Taking Your Business to the Next Level
Congratulations on what you have accomplished with your business and for being ready to take it to the next level! There is extensive information provided in the Expanding Your Business section of this website to assist you at this stage of your business. In addition, there are three other programs you may wish to consider.
TuneUp Your Business is a training program for business owners looking for a better return on their time and money. The program offers a supportive environment where business owners can build essential management skills that are difficult to acquire while immersed in the day-to-day activities of operating a business. The program is offered in Lacey at the Center for Business & Innovation. For more information, please visit the TuneUp website, or contact Daryl Murrow at email@example.com or (360) 464-6056.
ScaleUp Thurston is a comprehensive business growth training program, which includes in-person classroom training and one-on-one coaching to help small business owners plan and achieve their goals. The training program lasts a total of 14 weeks and includes ten weeks of classroom instruction and four exclusive networking events. At the end of the training, businesses will have developed a customized growth plan for their business.
ScaleUp is designed for companies in operation two or more years, with revenue between $150,000 and $500,000 per year, that are committed to doubling or tripling their revenue in the next few years.
ScaleUp Thurston also features opportunities for companies to gain greater understanding and access to capital. Going forward, the group is digging into reviewing and evaluating financial statements, strengthening their products and services, and better understanding their customer markets.
Economic Gardening–Washington State is committed to helping its small businesses grow. One way to do that is to help business leaders get over the inevitable hump that occurs in the second stage of a company’s life. And that’s what the Washington State Economic Gardening program is designed to do.
Typically, businesses at this stage know that they need to grow, they just don’t know how, where or when. Growth, of course can be risky, especially at critical junctures in the life of a company, especially in a rapidly changing, dynamic marketplace. Washington’s Economic Gardening program is designed to reduce this risk while increasing the potential for growth by engaging business specialists from throughout the country to help a company more fully understand its strengths, challenges, and most important, opportunities.
Economic Gardening has been successfully implemented throughout the United States and has developed innovative methodologies for successful business assistance that complements conventional practices. At its core is a group of highly specialized professionals known as the National Strategic Research Team (NSRT). These individuals are certified by the National Center for Economic Gardening, hosted by the Edward Lowe Foundation. Working together with the company’s management team, they provide analysis on core strategy, market dynamics, qualified sales leads, innovation, and temperament.
Leveraging sophisticated corporate tools often not available to second-stagers, the NSRT functions like an adjunct research staff, providing CEOs with information to make better decisions about critical issues. Researchers show second-stagers the big picture so they can make necessary adjustments that lead to increased growth and profitability.
Economic Gardening FAQs
What are second stage growth companies?
- Private, for profit companies that have been operating in a Washington State community for at least two years
- Employ between 6-99 employees
- Generate between $750,000 and $50 million in annual revenue.
- Demonstrate the intent and capacity to grow
- Provide products and services beyond the local area
How does the pilot program work?
- National Strategic Research Team coordinates schedule with participating CEOs
- Participating CEOs spend 8 to 12 hours collaborating with the National Strategic Research Team
- The research team spends 20-24 hours working on specific business issues
- It then conducts a follow up engagement for assistance with implementation
- Completion of individual engagement with the company is completed in 4 to 6 weeks
What are the benefits to a company?
Economic Gardening allows you to:
- Identify market trends, potential competitors and unknown resources
- Map geographic areas for targeted marketing
- Raise visibility in search engine results and increased web traffic
- Track websites, blogs and online communities to better understand competitors and current and potential customers
- Make informed decisions on core strategies and the business model
- Gain access to competitive data intelligence
What are the deliverables?
- Identification of critical industry trends, current and new competitors, and implementation of underutilized resources
- Enhanced visibility in new media and web traffic, including improved search engine rankings
- Improved tracking of digital information and on-line communications to improve knowledge of customers and competitors
- Timely data that can be used to shape core strategies and future decision-making in order to better respond to the dynamic market encountered by the business
Who are the targeted businesses?
To participate in the program, companies must meet one or more of the following criteria:
- Located in underserved counties based on the latest employment security department designation
- Based in rural counties based on a combination of Census Bureau and Office of Financial Management related data and definitions
- Based in counties that may suffer significant transitions as a result of the military downsizing
- Qualify as women, minority, or veteran owned business
What is the role of state and local support organizations (economic development organizations, chambers, SBDC’s, etc.)?
- Identify eligible companies
- Refer companies to the program
- Discuss opportunities
- Set expectations
- Participate in follow up engagement
For more information, please visit the economic gardening website.
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