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OKVetWorks July 2022 EVENT EDITION Newsletter

I am so blessed to be so busy working with veteran owned businesses!  

From working with the University of Texas, Austin - VBOC teaching Boots to Business classes throughout the state and conducting our very own Boots to Suits classes in OKC and Tulsa (expanding to Lawton and Enid soon), and planning/organizing the Making the Connection Veteran Owned Business Conference there is so much going on that there is no down time.  LOVE IT!  If you have not attended, at least, one of these events you are really missing out!  Valuable information for free!  

The OKVetWorks Program is approaching it's 2 year anniversary and we are continuing to expand opportunities for VOBs throughout the state and help more and more veterans succeed in their dreams of becoming successful business owners.  

We also have networking opportunities coming up in OKC and Tulsa to help build relationships and business opportunities through out the state.  Details coming soon. We conducted our first one at the 45th Infantry Museum in OKC and is was great!  

If you have do not follow the Oklahoma Department of Veterans Affairs Facebook page please follow it.  I post several things that come up throughout the month that can get you more training and other resources. https://www.facebook.com/OKVeteranAgency

Our first annual conference is coming up quickly.  It is September 7-9, 2022 and has a tremendous line-up.  We have speakers from all over the state coming to motivate and educate.  Speakers from General Levy to Major Ed Pulido are scheduled to kick us off and close us out.  There are 18 breakout sessions, fireside chats, panel discussions and much more.  And don't forget the awards ceremony and dinner.  In continuing to work on the full schedule there are breakout sessions on Website Critiques, Women in Business, Doing Business with the State of Oklahoma, OK Tax Commission, Business Ethics, and MUCH more.  Oh...did I mention that all meals are included and the conference is free?  Register today, before spaces are filled up.  https://forms.office.com/g/CyDdsA0BjA

I am looking forward to another great year!  Let's do this together!  

SO MUCH GOING ON

It is often answered fact that business means growth. Every company seeks growth in one way or the other. Every company has their own strategies by which they can implement growth by increasing their sales and profits. The strategy that the business with used to implement in the market will depend on its financial situation in the market, the competition, and to a large extent on government regulations.

Business means growth and growth are measured in terms of increased profits and increased market share. Every business aspires for growth and they achieve this through either by increased sales or by reducing costs.

Either way, the aim is to increase profits. By increasing sales, the organization can also increase market share and that is why every company aims to increase sales. Following are some common types of business growth that businesses plan.

1) Organic Business Growth

This is the most basic type of business growth but is more effective means of growing your business. This type of business growth focuses more on manufacturing increased products and services and space for the success of the business.

The businesses which focus on organic business growth tend to buy larger store or expand shifts in order to get more output of products. The businesses which focus on growing organically should aim to expand in order to accommodate more for their needs. This type of business growth is considered to be very solid for new businesses and also for an existing business is who have typed into the potential of a new market and face shortage of product.

The increase in space or production meets the growing needs of customers and also prevents shortages of the products. Organic business growth is unanimously considered as an unsustainable strategy of growth but one which ultimately helps for the business to succeed in future. If existing products are to be sold to new customers or in new territories the company may have to launch an advertising campaign or expand the sales team.

 

On the other hand, if the company decides to use new distribution channels then it is to be ensured that this generates new sales rather than take sales from existing distribution channels. Yet another way to grow the business organically is to sell a new product that increases the product vertical and serve them to the existing customer base.

2) Strategic Business Growth

Strategic business growth is the one which focuses on long-term growth of the business. The businesses which focus on strategic growth have reached a peak of the organic business growth stage and are forced to find an additional market.

This type of business growth is used to reach a market which is previous the untapped by the use of advertising power bank making additional products and adding them to the existing inventory. The money which is generated from organic business growth is required by strategic business growth because the businesses will not experience watershed business acceleration and instead there will be a gradual rise in sales.

Strategic business growth is considered as an unavoidable step for businesses which have reached a plateau in the growth. This type of business growth allows businesses to focus on the long-term plans and use the capital which is stored in order to attain those growth goals. Strategic business growth can be very difficult for startups or the businesses that are producing fewer products then the demand in the market. By far strategic business growth is considered a great strategy to apply when the businesses are looking for long-term planning.

5 Types of Business growth of an organization

3) Partnership/Merger/Acquisition

For some businesses, it is beneficial to merge or acquire or create a partnership with other businesses. This is also considered as the riskiest strategy of business growth with more potential for success. A valid and executed merger or acquisition can help business to enter, sustain and grow in a new market. It can also help to manufacture more products and gain increased customer loyalty.

 

Some consider a joint venture to be also a part of the partnership. Joint ventures have not become very common due to the advantages over partnership and merger and acquisition. The best example of a successful joint venture is the alliance of Starbucks in India with Tata Group.

The Starbucks Tata alliance has successfully started more than a hundred joint venture Starbucks outlets all over India.

4) Internal business growth

This type of business growth is considered as both easy and hard to promote a business. This business growth strategy makes the use of resources which are currently available and determine how they can be used in a better way rather than looking outward to production. This type of business growth would include a lean system for implementing business or workforce automation.

Businesses find it often hard to use Internal business growth because this is not like expanding a business market our expanding a product line but rather the businesses must change entirely the way their business is conducted and that process can be scary to the current employees and managers.

 At times, instead of choosing between strategic and organic growth, internal business growth is a great way to increase resources without significant expense of capital. In fact, internal business growth is seen as a process which helps the business to reduce using of resources and continuing the growth at the same time. This business growth is considered a practical growth strategy.

5) Rapid Business Growth

When the growth is needed in a short time rapid business growth is the only option. During this period the production levels or customers or even staff increases at a great pace which can lead to certain risks and challenges. Cash flow shortfalls or customer service issue common for every rapidly growing business organization.

