* THE ROLE OF BUSINESS ORGANIZATION IN THE ECONOMIC DEVELOPMENT OF THE COUNTRY

* Governments, trade groups, colleges and businesses often cooperate to promote development in a targeted geographic area. The belief that a rising economic tide lifts all boats encourages this kind of teamwork. Understanding the aims and objectives of the organizations participating in economic development can help you determine whether your region is doing all it can to expand its employment and tax bases. * The Players
Business organizations commonly involved in economic development include a wide variety of groups. Chambers of commerce, utilities, trade and professional groups, economic development offices, private incubators and venture capital groups are among those likely to sign up. In addition, municipalities and universities often directly support growth efforts. * Study Up
Creating an economic development plan begins with researching an area to determine what types of businesses and industries it might best support. Business organizations examine resources such as the local workforce, transportation infrastructure, access to research and available land and buildings. Based on this research, a municipality or county might determine its suited to attracting and retaining technology, health care, manufacturing or warehousing firms. * Spread the Word
Once the participants decide what type of companies and jobs they want to attract, they create a marketing campaign. This includes collecting the data about the area for quick reference by site selectors who examine locales for launching, expanding or relocating companies. The International Economic Development Council recommends that locales collect and distribute specific information called the Site Selection Data Standards. Various government entities offer economic development incentives such as tax credits, infrastructure improvements, zoning modifications, worker training and free or low-cost land and buildings to attract business. In turn, they hope their new partners will create jobs. For their part, incubators and venture capital funds help new business find seed money. * Business Retention
Economic development initiatives also aim to keep companies in place and help them grow. They can include free or low-cost training workshops, networking events, reduced utilities costs and additional incentives. Local businesses participate by having employees serve as seminar leaders, chamber of commerce board members and municipal advisers. * Corporate Responsibility
One way to attract and retain businesses to an area is to offer a high quality of life for employees. For this reason, many businesses donate to local charities, sponsor sports teams and festivals and support local schools. They may also choose to reduce their traffic impact through carpooling initiatives and public transportation stipends, thereby decreasing their carbon footprint.