This is the chamber’s bread and butter and one you’re already hard at work on, at least from a retention perspective. Indirectly, by making your community a better place for business, you are also working on the attraction component.

In the simplest of terms, and one most people think of when it comes to economic development, economic development focuses on attracting new businesses to the community and retaining existing ones. Attraction methods include incentives, tax breaks, tours, public relations, and other ways of getting the word put about your community. Enticing businesses often comes down to two things—money and brand (of your community).

While the chamber may not be able to offer favorable tax incentives, it may be possible to work with local and state leaders as well as economic development councils to connect those looking for incentives and those in a position to offer them. But tax incentives aren’t the only things businesses are considering. They may also need (or desire) infrastructure support or special considerations. For instance, a tech manufacturing company may need a large area of open space developed for its specific needs to test its products. Your many relationships can help you navigate this challenge with them. Additionally, the chamber’s past and current advocacy efforts may have helped to contribute to creating a favorable business environment through your work on helping to shape pro-business policies and regulations.

A skilled and educated workforce is crucial for economic development. This includes initiatives such as job training programs, education partnerships, and workforce planning to ensure that the local workforce is equipped with the skills needed to meet the demands of the business community. Your chamber may already be involved in these types of programs. Some have created a workforce development task force with members of the chamber, local educational system/school board/university, and top employers. Since education initiatives take years to implement, it helps to plan before there’s a critical need.

Advocacy also plays a part here when you are working on developing programs that will ensure skilled employees. Creating these targeted educational programs, not only helps the businesses who are looking for employees with those skills but also helps attract people to your community as they come to your schools with the idea of getting the specific training they need to be competitive in the job market with your employers of choice.

Supporting entrepreneurship and innovation can drive economic growth by fostering new business creation, encouraging innovation, and nurturing a culture of entrepreneurship. This may involve providing resources (which could be financial, educational, time-based, or address physical space needs like office space or others), mentorship, and access to capital for startups and entrepreneurs. Some chambers have created innovation hubs or business incubators to encourage entrepreneurship and business discovery.

Adequate infrastructure, including transportation systems, utilities, and technology/telecommunications, is essential for economic development. Investment in infrastructure can attract new businesses, support existing ones, and facilitate the movement of goods and services, thus boosting economic activity.

While the infrastructure needs of businesses vary by industry, it’s safe to assume they all want reliable internet with high internet speeds, strong cell signals, and roads to take things to market or send products to buyers. It also helps to have an airport nearby so that traveling to and from the business is not akin to taking a wagon train west in the mid-1800s.