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Sometimes when you look at all of the messages which bombard us on a daily basis, it is hard to separate the “gems” from the clutter. The messages all begin to blend together like a higher form of white noise and nothing is distinguishable. Every now and then a “gem” of an item makes . . . → Read More: Be Wary of “Open Forums”  The better business is as much about the business itself as it is the product, service, or technology provided. Without a sound business model, the ability to produce, sell, and deliver the product to the customer—consistently and with quality—competing against other product offerings and other businesses is an uphill battle at best. The successful . . . → Read More: Building a Better Business Where do you start to improve business performance or change how you do business? The first step is to understand the full scope of what is taking place in your business. For many businesses things just “happen”; agreements are entered into, documents are signed, and intellectual property is developed in the “vacuum” of “the . . . → Read More: Business Analysis – Identifying the Issues and Opportunities Under the current economic conditions, saying that funding is tight for early stage companies is the epitome of understatement. Yes funding is tight, but it is available for sound ideas with well-thought out businesses and experienced business people developing them. In fact in the February 2009 issue of Condé Nast Portfolio magazine, Kevin Maney . . . → Read More: Business Plans Are Not Academic Exercises Under the current economic conditions, saying that funding is tight for early stage companies is the epitome of understatement. Yes funding is tight, but it is available for sound ideas with well-thought out businesses and experienced business people developing them. In fact in the February 2009 issue of Condé Nast Portfolio magazine, Kevin Maney . . . → Read More: Business Plans Are Not Academic Exercises Often, it seems that anyone and everyone doing business plans are filling in blanks or using templates. For many organizations, the creation of a business plan is an exercise that gets put in the drawer or on a shelf to be forgotten until it’s time for the next exercise. A successful business plan must . . . → Read More: Business Plans: Not Fill-in-the-Blank or Academic Exercises There seems to be a buzz about government creating more programs to teach businesses, especially small businesses, how to do business. How to compete. How to cut costs. How to (fill in the blank). More and more programs are being discussed, and I suppose funding is being “appropriated” for those programs as some line . . . → Read More: Can the Government Teach Small Businesses to Do Business? Do you know what constitutes a securities transaction? Do you understand the implications of engaging in securities transactions without proper legal authority or understanding the do’s and don’ts of the pitch? When does a conversation with someone interested in investing in your business become a securities offering? Can you say “I guarantee that by . . . → Read More: Caution: Securities Transaction Ahead Are you ready to raise funds? Need investors to take your business to the next level? Before you raise the first dollar of other people’s money, it is important to understand certain key elements of the process and tools used. It is also important to understand that the process of raising funds has certain . . . → Read More: Coming to Terms: Getting Your Good Idea Funded Commercialization always involves two components – the technology or product AND the business model. The road to commercialization, however, differs for each business due to many factors: Type or nature of the product/technology/service (the “product”) Experience of founders and leadership team Market demographics Competition Alternatives Business skills, experience, and abilities Funding Proof of concept . . . → Read More: Commercialization – Two Components to Success To begin a discussion of commercialization, we must begin with a few definitions. First, for convenience, the term “product” will be all inclusive of the following: technology, software, protein, textile, device, system, component, etc. Second, “commercialization” is having an end-user/purchaser/customer who has chosen your product as the answer to their problem or to fill . . . → Read More: Commercialization : Viability, Visibility, Capability, and Credibility Commercialization always involves two components – the technology or product AND the business model. The road to commercialization, however, differs for each business due to many factors: Type or nature of the product/technology/service (the “product”) Experience of founders and leadership team Market demographics Competition Alternatives Business skills, experience, and abilities Funding Proof of concept . . . → Read More: Commercialization Newsletter Issue 1 Any business that seeks to find technological and market success must be able to demonstrate capability, credibility, and capitalization. This trifecta of business success forms the platform for moving the organization forward. Proof of Concept – Capability Demonstrated Capability addresses both proof of concept for technology and the business model. It means the organization . . . → Read More: Commercialization: Capability, Credibility, Capitalization To begin a discussion of commercialization, we must begin with a few definitions. First, for convenience, the term “product” will be all inclusive of the following: technology, software, protein, textile, device, system, component, etc. Second, “commercialization” is having an end-user/purchaser/customer