Existing Business Outreach/Retention
ComEd partners with communities and economic development organizations on an award winning program intended to ensure existing businesses in Northern Illinois remain economically viable while retaining jobs and investment in the communities we serve. ComEd provides our partners with free access to a tool that helps keep the finger on the pulse of businesses by identifying issues and concerns that pertain to the local economy and proactively correcting those that may negatively impact the business climate.
Establishing a proactive business visitation and retention program is important because existing businesses are probably the most important asset of our communities. After all, it is those existing firms that are making payroll and capital investments right now. Research has shown that over 75% of new jobs are created by existing companies. In addition, a good retention program is a valuable tool for business recruitment because if existing businesses are unhappy, new businesses considering a Northern Illinois location may change their mind and locate elsewhere. A proactive business retention and outreach program can help uncover issues that are brewing beneath the community’s radar screen. Through analysis of the information collected, specific programs and policies can be developed (or existing ones enhanced) to address the needs of the business community. Our program partners have conducted over 1,800 visits to companies representing over 178,000 jobs throughout Northern Illinois. These companies generate millions of dollars annually for the State of Illinois, our communities, and for ComEd.
ComEd spearheaded the launch of a large-scale business retention effort in the City of Chicago in the fall of 2000 called the Chicago Industrial Trend Report. The program is a partnership effort between the City of Chicago’s Department of Planning and Development, World Business Chicago, ComEd, and 16 neighborhood-based development organizations. The program provides the City and the local industrial councils with a standardized survey platform to collect information on the opinions and needs of manufacturing business leaders. The information collected and analyzed has been used to develop new programs and change policies to enhance the City’s identified strengths and minimize the identified challenges. Over 1,200 visits in Chicago have been conducted representing over 88,000 jobs. The Chicago Industrial Trend Report project was recently awarded the distinction of the best on-going/long-term program of the year by the Business Retention and Expansion International (BREI) association at their 12th annual awards banquet. BREI is a 500-member association focused solely on the advancement of business retention programs as an economic development activity. You can view the award press release, here.
For more information about how you can take advantage of this economic development program, contact us.