What is Business Retention & Expansion? A Guide for Economic Developers

A robust Business Retention & Expansion (BRE) program is the real engine behind sustainable economic growth. While groundbreaking ceremonies and new company announcements grab the headlines, small, medium, and legacy businesses steadily fuel job creation, investment, and long-term resilience.

For economic developers, the work of BRE often happens behind the scenes, but its impact is anything but quiet. Successful communities recognize the value in supporting existing businesses. By prioritizing business retention and expansion, economic developers build momentum from within by strengthening the local economy, creating quality jobs, and laying the foundation for future growth.

At Golden Shovel Agency, we know that a versatile BRE strategy is critical to economic development success. Here's why it matters and how to build a program that delivers real results.

What is Business Retention & Expansion?

At its core, BRE is a proactive economic development strategy focused on supporting and growing existing businesses within a community. Rather than focusing solely on attracting new companies, BRE initiatives prioritize the businesses already rooted in the local economy by helping them overcome challenges and seize new opportunities.

The benefits of business retention & expansion are undeniable:

• Sustains and grows local employment
• Increases tax revenue without raising rates
• Strengthens and diversifies the economy
• Protects access to essential goods and services

According to research from the International Economic Development Council, up to 80% of net new jobs and capital investment come from existing businesses.

Why BRE is a Core Aspect of Economic Development

Communities that invest in BRE create environments where businesses want to stay, grow, and innovate. A strong BRE program:

• Builds trust and loyalty among business owners
• Creates faster, more cost-effective wins compared to attraction campaigns
• Strengthens the region's ability to weather economic shifts

When businesses feel valued and supported, they are more likely to reinvest locally and contribute to broader community initiatives. That's real economic momentum. Golden Shovel Agency helps communities bring positive attention to their BRE strategies and highlight their businesses' important success.

Proven Strategies to Strengthen Your BRE Program

Implementing a successful BRE program doesn't need to be overwhelming. Many of the best BRE strategies can be easily incorporated into an economic developer's daily operations. Here are practical strategies to strengthen business retention & expansion efforts today:

• Schedule regular check-ins to understand changing business needs.
• Gather and analyze business data to identify trends and risks early.
• Collaborate with colleges and training programs to meet evolving talent demands.
• Connect businesses with grants, loans, and incentives that support growth.
• Help businesses sharpen their digital marketing to reach broader markets.
• Work with leaders to streamline regulations and reduce business friction.
• Create forums for businesses to collaborate and share insights.

Each action you take through a BRE program provides actionable solutions that help build a dynamic and resilient local economy.

How Golden Shovel Agency Can Help Strength Your BRE Strategy

Golden Shovel Agency is the leading marketing and communications partner exclusively serving economic developers. With over 16 years of experience, 300+ successful projects, and a 95% client retention rate, we know what it takes to help communities grow and compete.

Our team helps you craft and implement strategies. We work alongside you to strengthen your Business Retention and Expansion efforts, sharpen your marketing, and position your community for lasting growth. Whether you need a fresh BRE program, a website built for business engagement, or a full-scale marketing strategy, we're ready to help you deliver measurable results. Download our Free Business Retention and Expansion whitepaper for tools to help you start or scale your program and case studies of best practices being implemented in other communities.

Every community has a story to tell and the power to grow. Let's build your future together. Contact Golden Shovel Agency today to start strengthening your economy from within.