Fortifying & Growing Existing Veteran-Owned Businesses
“Business development is the creation of long-term value for an organization from customers, markets, and relationships.” – Scott Pollack, Forbes.com
Business development is often used interchangeably with sales, but developing a strong, resilient, anticipatory business culture goes far beyond selling goods and services. The most successful global enterprises have prepared extensively, which enables them to:
- Enter new markets
- Navigate change in existing markets
- Launch new products
- Adapt to technological changes
- Recruit and retain top global talent
- Widen their target markets
- Predict and plan for shifts in the market
- Implement three-year, five-year, and even 100-year strategies
That's the value of Business Development.
The Challenges Veteran-Owned Small Businesses Face
The latest numbers from the Small Business Administration report there are 2.52 million businesses in the U.S. that are majority-owned by an American veteran. That means about 1 in 11 businesses in the U.S. are veteran-owned businesses.
That’s no small feat because veterans represent only about seven percent of the U.S. population. So, the percentage of businesses owned by veterans is actually greater than the percentage of Americans who are veterans.
There is no shortage of veteran-owned businesses. So, our goal with the Business Development program isn’t really to produce a greater number of Veteran business owners. The problem we’re seeing, however, has to do with the accessibility of resources. Our goal is to help veterans build more profitable, scalable businesses.
Veterans Aren't Finding the Funding
Veterans who own businesses are funding their startups and/or the expansion of their companies out-of-pocket. They use their family savings, their own credit cards, and personal loans.
Now, that’s not a huge problem until you learn that 55.8 percent of veteran-owned businesses generate LESS THAN $25,000 a year when the average cost of living per person in the US is $13,200 according to TransferWise.com (and that amount doesn’t even include rent or mortgage payments).
We believe that if Veterans had the opportunity to learn HOW to effectively start, manage and grow a profitable small business, they could reposition their businesses for greater success just by knowing how to effectively leverage their existing skill set.