STRATEGIES AND IDEAS
MICHIGAN MAIN STREET
ECONOMIC RECOVERY ACTION PLAN
ECONOMIC VITALITY
Activities to support businesses, to identify and promote opportunities, and to get in position to lead post-COVID-19 economic development efforts.
ECONOMIC VITALITY | STRATEGIES AND IDEAS
BUSINESS RETENTION AND RECOVERY
A. Host roundtables or block meetings
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Convene small group business roundtables or block meetings at different intervals during the reopening and recovery period to:
- Share information on district-wide activities
- identify business needs and challenges
- Engage businesses in an exchange of ideas
- Promote collaborative marketing efforts
B. Promote small business recovery programs
- Continue efforts to identify and make businesses aware of financial assistance and technical assistance programs, including the pending injection of new funding for the Small Business Administration’s Payroll Protection Program (PPP), as well as other grants and loan programs available through local, state, regional and national sources.
- Continue efforts within the organization to allocate funds, or fundraise, for small business financial support.
C. Enhance awareness of landlord concession options
- The unfortunate reality is not all businesses will survive, and other businesses might survive with help from landlords who are both willing and able. Share examples of leasing arrangements and concessions with landlords who may be in a position to help or are seeking a quality tenant.
- Deferred rent and other landlord-tenant arrangements may be helpful in retaining existing businesses.
- Examples of common commercial landlord concessions that could help fill opportunity sites with quality tenants include:
- Free rent
- Higher tenant improvement allowances
- Shorter lease periods
- Move-in allowances
D. Offer a "Safe Start" kit to businesses
- Give your businesses an assist in the reopening phase by assembling and offering a “Safe Start” kit summarizing and containing:
- Essential information from state and local reopening plans and their requirements
- Customizable promotional materials and templates
- Contacts for business assistance resources
- Information on upcoming district-wide activities, events and marketing efforts
- Other pertinent information and materials
E. Help businesses boost their online presence
- Provide businesses resources to develop e-commerce initiatives.
- Develop an e-commerce plan for your downtown district.
- Continue and escalate efforts encouraging small businesses to enhance their online presence and, for appropriate business types, to incorporate eCommerce capabilities.
- Work with state and local partner organizations (i.e. Michigan Main Street, Small Business Development Center, etc.) to identify possible training resources and technical assistance programs that could help advance these efforts.
NEW ENTREPRENEUR AND SMALL BUSINESS VENTURES
A. Think about new opportunities
- Even in the midst of the recovery effort, opportunities are bound to emerge. Consider, for example, how reduced seating capacity at existing restaurants could open new opportunities for expansions, food trucks and kiosk-style grab-and-go eateries.
B. Maintain a current inventory of opportunity sites
- Update and maintain a current inventory of properties and spaces available for sale or lease.
- Make the inventory available online and promote opportunities via social media, networking opportunities, tours, etc.
C. Strengthen your entrepreneurial support system
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The timing for escalating investments of time and resources to bolster the local entrepreneurial development support system could be opportune. The 2008 recession saw an increase in entrepreneurial activity when employees who lost their jobs decided to make their own jobs.
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Recent layoffs, uncertain employment prospects, and an increasing number of employees working from home – and enjoying a newfound sense of freedom and independence – may represent the largest pool of new business prospects seen in more than a decade.
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Think about needs and opportunities for programs and resources to support entrepreneurs. Examples include:
- Business plan training
- Mentoring programs
- Business plan and pitch contests
- Access to start-up capital
- Availability of co-working space or other shared space arrangements
- Availability of pop-up spaces
D. Be ready for investors
- The misfortune or simple motivation of some property and business owners will translate to opportunities for new investors — and there will be investors looking to capitalize. Be ready to help them locate opportunities and navigate local property and business development processes.
- Work with existing property owners to make available space ready for investment and ensure space gets filled with the highest and best use.
- Examples of information to have ready include:
- A current list of, and contact information for, properties available for sale or lease
- A one- or two-page community and district profile
- Information on local property and business development resources
- Information on zoning and the local development review and permitting process (for new construction or building rehabilitation in the district)
Boyne City becoming a Michigan Main Street community in 2003 was a transformational moment in our history that continues to allow us to become the best we can be. As a Michigan Main Street community, we are provided with access to tools, skills and resources to build on the foundations of Boyne’s history. It didn’t happen overnight or without great effort. Even when operating within the Main Street framework, the path for each community is its own. One thing I know for sure, if we had never begun our Main Street journey, we would not have accomplished anywhere near as much or have traveled as far down the path towards our future as we have.
STRATEGIES AND IDEAS FOR BUSINESSES
STRATEGIES AND IDEAS FOR COMMUNITY LEADERS AND ORGANIZATIONS
Michigan Main Street is a lead member of the growing Reopen Main Street community.
We've joined forces to help small businesses, community leaders and organizations advance COVID-19 recovery efforts and journey with confidence into a New Reality.
Get in Touch
Michigan Main Street
Michigan Economic Development Corporation
300 N. Washington Sq.
Lansing, Michigan 48913 USA
Join the Reopen Main Street community for news, updates and examples
PROJECT PARTNERS
