Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference
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Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA
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Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA. We Deliver Solutions. What Do I Know About My Business. Sales Costs Customer satisfaction Employee satisfaction What else ?. What Should I Know About My Business. - PowerPoint PPT Presentation
Transcript of Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference
Strategies for Growing Your Business
Maximizing Business Opportunities
Employer Conference
October 12, 2011Roanoke, VA
We Deliver Solutions
What Do I Know About My Business
Sales Costs Customer satisfaction Employee satisfaction What else ?
What Should I Know About My Business
Besides “everything” Your view of the industry you serve Your view of your business within that
industry Identification of the barriers to your
success “What’s in the way to realizing full
potential”
A Strategic Assessment
How do we Learn What do we do with the knowledge What is the impact
How Do We Learn
Trial and Error Run to the first mistake/correct Make it or Fake it Copy others
Planning Due diligence – market, competitive
advantage, price Business plan Board of Directors
How Do We Learn
Economic Gardening Information
Search and research Education/training
Infrastructure Physical Quality of life Intellectual
Connections Resources and Availability
EconomicEnvironment
NewOrganic Growth
Where does Economic Gardening fit in the economic strategy?
Existing BusinessGrowth and Retention
New BusinessRecruitment
Job Growth,Wealth Creation
& CapitalInvestment
NEW ORGANIC GROWTH
Components Idea Generation Enterprise Formation Business Development
DesiredCharacteristics
-Leading-edge technology/research generated-Supportive & creative environment for young businesses-Attractive quality of life for serial entrepreneurs-Easy technology transfer for univ.- based research
-Assistance w/licensing, permitting & registrations for new companies-Vibrant venture capital/angel community-Angel tax credit to incent investment-Federal & private market for research commercialization
-Access to venture funds-Available tools & services to help the businesses prosper-Coordinated ally base of local, state and federal assistance providers
Current State Assistance Programs
-CIT – Capital formation, Entrenet, Entrepreneur Education, HR Technology Incubator, SBIR Assistance, NIST Advanced Technology Program-University-based economic developer support program
-VDBA – One Stop, Virginia Business Information Center, Entrepreneur Express program-Virginia Tobacco Commission – private funding-DPOR, Tax, VEC, VDACS, ABC, Aviation, DCR, DOC, DEQ, DOE, DOF, DES, Health, DHR, DMV, DMME, VDOT, DSS, DBVI – licensing, permitting, registration
-DHCD – VEI, Microenterprises-VCCS – Entrepreneur Center & classes-VDBA – Virginia Business Information Center, Entrepreneur Advisory Team, Guides & CD’s on how to start a business-VTC – Tourism Enterprise development-VDBA – Referrals to SBA, SBDC & PTAC
Federal Programs -SBIR/STTR Program-NASA Innovative Partnership Program-Federal grants to fund university research-Cooperative research & development agreement
-SBDC – Business planning & classes-SBA – Loan programs & education sessions
Private Resources -Academic Licensing Community of Virginia (ALCOVE) – Technology exposure & commercialization system
-Virginia Business Incubator Association (VBIA) – location & logistics support for small businesses
EXISTING BUSINESS &RETENTION
GROWTH
Components Sales & Profit Growth
Company Stabilization& Retention
Workforce & Location Expansion
Desired Characteristics/ Appropriate State Involvement
-Plentiful workforce-Ready access to customer markets-Available capital for growth
-Low business cost, good economic climate, reasonable regulatory environment
-Competitive state for targeted/desired industry types-Plentiful and well-trained workforce
Current State Assistance Programs
-DMBE –SWAM certification & management assistance-VDACS – VA’s Finest, Agribusiness, economic development services-VDBA – Assistance with selling to the state-VEDP – VALET, AIM, selling internationally-VA Economic Bridge – Workforce Services/Return to Roots program, Pipeline/Private-to-private matchmaking-VECTEC – Technology solutions
-VCCS – Workforce Services-DRS – ADA & disability etiquette training-VT/Cooperative Extension – Agritourism, home-based microbusiness assistance-VT/VPMEP – Manufacturing assistance-DOF – Certified Prescribed Burn program, Timber harvesting water duality, F.S. Economic Action program-DOLI – SHARP & VPP programs, Labor/Employee Law assistance-DEQ – VACAN assistance network, environmental enhancement, Small Business Assistance program-DEMS – Continuity planning-VDBA – Advocacy Program-VDBA – Existing Business Retention & Expansion Forum-DMME – Small Mine Safety Service & small operator assistance
