Matt’s Corner - Partnerships
Tuesday, April 18, 2023
Business Retention & Expansion (BR&E)
Hello APEX Members,
APEX understands the importance of retaining and growing existing businesses–nearly 80% of job growth results from local business expansion. Studies from across the country continuously highlight the importance of supporting existing local businesses in addition to attracting new businesses to the area. With this knowledge, APEX collaborates with local, regional, and state partners, like Grow Minnesota!, to maintain a strong Business Retention and Expansion (BR&E) Program.
Grow Minnesota! has had a legacy of retaining and growing Minnesota businesses. Through key partnerships with more than 90 local chambers and economic development organizations, the Grow Minnesota! collective has helped the economy remain strong and provide a quality of life for communities across Minnesota. Partners represent every corner of the state and work to better understand the needs and opportunities of regional economies. APEX is proud of our ten-year partnership representing the northeast region of the state.
To help regional businesses succeed, APEX aims to coordinate 60 in-person business outreach visits annually across the region. These visits allow us to understand local business needs better and connect business owners with resources and support as opportunities arise. Please keep an eye out for our invitation to participate!
Additionally, APEX partnered with the Minnesota Chamber to conduct a larger state-wide online survey to collect insights from business leaders about a.) how local businesses are planning for future growth, b.) what barriers and opportunities companies face to invest/expand in Minnesota, and c.) what local and state actions could encourage more companies to expand in the state.
I am happy to report that APEX directly received 26 responses, and the Chamber was trending toward more than 200 statewide. As our partners continue to analyze all the data collected, I wanted to highlight some key the data points from the APEX region.
- Over 52% indicated moderate to significant increases in revenue over the past 12 months, with 33% stating stable or no change
- 38% indicated a modest need to increase their employee count
- 80% indicated difficulty in hiring and finding a workforce
- 28% would increase automation, and 33% would hire more remote workers to assist with the workforce needs
- 60% indicated their business has expanded or made significant investments in recent years
- 40% rated the ease of conducting an expansion in Minnesota as somewhat difficult or difficult
The Minnesota Chamber will share more information at the annual Grow Minnesota! Luncheon in late May. Stay tuned for an update from APEX!