Announcements and news
May 2022-- growth[period] is proud to announce that we have been selected as a 2022 Best Place to Work in Greater Washington in the small business category by the Washington Business Journal. This is the sixth time that growth[period] has placed on the Best Places to Work List. Every year the Washington Business Journal honors 85 companies as the ‘Best Places to Work’ in the D.C. area. Winners received this distinction by scoring the highest among hundreds of employers that participated in an annual employee engagement survey. growth[period] ranked 5th out of 20 companies awarded in the small business category. Honorees are featured in the May 13 issue of the Washington Business Journal. Find the complete list of companies here.
Partner Lyn Sherlock (top) with Ms. Elinor Otto and Ada Wyn Parker-loy
growth[period] Partner Lyn Sherlock, Brigadier General, US Air Force (retired), was the featured speaker at the Women’s Memorial 21st Annual Memorial Day Program in Arlington, VA. The event was put on by the Spirit of '45 organization honoring those who served in WWII, including the over 1,000 Women's Air Force Service Pilots and over 300,000 Rosie the Riveters. Two Rosie's were in attendance: Ms Elinor Otto, who continued building military aircraft until the age of 95, and Ada Wyn Parker-Loy, whose sister was the model for the famous Rosie the Riveter poster.
The event included formal military honors and a keynote address, remarks from past and present military women representing each of the services, and the Memorial’s signature event, the scattering of rose petals in tribute to departed comrades.
Read more about the Women In Military Service For America Memorial here.
As we’ve discussed in a previous blog post, uncertainty is a growth killer. With so much uncertainty about global events (e.g., the trade deal between the U.S. and China, Brexit, Iran and the nuclear deal, etc.) and how those events might affect the world economy, it’s not surprising to hear experts talk about a looming U.S. economic recession.
Global uncertainty coupled with the fact that the U.S. economy is currently experiencing its longest stretch of economic expansion (beginning in June 2009) is a recipe for a downturn. And as economists remind us, “whatever goes up must come down.”
But even if the growth of the U.S. economy slows, that doesn’t mean your business must follow suit. So let’s discuss how to manage business growth in the face of recession fears.
What is a Recession Anyway?
If you could use an Econ 101 refresher, a recession is defined as a period in which the gross domestic product growth rate—i.e., the amount of goods, we as a nation, produce and sell—is negative for two or more consecutive quarters. During a recession, negative growth is accompanied by
- A decline in personal income and company profits,
- An increase in unemployment, and
- A decrease in production, manufacturing, and retail sales.
Also, recessions don’t simply happen. They are caused by events like a financial crisis, the bursting of a real estate or stock market bubble, or some other “black swan” event that rattles the economy.
Recession fears can be difficult to weather for any and all businesses—regardless of size. The reality is, though, recessions are an ordinary part of the business cycle and just as the economy doesn’t go up forever, it also doesn’t drop indefinitely. So it’s imperative that you keep all of this in perspective if you want to figure out how to manage business growth despite what’s happening with the national economy.
Tips for Weathering Recession Fears
Although each business is unique, the following tips for how to manage business growth even with an uncertain economic outlook are helpful for any size or type of business.
1. Do NOT cut back on your marketing budget.
While recession fears often lead organizations to look for areas where they can cut unnecessary expenditures from their budgets, you will want to do so strategically. Otherwise, what little savings you gain could easily disrupt business growth.
One area that often ends up on the chopping block is advertising and marketing. However, making cuts here is almost always a mistake. During a recession it’s not only essential to maintain your current marketing presence, it’s actually smart to consider expansion. Why? At a time when your competitors are cutting back, increasing marketing spend could help increase your visibility.
Additionally, when others are cutting their advertising or marketing budgets, that could result in media offering deep discounts. If nothing else, more space will be available leaving you the perfect opportunity to negotiate for better pricing with print media, radio, and T.V. As always, questions about business growth go back to ROI. If you invest $1,000 on an ad and make $2,500, that’s a positive ROI and you should seriously consider keeping the ad.
Additional tips:
- Before eliminating print ads entirely, reduce the size of the ads (assuming they are cost-effective).
- Look for additional free sources of advertising through social and business networking websites.
- Make sure your signage is working for you to bring in more customers (if you have a physical location).
- Create original content, including press releases, and publish at least once each month.
