Guidelines for a Successful Business Meeting: Preparing for a Potential Investor's Visit
For communities aiming to attract a major company to establish a new location, the key to success lies in thorough preparation, clear communication, and personalised engagement. Here are the best practices to follow:
**1. Early and Detailed Planning**
Assemble a dedicated team, including management and HR, responsible for planning and coordination. Ensure everyone knows their roles and maintains clear, ongoing communication. Develop a comprehensive plan covering timelines, budget constraints, and key milestones to show professionalism and readiness.
**2. Understand the Prospect’s Needs**
Conduct a feasibility and cost-benefit analysis, considering both financial and reputational factors to tailor your pitch effectively. Understand the specific requirements of the company, including workforce needs, logistics, and any regulatory or compliance considerations they might have.
**3. Tailor the Experience**
Customise the visit to address the company’s unique concerns—whether workforce demographics, infrastructure, or operational needs. Highlight community assets such as local talent, facilities, incentives, and quality of life factors that appeal directly to the target company.
**4. Showcase the Location Strategically**
Provide a well-organised itinerary showcasing relevant sites, such as key business districts, available facilities, transportation access, and community resources. Arrange meetings with key local stakeholders, including government representatives, business leaders, and potential partners to demonstrate community support.
**5. Build Relationships and Follow Up**
Foster personal connections through networking in informal and formal settings during the visit to build trust. Prepare to discuss mutually beneficial arrangements, demonstrating flexibility and willingness to tailor incentives and supports. After the visit, promptly follow up with detailed information and any additional materials requested to maintain momentum.
**6. Consider Safety and Visit Logistics**
If the visit includes site tours, especially of construction or industrial sites, ensure all safety protocols are met, including providing appropriate gear and possibly conducting safety training. Manage all logistical details meticulously to avoid delays or confusion, signalling reliability and professionalism.
These best practices focus on early preparation, a clear understanding of the prospect’s needs, personalised and well-coordinated presentations, relationship-building, and prompt follow-up to maximise the chances of a favourable decision from the major company. This approach not only highlights the community’s strengths but also aligns with the company’s strategic objectives, thereby increasing the likelihood of success.
It is essential that the EDD, local team, regional, and state level partners learn as much as possible about the company, their industry, the project (utility and labor requirements especially), the company's competitors, and the community's competitors. The company is keenly interested in the site or building, and in spending as much time there as needed to determine whether it meets their needs.
A successful site visit has four key components: local prospect team, company research, itinerary and information packet, and follow-up steps. The local prospect team is usually formed by the Economic Development Director (EDD) and includes representatives such as utility representatives, chamber representatives, schools representatives, workforce representatives, relevant company representatives, and site owner(s)/representative(s).
The key to a successful site visit is a comprehensive, planned approach by a local prospect team including key community members. The EDD should maintain communication with company representatives, state or regional economic development agency representatives, the site location consultant, and representatives of the company, before and after the visit. Team members and others involved in the visit should also be thanked for their involvement.
A successful site visit is the beginning of the next phase of the recruitment process. Each team member has a role to play with an accompanying script specific to the company needs. The EDD develops a detailed itinerary to give the company exactly what they ask for, including where they want to go and who they want to meet with. The EDD's primary communication responsibilities can be summarised in two categories: assembling and preparing the local team, and developing the itinerary and coordinating the visit.
The EDD should educate the local team on the importance of company confidentiality, and may request that team members sign confidentiality agreements. The site should be in optimum viewing condition, and the roads in usable condition. The EDD should provide links to local and state websites for more information and updates. An information package, including a detailed itinerary, should be put together by the EDD. The EDD should send a hand-written thank-you note to the company representative for taking the time to visit.
The EDD should maintain communications with the local team members to prepare them for their role in the visit itinerary. The EDD holds at least one team planning meeting prior to the visit to do a "run through" of how the visit will play out. The EDD should have an assistant behind the scenes, at a telephone, who can keep communications flowing throughout the day. The EDD should create a password-protected section of your website containing all the information they have been given.
Each site visit is a learning experience; use it to improve on future efforts. Securing a site visit in itself is a victory for any community. It is essential that the EDD knows the workforce and demographic information as well as other local assets that pertain to the company and industry. The 13 site selection factors generally considered are: labor, real estate, utilities, transportation, supply chain impacts, educational system, operating costs, governmental taxation and regulatory issues, environmental considerations, business interruption risks, political stability, quality of life, and incentives.
In light of the importance of thorough preparation for a major company's site visit, it's crucial to research their industry and finance landscape to tailor our business proposals effectively. By understanding the company's needs and the competition between communities, we can optimize our presentations and distinct advantages in the industry.
Furthermore, working closely with industry experts and financial analysts during the planning process will ensure a comprehensive understanding of the company's requirements, enhancing our ability to address their unique business concerns and priorities.