who has chosen your product as the answer to their problem or to fill . . . → Read More: Commercialization: Viability, Visibility, Capability, Credibility Commercialization always involves two components – the technology or product AND the business model. The road to commercialization, however, differs for each business due to many factors: Type or nature of the product/technology/service (the “product”) Experience of founders and leadership team Market demographics Competition Alternatives Business skills, experience, and abilities Funding Proof of concept . . . → Read More: Commercializing Your Business: A Primer Part of being a consultant is providing advice on the next steps to maintain momentum for making things happen. Often, clients are so focused on the product or technology side of the business (often the “fun side”) of what they are doing that they forget or neglect the business side of making things happen. . . . → Read More: Communication: Making Things Happen as a Business There are many regulations we may not agree with or like. That doesn’t negate the fact, however, that as individuals and as businesses complying with such regulations is a responsibility and obligation. Perhaps you’ve heard that paying taxes is optional. It’s true – but only if you look good in orange or stripes, because . . . → Read More: Complying with Securities Regulations – Federal and State When a business has two or more owners taking an active role in running the business (acting as employees), it is necessary to distinguish between decisions made as owners and those made when in the employee role. Significant conflicts can arise and contribute to the inability of the organization to act. The best strategy . . . → Read More: Distinguish between Your Role as an Owner and an Employee You may be the owner of a business, but do you OWN the business? Are you taking on the roles and responsibilities of making things happen? Are you stepping up to understand what’s happening, what’s supposed to happen, and most—if not all—the requirements of running, growing, and being in business? Let’s Talk OWNership For . . . → Read More: Do You Own Your Business? A new business is often like a car getting on an interstate highway. How? Well a car enters the interstate at one of many pre-designated points – interchanges. Each interchange has entrances and exits where the driver must decide which direction to go. There are four choices – two that head you immediately in . . . → Read More: Driving the Business Today the pace of competition and the facets of competition have never been greater. With the complexity of new markets, more entrants as both customers and competitors, and the need for existing market players to adapt, how businesses have viewed their internal operations and external environment requires reassessment on a continuous basis. Furthermore, the . . . → Read More: Emerging Competition, And the World Goes ’Round As a small business owner, it is critical to your business to understand what differentiates an employee from an independent contractor, as well as what positions in your business are eligible for overtime compensation. The failure to properly identify workers and remit taxes and compensation, as required under the tax and wage and hour . . . → Read More: Employee Misclassification: Small Businesses At Risk Unfortunately not all customers are created equal. The larger customer who makes a significant purchase may require extended purchasing terms. Even on those extended terms large customers may pay late because they know they can. Because you are essentially lending money to your customer, this increases the cost to your business. The same can . . . → Read More: Establish Credit Criteria for Customers Unfortunately not all customers are created equal. The larger customer who makes a significant purchase may require extended purchasing terms. Even on those extended terms large customers may pay late because they know they can. Because you are essentially lending money to your customer, this increases the cost to your business. The same can . . . → Read More: Establish Credit Criteria for Customers Every venture begins with an idea and the resources of the founder(s). Then come other sources, including MCDV (the credit card companies) and our friends, family, and acquaintances. Once we’ve tapped into all those we know well and not so well, we begin to expand into the network of those people known by those . . . → Read More: Finding Resources – Investors, Funding, and the Story to get Them Every venture begins with an idea and the resources of the founder(s). Then come other sources, including MCDV (the credit card companies) and our friends, family, and acquaintances. Once we’ve tapped into all those we know well and not so well, we begin to expand into the network of those people known by those . . . → Read More: Finding Resources – Investors, Funding, and the Story to get Them There are four elements present in every business which becomes and remains successful: who is being served, what is provided, how the goods are delivered, and the plan for doing business. The foundation for a successful business begins with defining your vision and clarifying your purpose: What business are you in? What do you . . . → Read More: Four Elements of Establishing a Successful Business Your business is growing. The tasks which need to be done are outpacing the number of people you have to do them. You need more people in your organization. The question you may ask yourself is this: Do I really need more people, do I need different people with different skill sets, or both? . . . → Read More: Hiring Skills Not Bodies – Constraining Organization Success Too