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Home My WebLink About02. c. NORTHWEST SBDC - SHORE UP YOUR SMALL BUSINESS 2021 - TOWN OF VAIL EVENT RECAPEvent/Program Recap: Shore Up Your Small Business Education & Enrichment Category Wednesday December 1, 2021 Shore Up Your Small Business: October 8 & 9, 2021 Erin McCuskey Regional Director, Northwest Colorado Small Business Development Center 970.471.1262 erin@northwestsbdc.org 2 Overall Program Highlights & Successes 3 •Shore Up Your Small Business celebrated the five-year commitment from the CU Boulder Leeds School of Business to bring entrepreneurial workshops to the Vail Valley. The five-part series wrapped with more than 100 graduates, many of whom have started or scaled successful businesses in our communities. •Received an overall attendee satisfaction rating of 9.82/10. •Panel conversations on Friday and Saturday featured a diverse group of local entrepreneurs and community leaders. These panelists included Magda King, General Manager of the Antlers at Vail; Allana Smith, Owner of FOODsmith; Kim Fuller & Bobby L’Heureux, Owners and Co-founders of Jaunt Media Collective (Covered Bridge Magazine, Yoga + Life Magazines and Spoke + Blossom); and Ana Paez, Owner of El Bajón Churros. •CU Boulder Leeds School of Business presented Northwest SBDC regional director and program coordinator with awards recognizing them as Entrepreneurial Community Heroes. Program Impact, Testimonials & Observations 4 The workshop was full of positivity and entrepreneurial spirit as the group took their business concepts to the next level. These business concepts included a sustainable clothing brand, regionalized children’s book series, home decluttering service, immigration law and advocacy, adventure packrafts and an algae-based sustainable plastic. Attendee Testimonials “The CU Boulder workshop series has helped me re-focus on those actions that will have the greatest impact on my business. As an entrepreneur, sometimes I tend to focus on the details, but at the end we have to make sure that all the pieces are working together to create value for our customers.” “I found the workshop very helpful to give me the inspiration I needed to continue moving forward. This course helped me see that there are many other entrepreneurs facing the same issues and needing the same type of guidance.” “I found it helpful to be taught the different metrics to measure how well the business is actually performing so that I can make decisions with a more educated point of view. There were many things throughout each topic that expanded my awareness on how to be more efficient and streamline within the business.” COVID-19 Impacts 5 ●Describe the changes made to the event due to the COVID-19 pandemic. ○We created a Health & Safety Form that all attendees, staff, vendors and panelists were required to complete and submit prior to the start of the event. We welcomed masks at the event and had additional masks available. We provided hand sanitizer throughout the Grand View Room. We minimized the number of buffet-style items on Friday evening. Breakfast & lunches were individually packaged on Saturday. Doors & windows were kept open, when the weather permitted. ●What learnings from COVID-19 do you foresee rolling forward into future events. ○People place a higher value on safe, in-person gatherings. It is up to event producers to continue to create safe and positive experiences that build and reinforce consumer confidence to attend live events. ●What were the biggest challenges cause by the COVID-19 pandemic? ○Creating consumer confidence to attend an in-person/live event during a pandemic. COVID-19 had a significant impact on attendance by comparison to other years. We believe that the decreased attendance number is due in part to precautions of gathering in-person, and due to workforce shortages that made it difficult for people to step away from their jobs. Estimated Attendance Results 6 •Attendance: •(15) workshop attendees, (5) panelists from the local business community and (2) professors from CU Boulder •Number/percentage of people who came specifically for event/program: •100% of attendees •Number/percentage of people who attended the event last year: •(1) graduate from 2017 Demystifying Entrepreneurship workshop and (2) panelists from 2018 Startup to Scaleup workshop. •COVID-19 had a significant impact on attendance by