To: The Mayor

From: ……………..

Date: May 6, 2016

Subject: Business Attraction Strategy

I am writing this in light of trying to come up with a business attraction strategy that would look favorable to the chambers. There are various activities that can be done to attract new businesses while at the same time being fiscally prudent.

Among them is offering tax incentives to new businesses. This would mean a reduction in tax liability for a given period without the city officials expecting a repayment. Theoretically, the lost revenue will be made up by the creation of new employment opportunities and additional revenue that will come after the abatement period.

Improvement of the city infrastructure would also help in attracting new businesses. This is a primary role that is normally conducted by the city government hence, should not be considered as an additional cost since either way the city is supposed to be liable on the issue. A favorable infrastructure is likely to attract new businesses due to the ease of conducting businesses.

Negotiating with local banks so that they can offer new businesses loans with ease and favorable interest rates. This would be an attraction to businesses due to the availability of funds to expand operations. Any business would like the prospect of accessing a pool of finances without going through a lot of strain.

The city officials also ought to undertake an analysis of various industries in the region. Through the analysis, they have to identify various social amenities that are available and find out which industries would thrive more given the amenities. After the analysis, the officials can approach various businesses in these industries and show them how they are likely to benefit if they brought their business to the city. Such an approach is likely to get their attention.

Advertising on social media is also financial friendly since the platforms are usually free. The city can showcase various aspects of the city that are likely to attract new businesses through these platforms.

I think these strategies will appease the chamber, and the city will remain fiscally prudent. Please let me know if you have any questions.

Sincerely,

………………………

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