2. Do business with the federal government.
If you’ve been eyeing government contracting as an area to expand your business, now is the time to kick your efforts into high gear. Whether a recession happens this year or early next year or 3 years from now, being in a position to provide services to the government is always a wise business move.
It is true that government agencies are not recession-proof. But regardless of the state of the economy, government agencies still need supplies and services that allow them to provide for the public. It only makes sense to stay aware of government procurement opportunities.
Additional tips:
- Look at sections of the federal, state, and local budgets that provide funding opportunities for your products and services.
- Identify the government decision-makers and potential influencers and build out a complete tree of who is involved in the contract award process.
- Keep in mind that the regional or local procurement officer listed on the RFP is not always the end-user, who is usually the manager and staff within the agency.
3. Enhance your relationships with existing clients.
We all know that government contracting, just like private business contracting, is about relationships. With the possibility of a recession coming, it’s essential to focus on making your company invaluable to your current clients. Whether the decision-makers in your industry are government officials or corporate executives, they all have their list of providers who they know, like, and trust.
Maybe you are already a government contractor and you’re wondering how you can increase the work you’re doing with the federal government. Or you’re looking to grow by expanding to support similar clients in the private sector. Regardless of your specific growth goals, you want to make sure you are top of mind with existing clients.
For this reason, building relationships is one of the best ways to prepare for a potential recession. Just think about it: What you do when you need a task completed in your business and you don’t already have a “go-to” person? You call up someone you know and ask for a few names. You want to be your clients’ first call in this situation. If you can’t help them directly, you can strengthen your relationship by suggesting someone who can.
Additionally, we can’t overstate the power of face-to-face and online networking for these purposes. Within the government contracting space and the private sector, there are events organized by associations, industry media, policy or contract briefings, industry conferences, and more. If you see an event, whether in person or online, that connects to whatever work you do, it is a good idea to attend. You never know who you will encounter who you could call on down the road.
Additional tips:
- Increase visibility among key decision-makers by offering a webinar series related to the work you do.
- Offer an online course or training session for your target clientele. Managers and staff are often looking to enhance their skills. When a course becomes available, many agencies and organizations have a budget set aside to send employees.
Conclusion: Hope for the Best and Prepare for the Worst
In business, it almost never makes sense to dwell on the worst-case scenario. However, given the current economic situation, it does make sense to adjust your sails. Managing business growth is not as much about anticipating the economic downturns before they happen as it is about taking advantage of opportunities to grow and making sure you’re ready to do so in the future.
For the moment, the economy is holding steady. So there’s no reason to pump the brakes. But keep in mind that even if a recession hits, fear is not a valid reason to pull back. Continue to look at the data and stay the course unless business growth truly is no longer an option.
Need help figuring out how to manage business growth amidst recession fears? Contact the experts at growth[period]. Remember, a slowdown in the economy doesn’t have to mean a slowdown in your business.
The National Defense Industrial Association (NDIA) recently hosted its 26th annual Special Operations/Low Intensity Conflict (SO/LIC) Symposium and Exhibition. The three day event hosted several notable speakers including: General Joseph L. Votel - Commander of US Special Operations Command (SOCOM), Lieutenant General Michael T. Flynn (Ret.) - former Director of the Defense Intelligence Agency, and Lieutenant General Marshall B. Webb, Commander - NATO Special Operations Headquarters. The event covered topics such as the challenges related to combating ISIL and a more assertive Russia, as well the increasing demand for Unmanned Aerial Vehicles (UAVs) and the growing desire for commercial off-the-shelf (COTS) technologies.
The threat posed by ISIL was at the centerpiece of many discussions between SO/LIC event speakers and panelists. General Votel stated that at least 19,000 foreign fighters have surged into Iraq and Syria from over 90 countries. Votel further added that SOCOM has been closely observing ISIL’s operations in North Africa. Similarly, Lieutenant General Flynn offered a stark appraisal of the threat posed by ISIL, and cautioned that the ongoing international effort to defeat the group would likely last decades.
Despite the heavy emphasis on combating terrorism at the symposium, the rise in Russian military activity in the Arctic and Eastern Europe was also a frequent discussion topic for General Votel:
“A resurgent Russia is now employing coercive techniques against its neighbor using [special operations] forces, other clandestine capabilities, information operations, other cyber operations and groupings of ethnic proxies and surrogates to drive wedges into our key allies in East Europe…it is important for us to engage and understand what is happening out there and understand the spaces in which they can begin to assert some of their influence.”
