Goal setting and aligning and tracking those goals through actions and results are critical to greater business execution and, as a result, greater success. Most organizations see a dramatic increase in employee and business performance when they effectively set goals and closely tie them to the company's overall strategy.
As a small business owner, you might be a born entrepreneur, but you’re less likely to be a born accountant. So it’s possible that you’ll find bookkeeping a tedious distraction, especially when your focus lies with building your brand and growing your business. Even with this limitation, current small business accounting software can make it easy to manage all of your financial activity.
There are many hands in the pot during the investment process. Even when you hire a finder, broker or advisor who uses their relationships to bring investors to the table, it is hard to get a sense of who is working for who. These advisors you hire in the investment process - such as brokers - have an interest in the process and may not have your best interest at heart. Having an independent advisor can keep everyone in the process honest.
The way you present and the way you or your team interact with investors tells a lot about how the company is run. Is it thoughtful, well planned and collaborate or quick, disjointed and dominated by one person. You get the picture.
The type of investment you take in your business will have implications for many years. Investments are generally broken into three types: equity (in which you receive capital in exchange for ownership of your company), debt (in which you receive capital that you have an obligation to repay but do not give up any ownership in your company) and convertible debt (which is the same as debt but is converted into equity based on some triggering event).
When it comes to selling to businesses, one of the issues that creates cash flow issues is the need to wait until contracts are signed to receive payment. For decent sized companies, even when a company has communicated that they have decided to use your company, it can take another 60 to 90 days to get a contact signed - and even more time to receive payment.
Understanding the different types of investors is an important part of the investment process. The basic concept is that the type of investor that you seek should be the right one for your stage of business (pre-revenue, revenue, growth stage) and for the amount of money you are seeking. We outline the major types of investors and the general rules for what stage they are best for and how much they look to invest. While these are not hard and fast rules, they should help in your investment process.
Employees, investors, vendors, consultants, and Board members all want something different, something specific to them. To unify these often-competing needs and perspectives, emphasize that decisions will be made in the best interest of the business.
You're the CEO, so you think you know more about the business than anyone and for the things you don't know - you'll figure it out along the way. After all, you've got a business to run, so you have to move quickly and aggressively. Not quite actually. it is a blessing to acknowledge when you come across something you don’t know, not a curse.
Identifying your target market and your ideal customer is essential to creating a sales and marketing approach that gives you the best chance of success. If you don’t know who that target market is, and what your ideal customer wants and needs, it is hard to develop both the products and services that meets those needs as well as the sales and marketing approaches that are likely to succeed. You have to know what your customers want, need, love and hate, trust and distrust and why. If you want your messaging to be effective and your brand to be enticing, you need to know your customers.
Entrepreneurs with a flawed perspective let the pressure, passion, pleasure and pain overcome their judgment, and the judgment of others, to ignore the facts in front of them. There is nothing wrong with being excited, but don’t let your need or desire (or panic) about the necessity of capital cloud the details of the meeting, terms, or relationship that is actually occurring.
Entrepreneurs dream of having their company appear on the front page of a major publication or doing an interview on a major network. Public relations can certainly create breakthrough moments, but in most cases it is simply an important part of an overall marketing strategy.
Successfully marketing and selling to businesses requires a specialised set of skills and strategies. Because small and medium sized business owners and managers are generally incredibly busy and cost-conscious, a poorly tailored marketing message or ill informed sales pitch will quickly put them off
You can select a CRM system that is accessible via the Internet and many have free or low cost options. While not all CRM solutions are created equally, here are some of the most common features.
When you focus on overall risk and big picture concerns, it can be debilitating. If you focus on your present to-do list, you offer yourself the remarkably satisfying and motivating experience of completing the tasks before you. When so much is out of your control, the chance to finish something each day is priceless. And if you continue to prioritize each day’s list, your sense of accomplishment will grow exponentially. After all, each day’s work is a piece of the puzzle that will eventually become your “big picture.” But if you worry about the big picture first, you’ll never assemble its parts and reach your ultimate goal.
How do you validate your idea to determine whether it can be a business success and help you achieve your personal and professional goals as an entrepreneur? There is no magic formula, but there are certainly ways that you can have a better sense of whether your idea has legs.
Keeping your business organized and structured is key to managing your most valuable asset - time. Selecting a few basic software packages that can do this work for you can save you tons of time and effort. This software is easily available via the internet and often has free or very low cost options for small businesses.
It’s not easy to compile an accurate profile which combines reality with your sales and marketing goals. Failing to bring conversations with your customers into the equation is a fundamental mistake. Here are a few more mistakes to avoid in creating your persona.
Attracting the type of talent that understands the entrepreneurial venture and can bring expertise to that journey is essential to success. Doing so requires a great deal of your talent and creative thinking. Try some of these techniques to see if you can help others see why working for your company will be the best move of their life.
As entrepreneurs, we almost always have to be the chief salesperson until you are able to hire sales team members. So what makes successful salespeople? What so few of us are willing to accept is this fundamental truth: Great salespeople, like great athletes, simply do the basics very well. Some of us would like to believe that there’s a shortcut around the basics; that there’s a secret formula out there for just sitting back and letting the money roll in. The sooner you get rid of that illusion, the sooner you can get on with reaching the heights you want to reach through effective use of the basics.
How you bring the value of your product or service to your target audience is a function of how well you market it. In this age of clutter, you must be able to cut through that clutter using the variety of strategies and tactics at your disposal.
When you get started, you will start to enter into contracts with customers. When you do so, it is important to have a standard form contract that puts you in a position to protect your company.
The financial performance of a business is reflected in a series of what they call "financial statements." While every entrepreneur does not need to be a financial expert, we all need to have at least a basic understanding of these statements and how they show us the financial performance of your business.
Knowing your current and potential customers is a foundational piece of information for you to create your unique offering. In the process, not only do you see where you stack up, you learn how competition acts, whether it be how they approach a market or communicate a message. A competitive analysis is a key step to understanding how you can win in an increasingly competitive world.
Entrepreneurs are not always aware of the various financing structures that may be available to them when raising new capital to finance their growth.And, even if they are, they are not always sure what fair terms look like when receiving term sheets from investors.
