In business, positive growth comes from a combination of offering the right products or services and a location that provides the assets needed for success. That means having access to the right resources, support, infrastructure, and workforce. But what does that look like from a practical sense?
Regardless of the industry, any company that is looking to expand its footprint or grow its operations should ask these six questions about the area it operates in or is considering for a new site location.
1. Can I easily get materials in and products out?
Every business owner understands the importance of transportation options. That’s especially true when it comes to moving raw materials and finished goods. What happens when a port has to shut down or flights are grounded?
In Northern Kentucky, you have options. The Cincinnati/Northern Kentucky International Airport (CVG) is not only an award-winning airport, but it’s also the 7th-largest cargo airport in the world. The airport is also home to global DHL and Amazon Air cargo hubs. And within a two-hour drive, there are four other regional airports.
The area is also served by:
- The Ports of Cincinnati and Northern Kentucky, which are the busiest inland ports in the U.S.
- Three rail lines
- Three U.S. interstates and three U.S. highways
2. Are utility systems in place to support growth?
It’s important that your growth doesn’t outpace the utility infrastructure. Is the internet bandwidth in place to handle an influx of new sales orders? How will electric rates impact your new facilities budget?
In Northern Kentucky, utility providers are closely aligned with members of the corporate community to ensure that the systems and services are in place that can meet expected needs and limit potential downtime.
These partnerships have led to:
- Industrial electric rates that were 11% lower than the national average.
- A fiber optic ring around the region from Altafiber has led the area to be called “one of the most wired communities in the world.”
- Treated water delivery capacity of over 84M gallons from two sources.
3. Is there regional support for business growth?
Most successful companies have a symbiotic relationship with the region where they are located. The company provides jobs and tax revenues, while the community offers a variety of business incentives.
In Northern Kentucky, companies can take part in the Business Retention & Expansion Program. This program is a resource that provides “Northern Kentucky companies with solutions to sustain their current operations and accelerate their growth.”
Companies can also find opportunities in a number of tax incentive programs, like:
- Kentucky Business Investment Program
- Kentucky Enterprise Initiative Act Tax Incentives
- Kentucky Industrial Revitalization Act
4. Will I have access to a skilled, knowledgeable workforce?
The engine that drives any business success is its people. And the Northern Kentucky region has one of the most diverse and talented workforces anywhere.
There is an estimated existing labor pool of 1.5M people in the Cincinnati region. And that grows every year, thanks in part to several two and four-year colleges in the region from which over 80,000 people graduate annually. In addition, there are multiple skills development programs that can help a company keep its employees ahead of the curve.
- The Bluegrass State Skills Corporation Skills Training Investment Credit – This tax credit can be used by companies to help employees upskill.
- The Bluegrass State Skills Corporation Skills Grant Reimbursement Program – A grant program to support training programs that are industry-specific.
- The Ignite Institute – A dedicated regional space that teaches STEM skills to high school students.
The region was voted by LinkedIn as one of the top five locations in the U.S. to launch your career.
5. Is the supply chain in the area “industry strong?”
The other factor that promotes business growth and success is being around other successful businesses. While we live in a global marketplace, there is a strength in being able to get raw materials and manage logistics by working with the companies right next door.
In Northern Kentucky, over 600 primary industry companies can be found. These are companies involved in every aspect of industries like life sciences, information technology, supply chain & support services, and advanced manufacturing.
6. Is this a place your employees will love to call home?
If you want to offer a good work/life balance to employees, you need to ensure that the region where you are located has a diverse mix of opportunities in areas like:
- Housing – The cost of a home in Northern Kentucky is 44% below the national average.
- Recreation – Across the region, you’ll find professional sports teams, world-class museums, a zesty food scene, one of the top 5 city park systems in the country, and the number one rated zoo. And that’s just a start.
- Education – The over 70 languages spoken by students in the region’s schools illustrate the wealth of diverse educational opportunities available.
- Transportation – Average commute time? 23 minutes. Start your podcast on the way to work, finish it on the way home.
BE NKY Growth Partnership
Supporting companies across Northern Kentucky is BE NKY Growth Partnership. Focused on the economic development of the region, BE NKY Growth Partnership is prepared to help new and existing companies access the resources they need to grow successfully.
Contact BE NKY Growth Partnership today to get started on your path to success.