RQ-21A Blackjack. Image Credit: US Navy
To combat the wide range of threats to American interests, Votel called for increased Intelligence Surveillance and Reconnaissance (ISR) capabilities from additional UAVs. SOCOM already operates a wide assortment of UAVs, including the RQ-21A Blackjack, RQ-7 Shadow, Viking 400, MQ-1 Predator, and MQ-9 Reaper (Hoffman & Schechter, 2013). Votel indicated that SOCOM would continue to invest in UAV technology, and would work with industry on future projects (Magnuson, 2015). Michael Dumont, Principal Deputy Assistant Secretary of Defense for Special Operations/Low-Intensity Conflict, also stressed SOCOM’s growing interest in incorporating COTS technology as a means to maintain a technologically superior force:
“Many of our adversaries have acquired, developed and even stolen technologies that have put them on somewhat equal footing with the West in a range of areas…Recognizing this future direction requires understanding the current reality: The US government no longer has the leading edge developing its own leading-edge capabilities, particularly in information technology”
Dumont also discussed broader DoD wide measures to ensure the Military’s technological superiority, such as Deputy Secretary of Defense Bob Work’s “Third Offset Strategy” and Under Secretary of Defense for Acquisition, Technology and Logistics Frank Kendall’s “Better Buying Power 3.0”. This new technological offset strategy, in tandem with Better Buying Power 3.0, is meant to secure the technological edge of US forces under a constrained fiscal environment. Both Votel and Dumont also discussed the difficulties of maintaining a high level of operational readiness under sequestration. However, even in the midst of sequestration, SOCOM’s budget has been relatively stable when compared to other portions of the DoD’s budget. Marcus Weisgerber recently examined SOCOM’s FY 2015 budget, which accounted for 1.8% of the DoD’s base and overseas contingency operations (OCO) budget, at $10 billion. The figure does not include the personnel costs of the 70,000 operators under SOCOM or major equipment and weapon procurements which are covered under the budgets of the individual armed services.
Sources
- Peeling the Onion Back on the Pentagon’s Special Operations Budget , Marcus Weisgerber, 2015.
http://www.defenseone.com/management/2015/01/peeling-onion-back-pentagons-special-operations-budget/103905/?oref=d-river - SOCOM's Gen. Votel Sees Tensions in Arctic, ISIL Expansion as Future Threats, Stew Magnuson, 2015.
http://www.nationaldefensemagazine.org/blog/Lists/Posts/Post.aspx?ID=1722 - Special Ops Commander Discusses Challenges, Priorities, Jim Garamone, 2015.
http://www.defense.gov/news/newsarticle.aspx?id=128047 - Special Operations Eyes Present, Future Threats, Jim Garamone, 2015.
http://www.defense.gov/news/newsarticle.aspx?id=128054 - The text of General Flynn’s speech, Thomas E. Ricks, 2015.
https://foreignpolicy.com/2015/01/27/the-text-of-general-flynns-speech/ - SO/LIC Agenda, NDIA, 2015.
http://www.ndia.org/meetings/5880/Documents/Agenda.pdf - Spec Ops Leaders Want Off-the-Shelf Gear Fast, Paul McLeary, 2015.
http://www.defensenews.com/story/defense/show-daily/solic/2015/01/27/specops-special-operations-technology-jihadists/22425981/ - SOCOM seeks runway-independent UAV, Erik Schechter, 2013.
http://www.flightglobal.com/news/articles/socom-seeks-runway-independent-uav-394362/ - Up to $250M from US SOCOM for L-3’s Viking UAVs, Defense Industry Daily, 2009.
http://www.defenseindustrydaily.com/Up-to-250M-from-SOCOM-for-L-3s-Viking-UAVs-05803/ - SOCOM Wants to Deploy MQ-9 Drones to Remote Areas, Michael Hoffman, 2013.
http://www.military.com/daily-news/2013/09/16/socom-wants-to-deploy-mq9-drones-to-remote-areas.html
DJI Phantom-1 sUAS
The Federal Aviation Administration (FAA) is looking to overhaul laws pertaining to the use of small unmanned aerial systems (sUAS), classified as aircraft weighing less than 55 pounds, within the next year. The released Notice of Proposed Rulemaking (NPRM) stipulates measures relating to the operation of non-recreational sUAS in terms of height restrictions, aircraft registration, daytime flight restrictions, operator certification, and line of sight restrictions. The NPRM first step in what is likely to be a yearlong process before enforcement of new regulations begins. The White House Office of Information and Regulatory Affairs, within the Office of Management and Budget (OBM), is conducting a ninety day review of the sUAS NPRM (Colborn, 2015). The OMB has indicated both the FAA and sUAS community lack adequate safety data.
