How Local Economic Partnerships Can Help Your Business Grow

When you’re starting a business, you have a lot on your mind. local economic partnerships Making payroll, staying abreast of market trends, and training new employees all take up valuable time and energy. As a result, you may overlook the fact that your business could use a little help from your friends.

The good news is, there are a variety of resources available to support your growth. From networking groups to mentorship programs and social impact initiatives, there are many ways local businesses can collaborate with each other. In this article, we’ll take a look at the benefits of local economic partnerships for your business, as well as resources for getting started.

What is a local economic partnership?

A local economic partnership (LEP) is a group of local businesses that come together to benefit each other, especially during a time of growth. There are two types of LEPs: those that facilitate partnerships between two or more businesses, and those that support a community initiative.

LEPs typically organize around a specific initiative, such as job training, workforce development, or entrepreneur education. Other types of LEPs may promote specific benefits, such as business support, human resource development, or international trade opportunities.

Regardless of the focus, a primary benefit of a local economic partnership is the ability for your business to tap into a network of resources that can help you expand and grow.

Why work with a local economic partnership?

There are many benefits of working with a local economic partnership, and the list is long enough to give you a good indication of the benefits. Here are a few that come to mind:

Access to Capital – LEPs provide access to capital for SMBs in a variety of ways. Some provide loan programs to members, while others provide low-interest financing through partnerships with banks and credit unions. Through these partnerships, you may qualify for special pricing on goods and services, or receive preferred treatment when applying for loans.

LEPs provide access to capital for SMBs in a variety of ways. Some provide loan programs to members, while others provide low-interest financing through partnerships with banks and credit unions. Through these partnerships, you may qualify for special pricing on goods and services, or receive preferred treatment when applying for loans. Networking – LEPs encourage networking among their members through events, educational programming, and digital platforms. This peer-to-peer support is particularly valuable during the start-up phase of your business.
LEPs encourage networking among their members through events, educational programming, and digital platforms. This peer-to-peer support is particularly valuable during the start-up phase of your business. Training – Some LEPs provide training to help members develop new skills that are essential for professional business practices. You may access training through online courses, books, and DVDs, or participate in in-person training sessions.
Some LEPs provide training to help members develop new skills that are essential for professional business practices. You may access training through online courses, books, and DVDs, or participate in in-person training sessions. Business Support – A key function of an LEP is to provide members with business support, which can take many forms. Through various member networks, you may find resources for small business loans, free business advice, free business plans, free marketing assistance, and more.
A key function of an LEP is to provide members with business support, which can take many forms. Through various member networks, you may find resources for small business loans, free business advice, free business plans, free marketing assistance, and more. Human Resource Development – Many LEPs promote human resource development among their members through various educational programs and events. Whether you’re interested in training for new skills, developing a new initiative, or learning how to retain top talent, you’ll likely find resources through a local economic partnership.

Finding the right local economic partnership for your business

As with any partnership, business partners need to be able to trust and respect each other. While some LEPs may focus primarily on members’ mutual trust, others may focus primarily on achieving common goals.

It’s important to select a local economic partnership that shares your values, encourages teamwork, and supports your goals.

Here are a few questions to ask yourself to identify potential partners:

What is the mission of the LEP?

What services does the LEP provide?

What is the cost of membership?

How are members selected?

Are there any age, citizenship, or gender restrictions on who can join?

How to start a local economic partnership

If you’re interested in starting a local economic partnership, there are a few things you need to keep in mind.

Focus on what you do best – While it’s great to partner with other local businesses, don’t give away your competitive advantage. Instead, focus on what your business does best, and let the LEP help you grow by providing resources and support.

While it’s great to partner with other local businesses, don’t give away your competitive advantage. Instead, focus on what your business does best, and let the LEP help you grow by providing resources and support. Get involved – Before approaching potential members, you’ll want to get involved with the local economic partnership. This will give you an opportunity to meet other members, learn more about the organization, and build relationships that can help you grow your business.
Before approaching potential members, you’ll want to get involved with the local economic partnership. This will give you an opportunity to meet other members, learn more about the organization, and build relationships that can help you grow your business. Choose the right partners – When you’re looking for partners, consider organizations that have a similar level of experience and sophistication as your business. This will help you achieve maximum benefit from your partnership while avoiding potential partners who may be over your level of experience.
When you’re looking for partners, consider organizations that have a similar level of experience and sophistication as your business. This will help you achieve maximum benefit from your partnership while avoiding potential partners who may be over your level of experience. Invite only – Don’t just post a sign in the window and leave it at that. Invite your fellow members to join your partnership, and give them plenty of notice about upcoming events and meetings.

Wrapping up: Take advantage of your local network to grow your business

Partnerships with other local businesses can help you grow your business in a variety of ways. By tapping into a network of resources that can help you expand and grow, your business can thrive in a local environment.

There are many benefits of working with a local economic partnership, and the list is long enough to give you a good indication of the benefits. Here are a few that come to mind:

LEPs provide access to capital for SMBs in a variety of ways. Some provide loan programs to members, while others provide low-interest financing through partnerships with banks and credit unions. Through these partnerships, you may qualify for special pricing on goods and services, or receive preferred treatment when applying for loans. Networking – LEPs encourage networking among their members through events, educational programming, and digital platforms. This peer-to-peer support is particularly valuable during the start-up phase of your business.
LEPs encourage networking among their members through events, educational programming, and digital platforms. This peer-to-peer support is particularly valuable during the start-up phase of your business. Training – Some LEPs provide training to help members develop new skills that are essential for professional business practices. You may access training through online courses, books, and DVDs, or participate in in-person training sessions.
Some LEPs provide training to help members develop new skills that are essential for professional business practices. You may access training through online courses, books