The Warren Business Exchange, a program of Warren Redevelopment and Planning Corporation, was designed to provide structured guidance for existing early stage and start up businesses in Warren. The WBE is a hybrid business incubator designed to nurture, support and strengthen the “business – side” functions of each member business.
Experience administering city and county loan programs along with efforts within the city to support individuals in starting businesses identified reasons why businesses fail. It was observed that most businesses fail because of a lack of understanding of basic business management practices. The lack of a working understanding of financial accounting, cash flow, marketing and human resource management were seen as major reasons new businesses were failing or struggling.
Additionally, it was observed that individuals in new and struggling businesses were often being pulled in a various directions because of real and perceived urgencies in operating their businesses. Often this situation led to a loss of focus and business planning.
These observations led the Warren Redevelopment and Planning Corporation to create a vehicle to support existing and new business development in the City of Warren. The Warren Business Exchange was created to provide that support as a major strategy of the City’s overall economic development plan.