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Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA.

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Presentation on theme: "Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA."— Presentation transcript:

1 Strategies for Growing Your Business Maximizing Business Opportunities Employer Conference October 12, 2011 Roanoke, VA

2 We Deliver Solutions

3 What Do I Know About My Business  Sales  Costs  Customer satisfaction  Employee satisfaction  What else ?

4 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”

5 A Strategic Assessment  How do we Learn  What do we do with the knowledge  What is the impact

6 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

7 How Do We Learn  Economic Gardening Information  Search and research  Education/training Infrastructure  Physical  Quality of life  Intellectual Connections  Resources and Availability

8 Economic Environment New Organic Growth Where does Economic Gardening fit in the economic strategy? Existing Business Growth and Retention New Business Recruitment Job Growth, Wealth Creation & Capital Investment

9 NEWORGANIC GROWTH Components Idea GenerationEnterprise FormationBusiness Development 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

10 EXISTINGBUSINESS &RETENTION GROWTH ComponentsSales & 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

11 NEW BUSINESSRECRUITMENT ComponentsIdentification of Prospects MarketingRelocation 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

12 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

13 What is the Impact  Appreciation and Recognition  Improved products and services  Improved service/continuity  Develop/Mature customer relationships  Creation of ambassadors

14 Growth Strategies  Expand your horizons Different markets Cross promotion Take Advantages  Sell to public entities Local (municipalities, schools) State Federal  Partner with others

15 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

16 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)

17 Partner  Why Competency Size/geography Modest cost  How Networks and conversations  Impact Value Proposition Ease for buyers

18 Connections  Apprentice Programs – Virginia Department of Labor and Industry  Small, Woman, Minority Owned Certification for Virginia – Virginia Department of Minority Business Enterprise  Procurement Technical Assistance Center 434-293-2136 (Tom Miglas/Jack Lassiter) 804-861-1666 (Joanne Tompkins)  Virginia Department of Agriculture and Consumer Affairs

19 Connections  Market Research Virginia Department of Transportation (VDOT)  Virginia Employment Commission (VEC)  Labor market information Virginia Economic Development Partnership (VEDP)  Community profiles

20 Connections  Training and Education Virginia Community College Network www.vccs.eduwww.vccs  Exporting – Virginia Economic Development Partnership 804-545-5764 (Theodora von Hohenstaufen Noll)  Business Planning Resources Virginia Business One Stop Small Business Development Center Network SCORE New Visions, New Ventures Virginia Business Information Center 866-248-8814 Virginia Business Incubator Association http://www.vbia.org

21 Connections  Financing Resources Virginia Small Business Financing Authority Small Business Development Center Small Business Administration Virginia Tourism Corporation SBA 504 Loan Program, James River Development Corporation Local Economic Development Office or Chamber of Commerce Virginia Small Business Financing Authority Capital Resources Directory Community Development Loan Fund, Capital Source

22 Connections  Marketing Resources SCORE = Virginia Tourism Corporation = Virginia Department of Agriculture – Virginia’s Finest Trademark = Round the Mountain = VECTEC = Virginia Economic Development Partnership – AIM Program =

23 For more information: David Fuller Manager, Business Services 804-371-8131

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