A recent report from the Government of Canada studied the characteristics and performance of newly established businesses. On average, 96,000 new businesses entered the Canadian economy every year (2002-2014), representing about 9.4% (annual rate) of all Canadian firms.
This study is important for economic development officers (EDOs) undertaking business retention activities as it highlights how the Canadian economy functions, particularly the natural churn that occurs as businesses start, mature, and decline. Based on this research, EDOs should be able to determine ways to help increase the survival rates of businesses in your communities.
I was invited to present on Business Retention & Expansion at the recent International Economic Development Council annual conference in Toronto. The session explored common denominators for success and highlighted unique attributes of the Halifax Partnership, the Ontario and the British Columbia programs.
To help stay motivated I sign up for races. Without a race to train toward it’d be easy to skip runs on cold-rainy days. This year, surrounded by 15,0000 other runners, I ran the Ottawa half-marathon, for the second time. Races are wonderful motivators, they are hard, and they test you on so many levels. The results of a race (your finish time) are black and white, no questions asked. Continue reading What Running Has Taught Me About Setting Goals→
Attracting and retaining youth is one of the many challenges faced by rural communities.
The Newcomer and Youth Community Indicators is a tool that was designed to assist rural communities looking to better understand their attractiveness to both newcomers and youth. It is a free Excel-based tool that includes information for every municipality in Ontario. The tool was developed in partnership with the Rural Ontario Institute and the Conference Board of Canada, and includes the most recent Statistics Canada data available.
The tool provides communities with comparative data that can help them make informed decisions and strategies for retaining and attracting youth. Few communities have an accurate picture of how they differ from their neighbours or other similar communities across the province. The tool allows communities to make decisions based on a sound understanding of their strengths and weaknesses compared to other communities. Continue reading Attracting and Retaining Youth in Rural Communities→
One of the biggest challenges an organization faces is receiving external funding, as there are various challenges associated with the process. The Ontario Ministry of Economic Development, Employment and Infrastructure (MEDEI) and the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA), Regional Economic Development Branch (REDB) partnered to deliver a session entitled “Preparing Effective Funding Proposals” at the recent Economic Developer Council of Ontario 2016 annual conference, which was designed to address these challenges
The goal of the session was to provide participants with an understanding of the proposal writing process, as well as provide an overview of some of the regional and rural funding programs administered by the ministries.
Below are the slides from the session.
If you are in need of help with your funding proposal, contact our Regional Advisors, as they have the skills and expertise needed to properly assist you.
One of the challenges with Business Retention and Expansion (BR+E) projects is effectively communicating the vast amount of information that is collected. As part of the BR+E program, it is important to develop a final report and action plan. This plan will act as a full and complete record of the project. Its also recommend that Coordinators consider writing a short summary that can be shared with businesses and the broader community. One of the ways to achieve this is by using Infographics. Continue reading How Infographics Support Business Retention + Expansion Projects→
According to a recent factsheet prepared by the Rural Ontario Institute entitled “Change in non-metro population 2014” less than half of the rural counties in Ontario had population increases over the last three years. Over the same period, however, all urban counties experienced population increases.
Ray Bollman the author of the factsheet highlights the long term importance of population change to a community:
“Population growth or decline impacts housing demand, labour markets, consumer spending levels and the need for public services such as hospitals and schools. Population growth is considered by many as an indicator of economic vitality – i.e. jobs are being created and/or that it is a desirable place to live.”
The Business Retention and Expansion (BR+E) program is a structured action oriented and community-based approach to business and economic development. The BR+E process helps communities to prioritize their efforts in supporting their existing businesses.