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Business support & training in a legacy business program.
Providing business support and training has become increasingly common as part of legacy business programs across the US. These programs recognize that change can be hard in business, especially for legacy businesses that may have been doing things a certain way for decades. People, processes, products, and customer understanding are deeply embedded in the DNA of a legacy business, which may lead to reluctance to change. Sustaining a legacy business in the face of neighborhood transformation and increased competition can be difficult without some help. Many legacy businesses operate with narrow profit margins and may lack access to the capital needed to modernize or change their business model and remain competitive. They may not adopt beneficial business technologies because they had not been needed previously to run the business, or they lack the time or resources to adopt them. They may face market changes due to increased competition or a shifting customer base with different needs or expectations. Finally, succession planning is one of the most common and serious issues for legacy businesses today, endangering long-term sustainability in the community.
In many municipalities across the US, legacy business programs now provide support for business operations and financial planning, marketing, succession planning, and technology implementation and usage. Legacy business programs in alpha cities like Boston, Los Angeles, and San Francisco have found that preserving legacy businesses in their neighborhoods requires more than just promotional or recognition efforts. These legacy business programs now aim to provide the support and training needed for their businesses to compete and modernize, thus keeping them in place, while bolstering local economies, retaining local jobs, and promoting cultural and social continuity.
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Types of Support and Training
The types of support and training you offer through your program depend on several factors. The scale of your program and the resources dedicated to managing it will help you determine the amount and training you can incorporate. If you are just starting your program, support and training may not be a priority or may be minimally supported by referring your businesses to external resources. If you do plan to include business support and training in the program now or in the future, it is crucial to understand what topics or areas of focus are important to your legacy businesses. As with any part of developing typical business program, it is essential to talk with your legacy business owners to better understand their needs. That being said, several common business support and training topics are already being used in existing legacy business projects, which can provide you with initial guidance.