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Retaining businesses in your community

About business retention

"Business retention is at the core of everything we do in economic development. It's the first thing on my list — to take care of our existing family of businesses." 

— Minnesota community leader for economic development

Retaining and expanding local businesses is central to the mission of economic development in Minnesota. It is important to build positive relationships with businesses, connect with them regularly, and follow up when problems arise that may affect critical business activities.

If you are unsure how or where to start, this may seem like a daunting task. Know that you are not alone. With over 20 years of experience working with communities, Extension offers a host of resources that can help economic development leaders create a community climate in which businesses thrive.

Ways Extension can help

Extension offers a longstanding program, training, research and in-depth community consultation to help your community create a plan to help local businesses.

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Retaining local businesses

Do you have a business retention plan? Our connecting businesses and community program helps you understand — and respond to — local business needs. Learn more about our program.

 
Group meeting to discuss business retention and expansion

Coaching and guidance

Are you starting a program and need help working through the steps? We can help you research local business needs, prioritize projects and take action. Learn about our research, consultation and coaching services.

 
Meeting at a bakery to discuss business retention and expansion

Training

Would you like to learn from Extension? We offer courses and workshops and free webinars. Contact an Extension educator in your region to find out if they can conduct training in your community.


Community resources and tools

Extension provides tools that help communities create plans and support their local businesses. Use our resources to help your community move forward.

Support rural business transfers

Are you ready for business owners in your community to retire? The health of small businesses is critical to local economies and to the civic and philanthropic life of rural communities. Find ways to support business succession.

Access survey questions

Are you ready to survey your local businesses? Use our survey question bank to gather information important to businesses and find out what they need.

Learn from other communities

How successful are communities at retaining businesses? Review our case studies to see how asking businesses what they need can lead to important projects – housing development, town beautification, leadership succession planning and more.

Review community benchmarks

What type of data is found from business retention and expansion programs? Extension has over 25 years of benchmark data from doing community interviews that provide insight into what Minnesota businesses care about.

Explore recent research

What studies have been done on retaining businesses? Scholars and economic development experts notice innovative practices, case studies and emerging issues. Read reports about our research and the community programs we've helped build.


Educational media

Your community can learn about retaining businesses in a variety of ways from Extension. Learn more through videos, on-demand webinars, podcasts and articles.

Videos

Have you met with your local businesses? Watch our below videos for role-playing examples, tips for visiting organizations and ways to implement business retention and expansion in your community.

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On-demand webinars

Watch recent on-demand webinars about retaining local businesses.

  • Have you ever sent a survey and received too few responses or not the right data? Learn how to avoid making common mistakes with community surveys.
  • What is the value of a downtown or business district with vibrant businesses? Learn how you can asses your community's retail situation and take action.
  • Is your community ready for a wave of baby-boomer retirements? Learn about our research and how small rural communities can retain local businesses.
  • How are economic development leaders in Minnesota doing business retention and expansion? Learn about Extension's findings from interviewing 23 leaders across the state.

Related articles and podcasts

Listen to podcasts and read articles related to business retention topics.

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Extension educators work in communities with partners throughout Minnesota. Contact us for consultation, guidance and conversation about your community.

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