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Assessing the Local — and National — Administrative Climate
One of the most important factors in choosing a site for a new facility is the area’s business climate, i.e., are the governing bodies supportive of new business or do they put up roadblocks in the way of progress? Some of the factors that comprise business climate include taxes (property, income, sales, etc.), zoning and environmental regulations, development ordinances, and permitting. Even infrastructure comes into play since local governments have jurisdiction over roads. Nonetheless, companies bringing quality jobs to an area are in a good position to ask for the infrastructure they need. This may include highway connections to a new plant or the addition of a rail spur, as well as access to a local sewer system and the availability of water for manufacturing processes as well as fire protection.
The required infrastructure is necessary to connect the manufacturing operation to its supply chain, but there are even bigger fish to fry in that regard. Company financial officers are wrestling with recent trade tensions and announced tariffs that are proving disruptive to their businesses. The lack of permanency on tariffs is leading many companies to take a look at their supply chains to determine which suppliers they can renegotiate contracts with, the percentage of foreign parts in their products, and even where else they can establish operations in order to diversify their supply chains. Having access to the right kind of data can help companies to sort out these issues and make decisions positive to their bottom lines.
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Matt Clark, President & COO, Corcentric
Recent trade tensions and announced tariffs are proving disruptive to businesses, creating an uphill battle for CFOs, but they can mitigate supplier uncertainties by leveraging data.
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Warren C. Matthews, Burr & Forman
Companies providing quality jobs have never been in a better position to ask for the infrastructure and incentives they need in order to locate their facility — or remain — in a community.
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Home to the Federal Reserve’s Fifth District HQ, major operations for financial services companies and some of the fastest internet speeds in the world, the Greater Richmond, Virginia, region is emerging as one of the latest fintech hotspots.
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Phillip M. Perry, Staff Editor, Area Development
Companies looking to open a facility in an unfamiliar location must assess its local political climate to determine if it’s one in which it can succeed now and in the future.
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Consultants Forum Upcoming Events
Attend OutFront Workshop Forum
The Westin Book Cadillac, Detroit, MI
March 30-April 1, 2020
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