The sUAS which crashed in White House grounds in early February was a contributing factor in the recent push for UAS reform. The current legal restriction on US operated sUAS has enabled foreign companies to gain an advantage in the commercial UAS market:
“Sky-Futures, a British company that dominates the use of drones to collect and analyze inspection data for oil and gas companies, says its business soared 700 percent last year as the normally conservative energy industry embraced the new technology. Co-founder and operations director Chris Blackford said the company is coupling drones with software and a better understanding of what works in the field, giving Sky-Futures ‘a head-start over the U.S because we understand pretty intimately the problems facing the oil and gas market, and how we can solve them with technology.’ Looser regulations outside the U.S. have created pockets of innovation attracting ideas, money and momentum, says Patrick Thevoz, co-founder and CEO of Swiss-based Flyability” - Jeremy Wagstaff, 2015
The international commercial UAS market is valued at $100 billion over the next decade, due to increased UAS applications in the forestry, oil and gas, law enforcement, and agricultural industries. Though military purchases are still dominant, though commercial unmanned aerial vehicle (UAV) spending currently accounts for roughly 12% of the global UAV market and is expected to rise to approximately $82.1 billion between 2015 and 2025 (Ballve, 2014). The FAA has estimated that, if regulations are changed, 7,500 commercial sUAVs could be flying in the US before the end of the decade.
In the global military UAV market, US firms have been losing their market share in recent years to Israeli, European, and Chinese firms due, to strict export controls. To help combat this, the Department of State recently announced it will expedite its review process of foreign military sales with respect to 300 km range 500 kg payload class UAVs—otherwise known as Medium-Altitude Long-Endurance (MALE) UAVs.
General Atomics MQ-9 "Reaper"
Under the 1987 Missile Technology Control Regime (which affects the sale of UAVs), the United States has historically sold few optionally armed UAVs, even among close allies. For example, MQ-9 “Reaper” sales have been limited to the UK, France, Italy, the Netherlands, and recently Spain. With the rise of the Islamic State of Iraq and the Levant, many Gulf allies are requesting additional American arms exports, such as the “Predator” XP. The Department of State has insisted the expedited review process will still adhere to the Missile Technology Control Regime guidelines. Under the foreign military sales program, any potential American UAV customers must:
- Act in accordance of international law, including humanitarian provisions
- Use armed UAVs only under a lawful basis e.g. self defense
- The nation will abstain from using UAVs for domestic surveillance purposes
- UAVs will employ procedures to limit collateral damage
Peter Lichtenbaum and Rachel Stohl argue the new aforementioned restrictions will lead to greater difficulties in exporting American MALE UAVs, despite the Department of State pledge to keep its review process to one year or less. If the US Government continues to inhibit the export of optionally armed American UAVs or similar products, states combating terrorism will find alternate suppliers. For example, the US Government recently barred the sale of additional Cobra helicopter gunships to Nigeria amid human rights concerns; Nigeria subsequently acquired Chinese CH-3 UAVs which it has deployed against Boko Haram militants.
Sources
- Small Unmanned Aerial Systems: What Will the FAA Do? , Mark Colborn , 2015.
http://www.aviationtoday.com/the-checklist/Small-Unmanned-Aerial-Systems-What-Will-the-FAA-Do&thinsp_84243.html - Drone policy improving — but we have a ways to go,
http://m.bizjournals.com/washington/blog/fedbiz_daily/2015/02/drone-policy-improving-but-we-have-a-ways-to-go.html?ana=e_wash_fedbiz&s=newsletter&ed=2015-02-26&u=P7IjntEqPC33GGhyR+ixPA0c3d4c12&t=1424990006&r=full - Game of drones: As U.S. dithers, rivals get a head start, Jeremy Wagstaff, 2015.
