Veteran Owned Business Expansion
Veteran Owned Business Expansion is a program developed by the Orange County Inland Empire Small Business Development Center to assist Veteran small business owners in identifying when they are ready to expand and drive their business to the next level. Various approaches to growth will be identified and analyzed, including new revenue streams, entering new market segments / expanding customer base, expanding the team, acquiring new technology / equipment, adding strategic partners, new /additional locations, and mergers and acquisitions. Through this program, Veteran business owners will work on putting together their path towards controlled-risk growth as they evaluate and develop their metrics, benchmarks, teams, financials, and strategies to reach the next level of growth. At the completion of the program, eligible participants may apply for a County of Riverside Thrive grant of $2,500.
Our 6 learning modules will focus on the biggest successful drivers for growing your business:
Module 1: Intelligent Planning
Every business faces a series of challenges on its path to growth. This module covers a variety of successful approaches to growth and outlines the key elements of business planning that predict success. Key topic covered include: Are you ready to grow? What does growth mean to you? What are the key drivers of growth in your business? How do you build a Strategic Plan that matches your vision? How do you conduct market research to validate your vision? How do you establish KPI’s to ensure you achieve your vision?
Case Study and Application to Government Contracting
Federal, State, and local contracting organizations use codes to identify industries, products, and services. The North American Industry Classification System (NAICS) codes, Product and Service Codes (PSC), and United Nations Standard Product and Service Codes (UNSPSC) to name a few. What codes are applicable to your business? Do you know how to use your NAICS, PSC, and UNSPSC codes for research?
• Can you grow by doing business with Riverside County, State of California, or the Federal Government?
• What NAICS Code(s) best represent your business?
• What PSC Code(s) represent your business?
• What UNSPSC Codes represents your business?
• How to Conduct Market Research
• How to research federal agencies and procurements- SAM
• How to research State of California procurements- Cal e-Procure
• How to research Riverside County procurements- Public Purchase
Module 2: Financial Management
In this module, you will understand your numbers through your P&L and build your financial projections to support your growth plan. This class will teach you how to accurately project growth, model it, and stress test it to make sure capital will work effectively with your growth plan. We’ll discuss ideas for improving your cash position, evaluating your expenses, optimizing your pricing, conducting reliable financial forecasting and more.
Module 3: Understanding Customers
There is only one boss: CUSTOMERS! Growth in your business is all about attracting new customers and/or expanding what your existing customers are buying from you. Before tackling sales and marketing strategies and activities, it is key to understand your customers, both current and potential, to properly target your growth efforts. In this module, we will focus on identifying your target audience, understanding their pain points and what they care about, and honing your niche to drive future growth.
Case Study and Application to Government Contracting
There are government entities all around you. Do you know who your government customers are? Who should be your customer in the government market?
• Who is the Government?
• What is Government Contracting?
• What are the benefits of Government Contracting?
• Why are small businesses are important to the Government?
Module 4: Sales & Marketing
All businesses engage in sales & marketing activities, but few tie all the elements together into a cohesive strategy that adequately addresses all the steps in the Customer Lifecycle. From collecting leads to converting customers to creating fans, we’ll use a simple but powerful framework to evaluate where you are today, identify your areas of opportunity and gaps within your Customer Lifecycle, and develop a roadmap for sales & marketing that will better position your business for solid growth.
Case Study and Application to Government Contracting
Selling to the government is different from business-to-business (B2B) or business-to-consumer (B2C). Learn how business-to-government (B2G) buying and selling works.
• How to Market to the Government – Responding to Request for Information (RFI) and Sources Sought Notice (SSN), Capability Statements
• How to Sell to the Government – Request for Proposal (RFP), Request for Quote (RFQ), Invitation to Bid (ITB)
Module 5: Optimizing Operations
Operations cover the entire infrastructure, equipment, processes and procedures that enable you to produce and deliver your product or service in a way that lets you run a successful business. These areas of your business provide competitive advantages and determine your profitability. This module will help you assess and tighten up your operations, giving you opportunities to become more efficient, more productive, and more careful with all your resources (money, time, staff). We will also cover key issues in managing people.
Case Study and Application to Government Contracting
Many government program offices use a matrixed organization set-up. Learn about matrixed organizations and how to effectively engage.
• What is a Matrixed Organization?
• Understanding the Program Office
Module 6: Managing People
With growth comes optimizing and expanding your staff. Understanding human capital needs based on your growth plan is critical to achieving your goals. This module will help you understand your current team, identify missing talent, develop an organizational chart that supports your growth plan, understand staffing options to minimize expense and risk, and drive a high-performing team through strong culture, leadership, training and management.
Case Study and Application to Government Contracting
Wage Determinations – A wage determination (WD) is a set of wages, fringe benefits, and work rules that the U.S. Department of Labor has ruled to be prevailing for a given labor category in a given locality.
• Review Federal Wage Determination for Riverside County
