for the future – 54% of companies – are in various stages of expansion of their facility and workforce. This narrative runs in opposition to the frequent stories of businesses leaving Illinois, and while some parts of Illinois have struggled to retain industry, Schaumburg has several factors contributing to our economic growth.
- Schaumburg’s location is a key advantage that businesses identify when discussing their operation. The strategic proximity of being conveniently located to O’Hare International Airport, the robust infrastructure anchored by the completion of I-90, and an outstanding quality of life are all factors contributing to an expanding workforce across multiple industries.
While much of the early feedback suggest growth, there are clusters of challenges that are limiting the opportunity for the full growth that is discussed during these conversations. The most pressing challenge facing Schaumburg industry is workforce development and readiness. One advantage to being located in Schaumburg, and the greater Chicagoland area, is the numerous workforce partners that offer a variety of beneficial services. The SBA recognizes the difficulty in identifying the right partner for each individual business’ challenge and works to facilitate the correct introduction that will provide the right service to each business unique challenge of hiring, retaining, or training their workforce.
By adopting a proactive BR&E strategy, the SBA will be able to recognize the economic issues that constrain growth and prosperity sooner and work to mitigate these issues. The SBA is capable of partnering with your business on any impediment to your growth from utilities, workforce, transportation, marketing, development and any other unique challenge that you face. For assistance, or to take part in the SBA’s BR&E program, please reach out to Kyle Schulz.
Posted on Nov, 09
by Brittany Street filed under