http://www.reuters.com/article/2015/03/08/us-tech-drones-idUSKBN0M40VM20150308 - Obama To Sell Armed Drones To More Countries, Patrick Tucker Marcus Weisgerber, 2015.
http://www.defenseone.com/technology/2015/02/obama-sell-armed-drones-more-countries/105495/ - What Obama’s Drone Export Policy Really Means, Peter Lichtenbaum and Rachel Stohl, 2015.
http://breakingdefense.com/2015/02/what-obamas-drone-export-policy-really-means - Obama administration to allow sales of armed drones to allies, Missy Ryan , 2015.
http://www.washingtonpost.com/world/national-security/us-cracks-open-door-to-the-export-of-armed-drones-to-allied-nations/2015/02/17/c5595988-b6b2-11e4-9423-f3d0a1ec335c_story.html - Rep. Hunter to Obama: Send Jordan the Predator XP, Joe Gould , 2015.
http://www.defensenews.com/story/defense/policy-budget/congress/2015/02/05/hunter-to-obama-send-jordan-the-predator-xp/22934783/ - TECH More: Mobile Internet of Things Drones BI Intelligence COMMERCIAL DRONES: Assessing The Potential For A New Drone-Powered Economy, Marcelo Ballve, 2015.
http://www.businessinsider.com/the-market-for-commercial-drones-2014-2
At growth[period], we are grateful for our veterans each and every day of the year. We believe that all veterans and their families should have access to the support and resources necessary to ensure they have the ability to live full and rewarding lives. Hope for the Warriors, a four-star Charity Navigator rated nonprofit organization, has just such a mission. We are proud to have worked alongside Hope for the Warriors for more than 10 years in support of its goal of creating opportunities for the veteran community, to include expanding its brand recognition as a first-tier nonprofit, increasing its donor base, and establishing a formal relationship with NASCAR.
The growth[period] team identified a key demographic overlap between the veteran community served by Hope for the Warriors and NASCAR’s constituency and devised a strategy to develop a partnership between the two organizations that ultimately led to a formal agreement. The effects of this partnership were immediate and significant, as Hope for the Warriors reported a three-fold increase in donations in the first year of the partnership alone, along with other valuable and tangible results.
Hope for the Warriors continues to provide valuable services to the veteran community, and its success in doing so has raised expectations for the future. On this #GivingTuesday, we encourage you to learn more about what Hope for the Warriors does - and explore how you might be able to help.
While holiday parties demand time and effort to execute, they are worth the effort. If you’re feeling particularly swamped, it might be tempting to host a scaled-down event or eliminate the party altogether. But, that isn’t usually the right call. When done well and within budget, holiday parties boost employee morale and set the groundwork to promote your organization’s brand in the new year.
Consider a “Widely Attended Gathering” (WAG):
To facilitate your ability to invite a wide audience to your holiday party, your legal counsel can get the event designated as a “widely attended gathering.” This designation will ensure that customers can legally attend the event in compliance with the appropriate ethics guidelines and laws. If you do throw a “WAG” holiday party, it becomes a great opportunity for customers to mingle with you and your staff. The holiday doldrums are usually less present at parties, which allows for more informal and upbeat interaction with your customers, targets, and teaming partners. (Just make sure to control, or stop, the alcohol flow to save yourself some headaches!)
How can a holiday party promote growth?
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Introduce your customers to your staff: Your party is an opportunity to get more members of your key staff in front of potential strategic partners or customers- allowing you to brag about your team in a social environment and help the groups connect, even if networking on their own isn’t their strength.
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Expand your network: If you’ve spent some time assembling a robust invitation list, your party can also strategically expand your network. Don’t underestimate the value of face time with valuable contacts in a pleasant and casual environment. The relationships that you build at your holiday party may prove invaluable come after the new year.
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Improve brand perception: A professional and well-planned holiday party can help create goodwill around your brand. This is particularly valuable for smaller businesses, as the event will reinforce the fact that you are a stable, profitable, and well-run business. Also, if you have a strategic invitation list, your holiday party will get your brand in front of a larger-than-usual audience, including some potential new contacts, for a feel-good reason.
Hosting a successful holiday party each year can lead to new opportunities in the future. The experts at growth[period] can create a plan that will lead to a strong start in the new year. Contact us to learn more about how we can help you develop a plan for strategic and sustainable growth.
