Since 2011, the Business Growth Mentor and Analysis Program has been helping small businesses and entrepreneurs succeed while providing educational opportunities for students. The innovative curriculum gives business students practical experience in accounting, finance, management and marketing, and pairs them with seasoned business professionals who work as mentors. Together, they work with clients in need of business analysis.
A mentor’s perspective
Andy LaFrazia knows what it takes to guide business students to success. As president of ControlTek, an electronic design and manufacturing company, LaFrazia oversees 135 employees and serves more than 90 companies nationwide.
Once an engineering officer in the Air Force, LaFrazia prides himself on his longstanding commitment to civic duty. Now, as head of a successful company, he was looking for a way to give back to the local economy when he heard about Business Growth MAP.
LaFrazia volunteers as a mentor because he wants to have a lasting impact on growing companies in the Vancouver/Portland metro area.
“The program is quite a challenge for the students, but it really puts them in a good position to go out into the workforce when they graduate,” he said.
Preparing students for the workforce is just one benefit of becoming a mentor. Participants also build relationships with small businesses in the area. “It’s great going out and meeting small companies,” said LaFrazia. “We’re helping them learn about their businesses and who they are as people.”
When hiring employees for his own company, LaFrazia looks for three important qualities: initiative, drive and the willingness to learn. He hopes to inspire students to adopt these traits. “We really push continuous improvement,” he said. “I think the WSU students are put in a position to do just that.”
The program succeeds because it stays current with the ever-evolving business world, he said: “Seeing the students understand the concepts and be able to apply them to real-world problems is really beneficial.”
Continuing to give back
Having volunteered as a mentor for four years now, LaFrazia has observed a lot of changes. “I’ve seen the curriculum evolve over time, which is good,” he said. “There’s great focus on meeting your customer needs and understanding stakeholder analysis.”
LaFrazia recommends mentoring to other experienced business professionals interested in giving back. “It’s really rewarding,” he said. “You get your business itch scratched analyzing other businesses and coming up with ideas to help them. At the same time, you’re working with students who are bringing good knowledge to the table. It’s a lot of fun.”
A client’s perspective
Scott Flury realizes the importance of community. As owner of Latte Da Coffee House and Wine Bar, Flury prides himself on being the go-to gathering place for people in the community. His slogan: It’s where Vancouver meets.
Serving coffee, beer and wine, Latte Da has become the premiere café for local meet-ups, live music, seasonal parties and fundraisers. And Flury doesn’t just sell goods. He connects people by offering the community a place to gather and a sense of togetherness.
As locals flocked to the coffee shop, Flury knew he had filled a need. However, he had hit a dead end when it came to growth. Recognizing he had taken the business as far as his own knowledge would allow, he attended a Chamber of Commerce meeting. There, he learned of WSU Vancouver’s Business Growth MAP.
Flury thought the pro-bono student-conducted consultancy service would help him gain insight into his business. “It’s really easy to get consumed in the trenches of your business,” Flury admitted. “Having somebody from the outside look in at stuff you see every day is a valuable resource.”
Flury was assigned a team of undergraduate business students charged with analyzing his opportunities for growth. The students knew Flury wanted to increase his profits while also making a difference in the community. “The group that was assigned to our shop was fantastic,” Flury recalled. “They seemed to have it all together.”
The group went to work evaluating Flury’s business model. They discovered two ways Flury could increase profits while catering to his existing customers.
Brewed for success
“The two biggest things the students recommended,” Flury recounted, “was upselling to the customers and adding flip folders on the tables.”
As Flury had a steady stream of customers, the team zeroed in on a way to increase profits through existing patrons. They recommended upselling baked goods and drink sizes at the counter to add $20,000 in revenue annually. With community involvement in mind, the team also suggested flip folders on every table promoting upcoming events and daily specials to engage customers.
Flury implemented both recommendations. “There have been definite improvements,” he said.
As Business Growth MAP aims to serve the community by helping local businesses thrive, Flury insists it’s a valuable resource every business should use: “If you’re willing to sit down and do the work within the program, the return on that’s going to be tenfold.” ■