Timpanelli Shares Keys To Creating Appealing Business Environment

What does it take to create an appealing business environment? Paul Timpanelli, president of the Bridgeport Regional Business Council, shares in an eblast to his 1000-member business organization his thoughts on the subject.

First, let us assume that any business that considers setting up “shop” anywhere makes a decision primarily on the answer to the question of “Can I successfully market my product or my service from this location?” Let us assume for purposes of this discussion that products and services can successfully–particularly with the opportunities that we all have today with electronic marketing–be marketed from our region. We clearly house a population that has substantial purchasing capacity and we have a transportation infrastructure that can satisfy our product to market needs.

Assuming that we have the aid of a good business plan writing service and an acceptable marketplace, what else do we need to have to enable one to conclude that we have an appealing environment for people to choose to locate their businesses here? It’s not an easy question nor does it require a PhD degree to answer. An inviting business environment first and foremost requires all the characteristics that would enable one to conclude that this place wants me and wants my business. That’s why we need a city staff that works well with potential recruitments and a supportive business community, like us, that works with prospects in a way that lets them know we want them here and are here to help them. We take that role seriously.

Second, any physical place needs a physical infrastructure that is efficient, appealing, and provides good service. We need a transportation system that is safe, clean, affordable, efficient and intermodal. We need facilities that provide good service and look good. We need high quality services that are important to people and their families. Things like a good quality public school system, a high quality higher education system that is responsive to employer needs, and a high quality health care system that not only provides quality care but is accessible and universal.

The physical infrastructure requirement also includes things like energy–its supply, cost and diversity of supply–and communications infrastructure.

Third, a place needs amenities that people find appealing, entertaining and satisfying. That is why it is important to have good restaurants, good attractions, good entertainment venues and options and fun things to do.

Fourth, is the housing stock. It needs to be affordable, accessible, and offer options that service every segment of the population, from homeless to the wealthy.

Lastly, in order for a place to be appealing to a business making a locational decision, the financial infrastructure needs to be solid, predictable and affordable. That means that the municipal and state financial condition needs to be good. Taxes need to be comparatively reasonable and overall expenses of the business relative to costs associated with taxes and public regulation need to be stable and predictable.

When you think about it, it is clearly difficult in any environment to have all these things work in your favor. But, here is what our members need to know. Your Bridgeport Regional Business Council and its affiliated organizations spends all of its time and the resources of its members working on and supporting those things that will work toward creating that hospitable business environment. That is why our current work plan priorities clearly point us in that direction. Those priorities–economic development, health care, education improvement, sustainability and small business support–point to the vision that will enable to continue to retain and attract businesses to our region. The more business we have, the more jobs we have; and the more jobs we have, the better off we all are. We will keep working at it.