Success StoryBusiness Retention and Expansion Program conducted by Leadership Owen County 2018



Business Retention and Expansion Program conducted by Leadership Owen County 2018

Author: Judith Hetterman

Planning Unit: Owen County CES

Major Program: Business Retention and Expansion

Plan of Work: Developing Local Tourism Potentials

Outcome: Intermediate Outcome

The Leadership Owen County  2018 group conducted the Business, Retention, and Expansion Survey provided by CEDIK through University of Kentucky. They coordinated engagements with local business owners to gather their perspectives, their needs, and the challenges facing their businesses. The summary of the RE survey interview results and represents over 330 employees.

The process began with a dinner to inform business owners of the BRE assessment process and the leadership group spent several months gathering individual responses through one-on-one interviews with 52 businesses responding to the survey.

The results of the BRE survey are as follows:

- 63% of the businesses have introduced new products and services in the past five years.

- 73% anticipate new products and services in the next two years.

- 46%  reported that total company sales are stable.

- 23% indicated increasing sales.

- 77% indicated that their main customers were local while 38% Identify regional customers as their primary market.

- 63% indicated they sold or advertised their products or services online, whereas 40% used newspapers advertisement, 17% advertising in magazines, and 13% using phone books and relying on word-of-mouth.

- 73% owned their own business.

Based upon the findings of the survey, the following recommendations were identified for the county to consider regarding the local business climate:

- The local business market is showing inclination for growth. Working with current owners to identify expansion needs is important.

-  A great deal of uncertainty around business succession. Succession planning resources, options, and support would be helpful for the economic stability of the county.

- Strong interest was expressed in the development of a school to work cooperative training program.

- A healthy economy is interdependent with a healthy community. Strengthening community assets identified in the survey can support the health, cultural diversity, happiness and well-being of a strong economy and workforce.






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