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Attract and Retain the Best Businesses for Economic Growth

Maybe you’re looking to stay ahead of economic challenges like upcoming recessions. Or you just want to see the economic growth and prosperity of your region continue into the future. You know for that prosperity to happen it’s important not just to attract new businesses and talent, but to retain them as well. An economic region thrives when people live, work, and spend locally.

Here are some of the best businesses for economic growth, no matter the economic situation of your region:

The Best Businesses for Economic Growth

1. Suppliers of medical goods and services. People will always get sick, so this service will always be useful to your region. Medical services will be a venue of employment in your region for years to come, if the industry finds a welcome home in your area. Not only can medical services provide employment, they also help improve the lives and health of the residents of the area, making retention easier for other businesses.

null2. Retirement homes. Like medical products and service businesses, retirement homes will always be needed. People will always age, and they will always need places to live when they feel unable to live on their own. Again, not only do retirement homes provide jobs for younger residents, but having quality retirement care in your region can keep families closer together; retiring citizens don’t have to go further afield to seek retirement housing.
 
3. Food and beverage services. Even during tough economic times, people have to eat. In fact, certain foods you might not expect to sell well during a recession, like candy, actually do. You might think of candy as a frivolous purchase that consumers would eschew during a recession, but people want comfort food when times are tough. Retaining a business like this could help you weather incoming troubles. 
 
4. Information technology. IT was the fastest-growing sector during the last recession. As our dependence on technology grows, so too will our reliance on experts to help us manage and troubleshoot that technology. Investing in IT growth and retention could pay handsomely in the years to come.

Triage BR+ETM Helps Support Those Businesses

Of course, every region is different; a business that is struggling in one community may be thriving in another. With our Triage BR+E™ you can see exactly which businesses in your region have goals not yet realized or opportunities not yet seized. This means you can pursue potential supports to help those businesses realize their potential. You can also see which businesses are struggling, allowing you to help them. Data on lease expiries, for example, helps to flag the businesses that may need your help, so they can continue to thrive and employ talent in your region for years to come.

Find More Answers Without Spending Too Much 

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References:

https://franchisebusinessreview.com/post/recession-proof-businesses/

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