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Are you an existing business and looking for new ideas on how to move forward in an ever-changing environment?
Are there new revenue streams you are considering such as possibly selling your goods in a global market through exporting or providing your goods or services through government contracting opportunities?
Maybe you would just like an overall health check-up for your business because you are not sure where improvement opportunities may be found?
In-business clients can receive specialized assistance from the Illinois SBDC through no-cost confidential one-on-one business advising in financial management, taxation, asset acquisition, and much more. The Illinois SBDC wants to help you set your sights on growth and give you the resources to make confident choices to carry your business to new heights.
BUSINESS PLANNING
Updating your business plan for small business growth is essential to adapt to market changes, make informed decisions, secure funding, enhance operational efficiency, align your team, and evaluate progress. It ensures your business remains agile, competitive, and well-positioned for sustainable growth in a dynamic business environment. Below are just a few of the reasons that make updating your business plan crucial to your business growth strategy.
Changing Market Conditions - Markets are dynamic, and customer preferences, industry trends, and competitive landscapes can shift over time. By updating your business plan, you can assess these changes and adjust your strategies accordingly.
Financial Planning and Funding - A well-updated business plan provides an accurate snapshot of your company's financial health, including revenue projections, expense management, and cash flow analysis. This information is vital when seeking funding from investors, lenders, or venture capitalists. Regularly updating your business plan demonstrates your commitment to strategic planning and helps instill confidence in potential investors or lenders.
Enhanced Strategic Decision-Making - As your small business grows, you may face new challenges and opportunities. Updating your business plan allows you to reassess your long-term goals, evaluate your current strategies, and make informed decisions about resource allocation, expansion plans, product development, or target markets. It ensures your business evolves in alignment with your vision and objectives.
Evaluation of Success and Progress - Regularly updating your business plan enables you to track your progress and evaluate the success of your growth strategies. By comparing your actual results with the goals and milestones outlined in the plan, you can identify areas of achievement, challenges, or potential gaps. This assessment allows you to make necessary adjustments, capitalize on successful initiatives, and learn from any setbacks to drive continuous improvement.
PROCESS ENHANCEMENTS
The Illinois SBDC assists clients in understanding and implementing the Define, Measure, Analyze, Improve, and Control (DMAIC) process to optimize their business operations. We identify lean tools for efficient identification and measurement, enabling clients to comprehensively map and analyze their processes. Moreover, we guide clients in developing data-driven strategies to refine defect measurements. Additionally, the Illinois SBDC conducts thorough analyses of the client's business outcomes and collaborates on creating an actionable plan to implement and monitor efficiency improvements.
INTERNATIONAL TRADE
The Illinois SBDC network can advise businesses involved in international trade in the following areas:
Product Quality/Market: The Illinois SBDC analyzes the international markets relevant to the client's imported or exported products. This includes conducting market opportunity assessments, segmentation, and industry analysis for the client's products. Furthermore, the Illinois SBDC identifies crucial product specifications for both imported and exported goods to ensure high quality standards are met.
Negotiation: The Illinois SBDC provides guidance to clients on preparing for negotiations with suppliers. This involves explaining the development of templates and formats that facilitate effective negotiation dialogues.
Agreements: The Illinois SBDC assists clients in outlining international business agreements based on their expectations, obligations, and other essential details. In addition, the Illinois SBDC educates clients about various types of agreements and potential risks within the legal frameworks of different countries. To enhance the development of effective legal agreements, the Illinois SBDC recommends relevant resources and legal references.
Compliance: The Illinois SBDC helps clients identify the necessary codes, such as HTS and Schedule B, to research import or export compliance data. Furthermore, the Illinois SBDC aids clients in researching regulatory taxes, duties, fees, and regulations related to their products or services. The Illinois SBDC also aids in developing operational and documentation compliance procedures, aimed at reducing, managing, and monitoring potential compliance risks.
Finance: The Illinois SBDC supports clients in accessing and identifying sources of capital for various purposes, including sales purchases, international pricing, and mitigating payment risks.
Logistics: The Illinois SBDC collaborates with clients to conduct cost-benefit analyses for international logistics costs across different trade lanes. Based on these analyses, an action plan is developed to address risks and opportunities, with the objective of reducing logistics costs, increasing value, and enhancing efficiency in the client's supply chain. The Illinois SBDC also recommends resource partners and vendors to fulfill the client's specific supply chain needs.
GOVERNMENT CONTRACTING
Once you have worked through the general start-up requirements for your business, have an established client base, and enjoyed a moderate level of success, you may want to explore potential growth strategies such as government contracting. Government contracting is a logical way to strengthen your company’s ability to weather difficult economic times. The Illinois SBDC will assess your company’s government contracting readiness and when appropriate, connect you to an Illinois APEX Accelerator.
The Illinois APEX Accelerator is a resource within the Illinois Small Business Network that has the tools and resources to help you win government contracts and pursue certification opportunities. Our no-cost assistance comes in the form of one-on-one advising, training, and coaching. We also provide our clients with a complete set of tools to research and identify contracting opportunities.
Through our services, your Illinois Business will learn how to:
- Conduct market research, find government opportunities, and establish relationships with government agencies.
- Assist with SAM and other governmental vendor registrations.
- Read and understand government bid and proposal solicitations.
- Identify businesses- large and small- to form partnering agreements between firms.
- Prepare, review, and finalize a bid or proposal.
- Locate technical information and pricing data.
- Understand RFID, UID, and packaging standards.
- Navigate 8(a) HUBZone, WOSB, EDWSOB, DBE certifications and Veteran-owned verification.
- Prepare for pre-bid conferences, short-list interviews, debriefings and pre-award meetings.
- Participate in electronic and other Internet-based bid opportunities.
- Handle post-award contract administration.
- Bidding Assistance: The Illinois APEX Accelerator will collaborate with clients to establish clear requirements, deadlines, and desired outcomes for potential bids. Additionally, the Illinois APEX Accelerator will assess the client's readiness to participate in the Defense Industrial Base (DIB) and Government Industrial Base (GIB) at a federal, state, and local level.
- Certification Support: The Illinois APEX Accelerator will work with clients to develop a government market strategy to identify their most appropriate certifications. Once a certification is identified, the Illinois APEX Accelerator will provide the client a comprehensive outline of the prerequisites and steps to apply for the program.
- Government Contracting Opportunities at numerous levels: The Illinois APEX Accelerator will suggest relevant federal, state, and local agencies that offer bids matching the client’s capabilities. The Illinois APEX Accelerator will then analyze the criteria for bid selection to assist the client in assessing their probability to win the contract.
- Procurement Assistance: The Illinois APEX Accelerator will aid the client in compiling procurement requirements for their own business or for a business they intend to sell products/services to. This will involve framing a Request for Proposal (RFP) or Request for Information (RFI) for purchases from and sales to potential business partners.
- Once government contracting readiness has been assessed, you may be referred to the Illinois APEX Accelerators. These specialized programs are designed to provide targeted support and resources for businesses pursuing government contracts. The APEX Accelerators will further equip you with the knowledge, tools, and connections necessary to thrive in the government contracting space.
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