Government, trade organizations, educational institutions and business establishment sometimes need to combine their resources to ensure the proper development of a particular geographic area. There is enough evidence to show that such teamwork goes a long way in improving the economic condition of the people living in that region. It results in generation of employment opportunities, infrastructure development, better utilization of local resources and more tax revenue to the authorities to carry out their welfare projects.
Walter Viola– How businesses play a key role in the development of the economy
Experienced professionals like Walter Viola in the USA who specialize in the field of finance says business organizations play the following important role in the development of an economy of a region:
- Key player
Businesses that involve themselves in the economic development of a region include utility companies, venture capital organizations, trading establishments and professional groups. In such cases, members of various chambers of industry and commerce also take part in such activities. These organizations usually work in collaboration with local authorities and universities that provide necessary guidance to such activities.
- Carry out a proper research
The first step involves formulating an effective economic plan to determine that type of industries that can act as a catalyst in the development of a particular area. Usually the local authorities in collaboration with prominent heads of trade, industry and commerce carry out such an activity. They call upon various business organizations carry out a thorough research on the availability of the natural resources of such a region, its workforce, infrastructure and real estate. It enables such establishments to determine the type of technology they need to introduce in this area to achieve this objective.
- Spreading the message
Walter Viola says the various participants need come to decision of the kind of businesses they want to attract in a particular area to ensure its development. As soon as they achieve at such an agreement, they need to launch an effective marketing campaigns in prominent trade fairs. This involves gathering necessary data about the region for entrepreneurs who show interest in establishing businesses in this place and information on type of workforce available. These businesspersons also need to know they type of incentive the local authorities are willing to offer them if they establish their organizations in such a region.
- Business retention
People responsible for executing plans for economic development of a particular region need to take steps to ensure the retention and growth of businesses in such a place. This includes providing cost-effective utility services, low-cost training facilities encouraging skilled manpower, offering attractive incentives and organizing networking events.
- Corporate responsibility
An effective way to ensure businesses remain in a particular area to ensure its development is ensure their people working in such organization enjoy a high living standard. This is the reason why such organizations offer donations to charitable institutions in the region, hold sporting events and provide support to local educational institutions.
Businesses play a critical role in the economic development of a particular place. Walter Viola says the growth such organizations in a region leads to an increase in employment opportunities of the people of the area and development of its infrastructure. This goes a long way in improving the quality of life of such individuals.