When is the right time to place all cards on the table? It is a catchphrase hurled around in meetings, negotiations, or tournaments. A simple expression written, spoken, or recommended in any industry through the negotiation process. When an inquiry or RFI (request for information) is received, it may lead to an opportunity to place all cards on the table.
What is an RFI?
An RFI (Request for Information) may be an informal or formal request received directly from company representatives, The Office of the Governor, site selectors, or consultants who are looking to relocate or expand business operations. The RFI serves as the starting point for community stakeholders, government officials, and economic developers to provide open and inclusive communication while responding to a series of questions contained in the RFI package.
The RFI identifies key drivers for prospective businesses to take into consideration if relocating to a new country, state, or prospective city. It serves as an opportunity for the economic development team to put all cards on the table to represent sustainable options, incentives, and exceed expectations set forth. For example, an RFI spreadsheet serves as a compilation of various categories below, and submitted by a specific due date:
- Sites & Buildings
- Social & Economic Statistics
- Climate & Environmental Data
- Taxes & Incentives
- Infrastructure Developments
- Utility Availability & Rates
It is crucial to reply to all questions and provide precise supporting data within the RFI package to effectively correspond to all facets of the business climate, infrastructure, workforce analysis, and quality of life in the community. A compilation of key indicators, statistics, and viable options are an essential component of the RFI submission package.
An (RFI) or inquiry presents an opportunity to sit down at the table with site selectors, c-suite executives, and investors to discuss challenges and viable solutions for future projects. The request for information (RFI) is a crucial component in the initial exploratory phase of understanding the needs of potential new business or expansion opportunities as follows:
- Promote Job Growth
- Stimulate Local & Regional Economy
- Expand Pool of Skilled Talent
- Improve Quality of Life
In conclusion, the RFI submission may lead to a site visit, which creates an opportunity for community stakeholders, government officials, and economic developers to place all cards on the table to champion the community for new business or business expansion opportunities.
Shay Jones is the Director of Business Intelligence for the Wichita Falls Chamber.