-VEDP – Program managers/marketing-VEDP – Site selection services-VDBA – Major, small & retraining workforce incentive program-VCCS – Workforce services-VDBA – VSBFA loan programs-DMBE – PACE program
Federal Programs -USDA – Loan programs-SCORE – Mentoring & counseling-PTAC – Selling to the Feds
-SBA – Loan programs
Private Resources -Local Chamber of Commerce – Private-to-private networking & events-VBIA – Logistics and location support
-VBIA – Logistics and location support
NEW BUSINESS RECRUITMENT
Components Identification of Prospects
Marketing Relocation
Desired Characteristics -Targeted prospects in high-growth industries with well-paying jobs-Infrastructure in place to support prospects
-Build the Virginia brand -Seamless relocation-Supportive localities
Current State Assistance Programs
-VEDP – Research-BRAC – Commission
-VEDP – Project Management-VEDP – Governor’s Opportunity Fund-VEDP – Trade missions
-VEDP – Project Management
Private Resources -ED Consultants -Commercial contractors-ED allies
-Relocation companies-Banks
What Do We Do With the Knowledge
Develop a robust plan Adopt a Plan-Do-Check-Act Circle Walk before you run Create enthusiasm – it starts with you
Ask for help Seek criticism Adapt/Adjust/Think forward
What is the Impact
Appreciation and Recognition Improved products and services Improved service/continuity Develop/Mature customer
relationships Creation of ambassadors
Growth Strategies
Expand your horizons Different markets Cross promotion Take Advantages
Sell to public entities Local (municipalities, schools) State Federal
Partner with others
Expand Your Horizons
Market knowledge and utilization Follow the money Follow the customers Lead the charge
Growth markets Where/how large/my product fit
Industry segmentation Clusters and timing
Examples: Tourism, Sesquicentennial Cross Sell
Government Sales An expansion plan, not a substitute Markets size
Virginia, $5B; Local, $5B; Federal,$350B Research
Invest your time Ask questions
Take Advantage SWAM, HUB Zone, Enterprise Zone, Arts Zone,
Technology Zone, 8(A), Small Disadvantaged, Woman Owned, etc.
Tools Virginia Department of Business Assistance (VDBA) Procurement Technical Assistance Centers (PTAC)
Partner
Why Competency Size/geography Modest cost
How Networks and conversations
Impact Value Proposition Ease for buyers
Connections Apprentice Programs – Virginia Department of Labor and
Industry www.doli.virginia.gov
Small, Woman, Minority Owned Certification for Virginia – Virginia Department of Minority Business Enterprise
www.dmbe.virginia.gov
Procurement Technical Assistance Center www.cvptac.org 434-293-2136 (Tom Miglas/Jack Lassiter) www.craterpdc.state.va.us 804-861-1666 (Joanne Tompkins)
Virginia Department of Agriculture and Consumer Affairs www.vdacs.virginia.gov
Connections
Market Research Virginia Department of Transportation (VDOT)
www.virginiadot.org
Virginia Employment Commission (VEC) Labor market information www.vawc.virginia.gov
Virginia Economic Development Partnership (VEDP) Community profiles www.yesvirginia.org
Connections Training and Education
Virginia Community College Network www.vccs.edu
Exporting – Virginia Economic Development Partnership www.exportvirginia.org 804-545-5764 (Theodora von Hohenstaufen
Noll)
Business Planning Resources Virginia Business One Stop www.bos.virginia.gov Small Business Development Center Network
www.vasbdc.org SCORE www.score.org New Visions, New Ventures www.nvnv.org Virginia Business Information Center 866-248-8814 Virginia Business Incubator Association http://www.vbia.org
Connections
Financing Resources Virginia Small Business Financing Authority
www.vdba.virginia.gov Small Business Development Center www.vasbdc.org Small Business Administration www.sba.gov Virginia Tourism Corporation www.vatc.org SBA 504 Loan Program, James River Development Corporation
[email protected] Local Economic Development Office or Chamber of Commerce Virginia Small Business Financing Authority Capital Resources
Directory www.vdba.virginia.gov/financing/crd Community Development Loan Fund, Capital Source
Connections
Marketing Resources SCORE = www.score.org Virginia Tourism Corporation = www.vatc.org Virginia Department of Agriculture – Virginia’s Finest
Trademark = www.vdacs.virginia.gov Round the Mountain = www.roundthemountain.org VECTEC = www.vectec.org Virginia Economic Development Partnership – AIM Program =
www.yesvirginia.org
For more information:
David FullerManager, Business Services
