Small Businesses constitute 97% of all Virginia businesses.
Small Businesses create over 75% of all new jobs.
Small Businesses account for half of the Commonwealth of Virginia’s contribution to the U.S. Gross Domestic Product - a whopping $160 billion.
Virginia is for Business Lovers
Virginia is for Business Lovers Virginia ranked #1 state for business by Forbes.com last four years. Ranked #1 most business friendly state by Pollina Corporate Real Estate, Inc. last two years. Named #1 best states for business by CNBC. Virginia among top 10 list of states friendly to small business.
Financial Management Use a computerized bookkeeping system Separate bank account for trust fund taxes Run Financial Statements monthly Balance Sheets and Profit & Loss Analyze statements each month Compare period to period – benchmark to other businesses Look out for major discrepancies Check your pricing & competitors regularly Don’t let one person do all accounting Send bank statement to home – leave unopened Make tax deposits & tax filings on time Estimated tax payments Don’t try to do it all yourself
Local Office Roanoke Regional Small Business Development Center 210 South Jefferson Street Roanoke, VA 24011 (located inside the Roanoke Regional Chamber of Commerce building) 540-983-0717 www.rrsbdc.org
Tourism Business Development & Marketing Assistance Randy Rose Development Specialist – Partnership Marketing Virginia Tourism Corporation email@example.com 276-322-2044 www.vatc.org (industry) www.virginia.org (consumer)
Caterers Cleaning Services Food/Drink Distributors Electricians Restaurant Equipment Plumbers Security Systems Pool Maintenance Convenient Stores Lawn Care Web Site Designers Auto Repair Ad Agencies Events Planners Travel Agencies Florists Motorcoach Companies Linen Services Car Rental Offices Supporting Businesses
Visit www.vatc.org & www.virginia.org Sign up for the Dashboard e-newsletter Attend at VTC Help Desk event Establish relationships with all VTC divisions – tap into our services (i.e. marketing, advertising, research, etc.) Learn More About VTC Services
Now, let’s talk about marketing your small business
Can you answer thesetwo questions? What is Marketing? What is the difference between Marketing and Advertising?
6 Questions You Should Answer What are you trying to accomplish? Who is your target audience? What message will move your audience? What vehicles do you have to deliver the message? What are your resources? How do you measure your performance/success? Marketing Plan
What are you trying to accomplish? What is your mission and vision? Are you the largest, cheapest, best service, best quality? Sales goals? Marketing Planning
Who is your target audience? by demographics by geography by needs and wants now and in the future Marketing Planning
What message will move your audience? Your brand Your tagline/slogan/message What do you want people to say about your business? Marketing Planning
What vehicles do you have to deliver the message? Website E-mail Advertising Public Relations Social Media Tradeshows Newsletters Marketing Planning
What are your resources? Budget/Money Owner/Employee Skills Friends/Family Partnerships Local/State/Federal Assistance Chambers of Commerce, Business Associations, etc. Marketing Planning
How will you measure your marketing performance? Electronic Marketing Tools Data Collection Research Mechanisms Surveys Informal Questioning Sales Data Marketing Planning
Have a Calendar/Schedule Include: Anticipated Ad Placement Press Releases Social Media Updates/Posts Promotions Other Scheduled Strategies Marketing Planning
Marketing Plans Change Because of business growth Because of research Because of economic factors Because of technology (social media) Because there is always change Marketing Planning
Other Business Resources Sandy Ratliff, Business Services Manager Virginia Department of Business Assistance 276-676-3768 firstname.lastname@example.org www.vdba.virginia.gov www.vastartup.org
The Virginia Department of Business Assistance VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with: workforce incentives financing business information and counseling state procurement assistance educational opportunities www.vdba.virginia.gov
Virginia’sBusiness One Stop Are you starting a business? Virginia’s Business One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms. Winner of the 2009 Governor's Technology Awards
Visit http://www.virginia.gov/bos/index.html to access the Business One Stop System.
One–on-One Counseling Sessions Need Based: Accessing New Markets/Sales Growth Tailored Sales Development Solutions Financing Resources Social Media for Your Business To schedule an appointment, contact: Sandy Ratliff, Business Services Manager 276-676-3768 Email: email@example.com
Small businesses that are retooling and installing new technologies
Company must retrain minimum 10 full-time employees.
Financing Programs Direct Lending: In partnership with banks and other lenders, we provide direct loans in economic development transactions. We also provide direct loans under specific programs designed to promote environmental stewardship and assist licensed daycare centers and family home providers. Indirect Lending: We provide loan guarantees or other types of credit enhancements to commercial banks in order to increase access to capital for businesses. Conduit Financing: We are the statewide conduit issuer of tax-exempt industrial development bonds for manufacturers and 501c3 organizations.
Virginia Department of Agriculture & Consumer Affairs
Virginia’s Finest Trademark = Marketing program that promotes foods and foods products grown in Virginia.
Facilitates expansion of agricultural businesses.
OTHER AVAILABLE RESOURCES Turn to SCORE Counselors for Small Business Advice Visit the SCORE Small Business Web Site: www.score.org How-to Advice & Info Ask SCORE for business advice online Find SCORE to locate any chapter in the country 2,000 pages of content for small business owners How-to articles offer practical business tips
OTHER AVAILABLE RESOURCES Virginia Business Incubator
Business Incubator Light Manufacturing Space Commercial Kitchen Shared Amenities
OTHER AVAILABLE RESOURCES Virginia Economic Bridge, Inc.
Non-profit organization to promote the economic vitality of SWVA and the Commonwealth.
Virginia’s Business Pipeline – Online searchable database of more than 24,000 Virginia based companies, business to business marketing & RFP resource
Virginia’s Linked Workforce Showcase – Designed to create business partnerships yielding contracts between SWVA and Northern Virginia by connecting companies in specific industry sectors.
Starting and Growing a Business Business Formation Assistance Small Business Development Center Network = www.virginiasbdc.org SCORE = www.score.org Virginia Business Information Center = 866-248-8814 Virginia Central Business Portal = www.business.virginia.gov Virginia Business Incubator Association = http://www.vbia.org/
Marketing Resources SCORE = www.score.org Virginia Tourism Corporation = www.vatc.org Virginia Economic Bridge, Inc. = www.virginiabusiness.org Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov
Financing Resources Virginia Small Business Financing Authority = www.vdba.virginia.gov Small Business Development Center = www.virginiasbdc.org Small Business Administration = www.sba.gov Local Economic Development Office or Chamber of Commerce
“If you always do what you’ve always done, You will always get what you’ve always got!”
Lets Connect: Sandy Ratliff The Virginia Department of Business Assistance 276-676-3768 firstname.lastname@example.org Online: Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliff LinkedIn - http://www.linkedin.com/in/sandyratliff YouTube - http://www.youtube.com/user/vastartup
Survey Completions Please take a moment to complete our survey!
CONTACTS Sandy Ratliff, Virginia Department of Business Assistance = 276-676-3768 or VBIC = 866-248-8814 Randy Rose, Virginia Tourism Corporation = 276-322-2044 Tom Tanner, Roanoke SBDC = 540-983-0717 Matthew Churchill, Wachovia Bank = 276-563-7675