Once a company has defined the parameters for its location project, it should engage with economic development organizations’ that submit proposals that closely fit within those parameters. The location team should work with an EDO that is forthright and transparent when answering its questions. Teaming up with the right economic development partner is crucial to a project’s long-term success.

Food processing companies are among those operations targeted by many economic development organizations because they are proven economic drivers. Oftentimes financial incentives are used to lure these companies, but there may be other opportunities for an EDO to drive innovation at a food processing firm such as finding solutions for shortening supply chains and mitigating risks.

Negotiations for financial incentives are often the final stage of the location decision as they’re considered “the icing on the cake.” However, it’s wise to review incentives, at least in a preliminary way, at the onset of a site search because they can help to solve potential development and operational issues. Those on the location team reviewing incentives should include not just the tax and finance departments but also the real estate, human resources, operations, and other verticals as well.