From Data to Action: How to Use Business Surveys to Strengthen Your BR&E Strategies

Business Retention and Expansion (BR&E) programs are a cornerstone of successful economic development. For communities striving to foster long-term prosperity, supporting the businesses that already call the region home, is often the most cost-effective and impactful strategy.

Business surveys should be a core component and vital tool for strengthening any BR&E strategy. They provide direct insights from local businesses, allowing economic developers to understand challenges, identify opportunities, and tailor support effectively.

Surveys enable economic developers to gather detailed information on various aspects of operation involving the businesses in their regions. These include current challenges, plans, resource needs, and overall satisfaction with the local business environment. This data is invaluable for understanding trends and addressing systemic issues collectively. Economic developers can move beyond anecdotal evidence and make data-driven decisions by conducting surveys.

Define your survey

Before embarking on a business survey, an Economic Development Organization (EDO) must define key parameters and outcomes desired. Therefore, surveys should be comprehensive, covering topics like workforce development, infrastructure needs, and financial assistance to create a holistic view of business needs. An excellent example occurred with the Brookings Economic Development Corporation’s (BEDC) 2024 economic strategy. BEDC used an annual business survey via an embedded form on its website and in-person visits to collect insights. Their surveys revealed top concerns such as workforce development, property taxes, and infrastructure barriers. By pinpointing and publicizing the top three challenges facing local businesses, BEDC has begun shaping more focused economic development initiatives. Collaboration with educational partners like South Dakota State University and Lake Area Technical Institute is helping bridge workforce gaps, while engagement with government leaders is helping to advocate for tax reform and infrastructure support. Significantly, the BEDC’s efforts have not only improved communication between business owners and local leadership and elevated confidence in the region’s responsiveness and support systems. Businesses now have clearer access to rate discounts, sales tax rebates, and REDI Fund loans, demonstrating Brookings' commitment to retaining and expanding its economic base.

Digital surveys and collaborative tools

Digital surveys like the one utilized by BEDC are particularly efficient. Tools like SurveyMonkey, Jotform, and Google Forms allow for quick deployment and easy data collection. Embedding these forms on economic development websites for continuous feedback simplifies the process, ensures more involvement with more comprehensive data, and allows regional stakeholders to familiarize themselves with their EDO. 

Integrating surveys with CRM systems is a powerful investment, allowing for response tracking, trend identification, and follow-up automation. For example, capturing business contacts in an automated funnel after survey completion helps maintain regular communication and provide ongoing support. Economic developers can identify at-risk companies by analyzing survey data and proactively offer assistance, preventing potential closures or relocations.

Interviews provide depth of knowledge

The Greater Gallup Economic Development Corporation (GGEDC) demonstrates how in-depth interviews, similar to surveys, can be used to inform strategic planning. GGEDC conducts hour-long interviews with cornerstone employers as part of its Annual Business Retention & Expansion Outreach Program, focusing on company data, performance trends, infrastructure needs, workforce issues, and business climate perceptions. Quantitative and qualitative data on company data, business performance trends, facility and infrastructure needs, workforce issues, and perceptions of the regional business climate served as the basis for GGEDC’s annual work plan, aligning it with actual business needs.

The 2024 outreach revealed a strong sense of optimism and momentum among Gallup-area employers, with most participating companies reporting plans to expand facilities or invest in new equipment within two years. However, it also exposed challenges, such as workforce recruitment and retention, supply chain instability, and pricing volatility. As a result, GGEDC adjusted its BR&E strategy to address those needs. 

Surveys are proactive solutions

Ultimately, business surveys are essential for creating a structured feedback loop, leading to proactive solutions and measurable improvement. By collecting and analyzing data, economic developers can target resources effectively, solve pressing challenges faster, and build strong relationships with the business community. 

Golden Shovel Agency is your economic development partner with resources and talent to help you achieve your goals. Prepare your community for success with our team by your side. We have developed a Business Retention and Expansion whitepaper featuring tools you can use to start and scale a BR&E program in your community. This actionable whitepaper also includes examples of how other communities are approaching BR&E and the success they are having. Download your Free copy today!