Operational efficiency and outgrown premises are other associated issues. To start a business, they have to take a lot of debt to finance their growth. Also when the growth is fast, the growth rates increase, which tends to make your cash leave your business as well as the costs, will grow in order to accommodate the increased demand. This means that if the growth increases rapidly there is a chance that it can spiral out of control which can put the financial solvency of the business at risk.

One of the ways to achieve rapid growth while reducing the risk is to buy another business. You can buy the entire business over a part of it and business can be your competitors or it can also be that could complement the existing business. Growing a business is considered to be exciting but it will be worthwhile if you can not only achieve but also sustain the growth.

The following pages are a few of the Veteran Owned Businesses that were featured by Tyler Media on Oklahoma City.

Thank you again Tyler Media!!!

STATE OF OKLAHOMA DEPARTMENT OF VETERANS AFFAIRS OKVetWorks Program 2132 NE 36th St Oklahoma City OK 73111 OKLAHOMA VETERAN OWNED BUSINESS VERIFICATION APPLICATION ELIGIBILITY To receive the 3 preference for being a Service Disabled Veteran Owned Business a bidding business must first obtain a Veteran Owned Business Verification from the Oklahoma Department of Veterans Affairs OKVetWorks Program The Verification is valid for one year or until such time as the business is no longer in compliance with the requirements whichever occurs first When submitting request for renewal all supporting documents are required INSTRUCTIONS 1 Complete and sign the application form on the second page of this document 2 Provide proof of honorable military service e g DD Form 214 or other documentation if DD Form 214 is unavailable 3 Provide proof of current Registration as a business with the Oklahoma Secretary of the State 4 Provide documentation establishing the percentage of Veteran ownership of the business e g business plan operating agreement meeting minutes shares report stock certificate breakdown and or tax forms with ownership percent 5 Proof of disability as certified by the appropriate federal agency responsible for the administration of veterans affairs 6 Provide proof of annual gross income for most recent fiscal year e g OK state income tax return audited financial statement DEFINITIONS 1 2 3 74 O S 85 44E Disabled Veteran Enterprise Act Veteran owned business means a business of which at least fifty one percent 51 of the ownership is held by one or more veteran Service Disabled Veteran Business means a business a Not less than fifty one percent 51 of which is owned by one or more Service Disabled Veterans or in the case of any publicly owned business not less than fifty one percent 51 of the stock is owned by one or more Service Disabled Veterans and b The management and daily business operations of which are controlled by one or more Service Disabled Veterans Service Disabled Veteran means any individual that is disabled as certified by the appropriate federal agency responsible for the administration of veterans affair SEND APPLICATIONS SUPPORTING DOCUMENTATION BY MAIL OR EMAIL TO Oklahoma Department of Veterans Affairs ATTN OKVetWorks 2132 NE 36th St Oklahoma City OK 73111 Email OKVetWorks odva ok gov For Questions regarding the Verification Process contact the Oklahoma Department of Veterans Affairs OKVetWorks Program at 405 523 4000 Page 1 of 2

OKLAHOMA VETERAN OWNED BUSINESS VERIFICATION APPLICATION 1 Business Information Registered business name All Applicants Must Complete This Section List any Doing Business As names Business Primary Mailing Address Business Primary Street Address if different from mailing address Primary Phone Number Secondary Phone Number E Mail 2 Business Owner s Information If more than two owners attach additional type written sheet with information Business Owner s Full Name Owner s mailing Address Owner s Phone e mail Other DD 214 Proof of Honorable Discharge Provided Yes Service Disabled Veteran Proof of Disability and Rating if claiming disabled status is also required No Business Owner s Full Name Owner s mailing Address Owner s Phone e mail DD 214 Proof of Honorable Discharge Provided Other Yes Service Disabled Veteran No Proof of Disability and Rating if claiming disabled status is also required 3 Percentage of Ownership For Each Veteran Business Owner State Name and Percentage of Ownership of Business Name _________________________________ Percentage of Ownership_____ Name _________________________________ Percentage of Ownership_____ Provide supporting documentation establishing the percentage of ownership of the business 4 Statement of Annual Income and Employment Business Annual Income for Year _____ was ____________ Provide proof of annual gross income for most recent year Total number of employees ________ Number of employees that are veterans _______ 5 Information Verification and Acknowledgment All Applicants Must Complete This Section I We understand that this application requires supporting documentation including military business and tax records as the means of determining eligibility for Verification as a Oklahoma Veteran Owned Business Failure to provide the requested information may result in the inability to verify eligibility which will result in the denial and return of this application By submitting this form I We understand that the Oklahoma Department of Veterans Affairs will enroll me in the OKVetWorks Registry in order to provide notifications as to the OKVetWorks Program activities I We attest that the information provided in this application and attachments are true and correct to the best of my our knowledge under penalty of law _________________________________________________________ _________________________________________________________ SIGNATURE OF APPLICANT DATE SIGNED __________________________________ SIGNATURE OF APPLICANT DATE SIGNED __________________________________ 6 Verification TO BE COMPLETED BY OKLAHOMA DEPARTMENT OF VETERANS AFFAIRS VERIFICATION APPROVED Certification Expires day ___ month ____ year_____ VERIFICATION DENIED SIGNATURE TITLE OF OK ODVA VERIFICATION OFFICER Reason for Ineligibility ___ Lack of documentation Could not verify eligibility ___ Did not have qualifying military service ___ Veteran not honorably discharged DATE ___ Business not 51 or more Veteran owned ___ Other _____________________________ Page 2 of 2

The Fort Sill National Historic Landmark is home to one of the only guns created to launch nuclear shells built in 1953 known as Atomic Annie.
Photo Credit: Marvin Bredel