comparison to other years. We believe that the decreased attendance number is due in part to precautions of gathering in-person, and due to workforce shortages that made it difficult for people to step away from their jobs. Estimated Attendee Profile Results 7 •Where did attendees come from? (local, regional, out of state, international): Estimated Spending Results 8 •Estimated average spending per person: •Dining: We catered the Friday evening reception, breakfast and lunch on Saturday. •Shopping: ~$10 per person •Lodging: Attendees ~(3) rooms for (1) night each=3 room nights •Lodging: CU Professors (2) rooms for (2) nights each=4 room nights •Other Activities: Unknown •Total average spending per person: Venue + F&B Costs ($4995.20) / Attendees, Panelists, Professors & Staff (24 people) = $208.13 per person •Town of Vail spending the event/program generated: 80% of attendees live between Vail and Eagle and came specifically for the workshop. NPS (Net Promoter Score) 9 SBDC Survey Questions and Attendee Responses: How likely are you to return to another training event? 10 How would you rate the skills, knowledge and quality of your instructor? 10 Overall satisfaction with the workshop: 9.8 The NPS Calculation Calculate your NPS using the answer to a key question, using a 0-10 scale: How likely is it that you would recommend [brand] to a friend or colleague? Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth. Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings. Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth. Event Strengths & Weaknesses 10 ●How did the event/program exceed expectations (attendee responses)? ○“The instructors were incredible.” ○“Very useful and enjoyable workshop. I thought it was perfect!” ○“It really was a well run event. Thank you. Not sure how {to improve} at this point!” ○“Very enjoyable overall. Great amount of time spent.” ○“Love the interaction with fellow entrepreneurs.” ●What are areas for event/program improvement (attendee responses): ○“More time for networking.” ○“Focus on just a couple of topics and go into more detail.” ○“Add 20 more minutes for pitching and marketing.” ○“Suggestions for hiring and retention.” ●How did this year’s event/program compare to last year? ○In 2020 we hosted a virtual version of Demystifying Entrepreneurship. It was a special experience to be able to host the finale workshop in-person in Vail. Vail Brand Compatibility The Premier International Mountain Resort Community 11 •How did the event /program support the Vail Brand? This workshop brought two award-winning professors from the top-ranked business school in Colorado (CU Boulder Leeds School of Business) to Vail. This course also actively engaged aspiring and current entrepreneurs, as well as local community leaders that are committed to growing and supporting the entrepreneurial spirit of the Vail Valley. The quality of the professors, complemented by the prestigious location of the event (Grand View Room) and combined with successful community engagement reinforces and supports the Town of Vail’s brand. Brand Positioning: •Town of Vail: The Premier International Mountain Resort Community •Vail Mountain: Like nothing on earth Community Contribution 12 •How did the event/program impact Vail’s sense of community? ○This workshop series has engaged and collaborated with over 100 entrepreneurs and local community members. Graduates of this program help elevate the community's overall economic vitality. The continued support from local partners, such as the Antlers at Vail and Town of Vail, demonstrate to the entrepreneurial community that there are people, businesses and resources that are committed to helping their small business. succeed. Topline Marketing Efforts 13 •What are the top 3 successful marketing tactics, executions or results from your event/program? 1.Direct email communication to cohort members from previous years and digital newsletters to our database were the most effective marketing tactics for us to reach and engage potential workshop attendees. 2.Startup Colorado is an active supporter and promoter of our events and helped extend our marketing reach to a wider audience. 