Maximizing Business Opportunities - Strategies for Growing Your Business Conference Insights
Discover key insights on maximizing business opportunities, strategic assessments, learning methodologies, economic gardening, and new organic growth concepts from the "Strategies for Growing Your Business" conference held on October 12, 2011, in Roanoke, VA. Learn about identifying barriers to success, industry viewpoints, learning strategies, economic strategies, and more to propel your business forward.
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Presentation Transcript
Strategies for Growing Your Strategies for Growing Your Business Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA
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
Where does Economic Gardening fit in the economic strategy? New Organic Growth Job Growth, Wealth Creation & Capital Investment Economic Environment Existing Business Growth and Retention New Business Recruitment
NEW ORGANIC GROWTH Idea Generation Enterprise Formation Business Development Components Desired Characteristics -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 Company Stabilization & Retention GROWTH Components Sales & Profit Growth 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 -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 -VEDP Research -BRAC Commission -Build the Virginia brand -Seamless relocation -Supportive localities Current State Assistance Programs -VEDP Project Management -VEDP Governor s Opportunity Fund -VEDP Trade missions -Commercial contractors -ED allies -VEDP Project Management Private Resources -ED Consultants -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 fminton@aol.com 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 thayes@mycapitalsource.org
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 AIMProgram = www.yesvirginia.org
For more information: David Fuller Manager, Business Services 804-371-8131 David.Fuller@vdba.virginia.gov
