The results are in

Revelstoke’s economic development efforts will be based on the results of a recent Business Retention and Expansion survey

Revelstoke's steering committee for the Business Retention & Expansion program: (L to R) Kevin Dorrius (Community Futures), Judy Goodman (chamber of commerce) Alan Mason (City of Revelstoke) and Mark Rossi (BRE research co-ordinator) — Photo courtesy Mark Rossi

Results of a business retention and expansion survey done in Revelstoke, B.C., have been presented at a meeting of the Revelstoke Chamber of Commerce.

This survey was commissioned as an economic development and business support effort by Community Futures, the Revelstoke Chamber of Commerce and the City of Revelstoke’s community economic development officer. To carry out the survey, Community Futures enlisted Mark Rossi, a co-op student from the Columbia Basin Rural Development Institute (RDI) at Selkirk College.

“Part of the goal in doing this study,” said Judy Goodman, executive director of the Revelstoke chamber, “was to learn about where we’re lacking, and then to go out and actively recruit what we need to fill those gaps.”

The RDI conducted the survey, analyzed the data and presented the results in a 124-page document. Goodman said that a few things that were already known are now confirmed with specific figures:

• The majority of employment in Revelstoke, about 45 per cent, is in the service sector—retail, accommodation, arts, recreation and tourism.
• 44 per cent of businesses that were interviewed have fewer than five employees and 85 per cent have fewer than 20.
• 27 per cent of the business owners surveyed choose to live in Revelstoke for the lifestyle.

“We were pleasantly surprised to learn that 56 per cent of our businesses report being in a growth cycle, and 48% report that they’re planning to expand within the next three years,” Goodman said.

The study revealed a number of issues that need some work:

• Succession planning: Only eight per cent of respondents indicated that they have a formal succession plan and only 40 per cent indicated they have an up-to-date business plan. “That’s another area we’re going to look at, and in Revelstoke we have a team that can address that in both public forums and in private, one-to-one interviews,” said Goodman.
• Supply requirements: One key finding was the amount of out-of-town product—not inventory—that businesses have to purchase just to function. “We have the raw data that will allow us to learn more about this and find a way to address it,” Goodman said.

The study asked for qualitative as well as quantitative input, and it arrived at specific “climate” factors for Revelstoke’s business community as follows:

• Poor: local tax structure and housing
• Fair: Workforce availability and workforce stability
• Good: tourism and the chamber of commerce
• Excellent: culture, recreation and the school system.

Goodman said that the community is doing what it can to promote a sense of welcome for the wave of transient workers who arrive in Revelstoke each autumn. The city’s social development co-ordinator organizes a Welcome Week with free spaghetti dinners, free bus rides and free access to the rec centre for people who are new in town. There are other perks as well.

“If they get a job at the ski resort, for example,” she said, “we get them discount cards from some of the merchants in town so they can check them out and then recommend them to visitors. Welcome Week has become big. We also try to get locals to interact with the transient workers, to create a welcoming atmosphere and a sense of stability for the workforce.”

The survey analysis document provides a wealth of information that can be used in Revelstoke’s short- and long-term planning for business retention and support. Some of the suggestions are:

• To share services such as human resources, employee recruitment and training, and payroll and bookkeeping;
• To improve support and education regarding succession planning;
• To use the field of technology to encourage business diversification and expansion into the virtual marketplace;
• To increase engagement and investment in tourism.

Goodman said that representatives from the chamber of commerce, the City and Community Futures are looking forward to using the survey results to help local businesses acquire the supports they need.