3.Our integrated marketing strategy combined print, radio and digital. Being able to incorporate multiple mediums and partners (calendar listings, partner newsletters) helped us to promote the event, as well as promote the services of Northwest SBDC to the local small business community. Potential for Growth & Sponsorships/Media Exposure 14 •How do you see the event/program evolving next year? ○This was the fifth and final Vail workshop in our multi-year partnership with CU Boulder. We are looking at ways to evolve and grow this from a workshop-style event to a larger event featuring multiple sessions, venues and speakers over the course of two to three days. •What sponsors do you plan to target next year? (Including existing and potential sponsors) ○At this time we do not have a plan to host an event in Vail in 2022, but we are considering creating a new event in 2023. •How will you leverage media exposure and extend the marketing reach next year? ○We will consider new local and regional media exposure opportunities for our new event. Sustainability Efforts 15 •What measures were taken at your event/program to support the environmentally-friendly goals of the Town of Vail? ○We utilized the trash, recycling and composting containers available at the Grand View Room. ○We offered cups that were recyclable (plastic) or compostable (paper). ○As attendees were disposing of waste, we sorted the items into trash, recycling and composting bins. ○We did not offer plastic bottles of water at the event. ○We had a water station set up in the room for attendees to refill their own water bottles or reusable cups. ○All single-use cutlery provided by the caterer was compostable, no single-serve condiment packages were used. ○The event caterer did not over-prepare any food in order to minimize the amount of food waste from the event. The Town of Vail is committed to the stewardship and protection of our unique mountain environment. In consideration of both our local and global impacts and opportunities, our environmental vision is to demonstrate and promote: renewable energy, resource efficiency, ecosystem protection, and community awareness and education. Event Budget Snapshot 16 *See attached for detailed budget Item $ Total Event/Program Budget*:$8,065 CSE Funds:$6,500 Cash Sponsorship (not CSE):$0 In-kind Sponsorship:$1,500 Marketing Budget:$1,300 Profit & Loss:$-262 (based on actuals) How did you use the CSE funds? (marketing, operations, staff, venue, etc.) Venue, F&B, Marketing and Permits Additional Information/Appendix 17 1.Vail Daily Ads & Town Talk Additional Information/Appendix 18 2. Shore Up Your Small Business Post Event Press Release 3. Digital Graphics for Facebook & Instagram SHORE UP VAIL VALLEY 2021 - BUDGET REVENUES Item/Description Projected Actual Workshop Registrations $1,668.00 $406.00 TOV CSE Funding $6,500.00 $6,500.00 TOTALS $8,168.00 $6,906.00 EXPENSES Item/Description Projected Actual Venue $2,365.00 $2,365.00 Rentals (Linens, Tables, etc.)$250.00 $0.00 F&B $2,950.00 $2,630.20 Marketing & Advertising $1,300.00 $1,278.00 Event Supplies & Printing $250.00 $271.37 Permits $150.00 $150.00 Misc. $800.00 $473.44 TOTALS $8,065.00 $7,168.01 PROJECTED ACTUAL TOTAL REVENUE $8,168.00 $6,906.00 TOTAL EXPENSES $8,065.00 $7,168.01 DIFFERENCE $103.00 -$262.01 SHORE UP VAIL VALLEY 2021 - MARKETING & ADVERTISING MEDIUM CONTENT RUN DATE(S)/PUBLISHED COST(S) WEBSITE & DIRECT EMAIL NWSBDC Website $0 Email to past Vail Valley Workshop participants $0 PARTNER & COMMUNITY CALENDARS AND SOCIAL MEDIA Vail Daily, Vail Valley Partnership, Startup Colorado Event Description, Early Bird & Scholarships $0 Eagle County Happy Classifieds, Eagle County Currents Posted to ECG Newsletter ECG posted to Facebook & Instagram (10/5/21)$0 PRESS RELEASE Vail Daily Press Release (pre-event issued and post-event issued)$0 PRINT ADS Vail Daily 1/4 page print ad EARLY BIRD PROMO Thursday, Sept. 16: 1/4 page Friday, Sept. 17: 1/4 page Monday, Sep. 20: 1/4 page Thursday, Sept. 23: 1/4 page Friday, Sept. 24: 1/4 page SCHOLARSHIP PROMO Wednesday, Sept. 29: 1/4 page Friday, October 1: 1/4 page Monday, Oct. 4: 1/4 page Wednesday, Oct. 6: 1/4 page ad Thursday, Oct. 7: 1/4 page-COMP TONIGHT PROMO Friday, Oct. 8: 1/4 page-COMP $1,157.67 RADIO KZYR Interview Live Interview with Erick Mueller from CU Boulder October 7 $100 NWSBDC SOCIAL Facebook Event Event Copy & Link Ongoing $0 Facebook Posts & Boosts Promote Early Bird Promote Scholarships Week of Hype Video from CU team September 9-October 8 $20 Instagram Posts Promote Early Bird Promote Scholarships Week of Hype Video from CU team September 9-October 8 $0 TOTAL COSTS $1,278