Toolkit Home | Program Sustainability | Building a Record
Building a proven track record with your legacy business program.
The best way to sustain your legacy business is to demonstrate its impact, value, and return on investment. Just as in the enterprise sector, tracking metrics and data to show the success of your public-sector program is the best way to provide evidence-based details for ongoing support from political and municipal leaders and the community. By establishing a proven track record of value to both the community and the government, you will attract continued investment in the program. This track record builds credibility and trust in the program while also validating the organizational structure behind it. Tracking metrics and data from your program also helps identify areas for improvement and opportunities for additional services, making it more responsive and equitable to the community. Recognizing both successes and areas needing improvement fosters a responsible, trusted, and sustainable legacy business.
Here are some examples of metrics or data to consider tracking for legacy business programs. Be sure to create metrics specific to services and support offered by your program. Other examples and methods can be found in the resources below.
Anti-Displacement Effectiveness
For programs with loan programs. Lease/legal support, or rent-gap support, measure the number of businesses using the support and the effectiveness of it.
Economic Support Effectiveness
Measure the impact of economic support through financial and self-reported data. Track the amount of revolving loan repayments, repayment rates, interest accrued, etc. Track overall capital outlays against usage (e.g., modernization, façade improvements, and service or product changes). Use self-reporting from legacy businesses, if possible, to track sales and growth, and job growth related to economic support.
Legacy Business Stability
Measure how many legacy businesses remain open year-over-year. Compare these numbers to each other and to rates before the legacy business program began.
Commercial Vacancies in Target Communities
Measure variables in vacancy in legacy business communities. Measure against previous years. If your program contains anti-displacement or anti-vacancy measures, track vacancy durations.
Tax-Policy Metrics
Track tax rate information related to TIFS or revenues received from TOTs. Track year-over-year property assessment data to identify program benefits and potential areas for improvement. Analyze yearly sales tax trends for your target communities and corridors.
Stakeholder and Community Feedback and Sentiment
Collect ratings and feedback from your legacy business stakeholders, municipal leadership, partner stakeholders, and target communities. Measure improvements or fluctuations in the ratings. Monitor and collect social media reach and sentiment for the program. Measure outreach for the program across your various marketing and communication channels, including any improvements or declines in numbers.
Return on Investment (ROI)
Compare the program's costs with metrics such as taxes generated, businesses retained, jobs created, economic support returns, vacancy rates, and sales and growth metrics. Have your department of economic development or finance quantify the value of these relative to the program’s cost.
Resource.
Tools to Help Build a Track Record
ROI Institute: Measuring the ROI in All Types of Programs and Projects: A Skill Building Workshop
Microsoft Public Sector Center for Expertise: Best Practices to Help You Define the Return on Investment for Skilling within Public Sector Organizations
Main Street America: Community Evaluation Standards