often the fear of making a mistake keeps people from trying things or making decisions. They sit back and watch the world go by or wait to see what happens. They are observers to life. They are potential held back by “What if I make a mistake?” Great Success Comes From Mistakes No . . . → Read More: Make a Mistake; You Might Learn Something The decision-making process is not static. It is a dynamic process that requires action, evaluation and ultimately follow up. Many of us fail to fully execute and achieve the results we want, because we stop before we have completed the decision-making process. With this in mind, it’s important to take the decision making process . . . → Read More: Making Decisions that Stand APART Every day presents opportunities to learn how to get through the good and the bad. We all have to choose how we are going to deal with what is presented. I’d like to say that everything is all in how we look at it, but sometimes bad things happen. Sometimes things happen that aren’t . . . → Read More: Making It Through the Obstacles In part one on making financial projections, we looked at the impact of timing and inventory purchases and the sale of those items on cash. This time we look at some of the other operational aspects that require cash, fluctuate with the level of activity, and are commitments to spending that the company must . . . → Read More: Step 10: Financial Projections – (Part 2) Over the past months, the focus of these articles has been on preparing to open a business. Now the focus shifts to what it takes to setup a business and execute your plan. Business setup depends upon what legal structure you have selected. The options are: Sole proprietor Partnership Limited liability partnership Limited liability . . . → Read More: Step 12: Beyond Planning – Setup Are you thinking about [or curious about] starting your own business? Taking the first step is often the hardest, and is arguably the largest step anyone takes in the business world. You, as founder, are ultimately responsible for every aspect – strategic, operational, transactional, and financial. There is nowhere to hide as a solo . . . → Read More: Step 1: The First Step Is the Biggest Last month’s column asked questions to help get you started in the process of defining the why and what of your business idea… The groundwork for starting the business is laid by determining what you want what the business will “be” what talents, skills, and experiences you are bringing to the business what resources . . . → Read More: Step 2: Gathering Your Thoughts and Resources In previous articles, you’ve been asked to put down on paper your thoughts, ideas, and vision for your business and to gather information related to those ideas. Now it is time to begin the process of determining if you are on track to a successful business. The first question to ask – Is your . . . → Read More: Step 3: Validating Your Business Concept Three months ago, you were asked to think about the kind of business you wanted. In subsequent articles, you’ve been asked to gather information and understand some of what it takes to get a business started. Now it is time to take that step further and begin to plan the actual business. Each year . . . → Read More: Step 4: Planning Your Business Last month’s article, “Planning Your Business,” was an introduction to basic elements to consider when starting your own business. This article delves into differences between “planning your business” and a “business plan.” Business plans presents every aspect of a business – what it is and does; how it markets, sells and delivers products or . . . → Read More: Step 5: The Business Plan – More than Planning the Business Building on last month’s discussion of business plans, we now focus on an understanding of the key elements and the process. The business plan process involves capturing “every” aspect of business operations and the financial implications. If you are new to business and planning processes (and especially if you work with experienced business experts . . . → Read More: Step 6: The Business Plan – Adding Dimension Previous articles focused on considering a business of your own, defining the elements, planning for the business, and then developing the business plan. Last month’s article ended by asking you to capture some of the questions and answers that you would ask of someone else if they came to you as a supplier, business . . . → Read More: Step 7: Business Plan “Audience” In previous articles you have been asked to consider certain aspects of HOW you plan to operate your business, WHERE you want to set up, and WHEN you want to do WHAT. Now it is time to begin adding some dimension to the generalities of your operating assumptions. Have you defined some of the . . . → Read More: Step 8: Operational Aspects – The Business Plan Previous articles have focused on giving the business structure and dimension. Those same articles have foreshadowed the requirements for financial projections. The operational answers and plans that have been a result of previous discussion and exercises are the basis for capturing the financial implications of your activities – both as expense and cash demands . . . → Read More: Step 9: Financial Projections (Part 1) With the growing number of layoffs, “reorganizations”, and the trend toward off-shoring of jobs, there is not such thing as certainty in the corporate or “9 to 5 (midnight!)” business world. As more and more individuals are faced with making choices for themselves and their families, business ownership is becoming a popular alternative to . . . → Read More: Your Next Career – Entrepreneur |
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