Business expansion can be a boon not just for a company but for an entire region. Still, expanding one’s capacity requires a commitment of time, expense and planning.
That’s exactly why the New Solutions Group was formed. West Central Initiative has joined with several area organizations to work to enhance the economy of west central Minnesota by helping companies that may be poised for growth to take that next big step.
New Solutions’ members collaborate to find new ways to help businesses succeed. It brings important partners to the table, including economic development professionals from several communities, the CFO of a large regional company, Minnesota Technology, Inc., Alexandria Technical College, Minnesota State Community and Technical College, The Minnesota Department of Employment and Economic Development, the University of Minnesota Extension and the Minnesota State-Moorhead Small Business Development Center.
New Solutions has identified two businesses in the region that have a high potential for growth and will work with them in the coming year. As part of the collaboration, the businesses and the New Solutions group will share the costs for an in-depth assessment by a third party, which will form the basis of a business plan to help the companies achieve the next level of success.
If successful, New Solutions hopes to expand the number of companies involved in coming years.
The potential benefits for the businesses participating include increased profitability, lower operating costs and increased productivity, as well as enhanced technology and worker retention.