Small Business Thoughts

To understand the essence of startups and business progression, we must distinguish between the verb “planning” and the noun “business plan.” Let’s delve into why startup vetting, which is essentially a phase of planning, is far more pivotal than the end product of this process, the “written business plan.” Planning: The Essence of Startup Success…

As a business progresses beyond its startup phase, it becomes crucial to regularly update its planning based on the knowledge gained from running the operations … building on what happened in the past. In order to know where you’re going, it’s best to start at a familiar point of reference … a benchmark … a…

In today’s rapidly evolving business landscape, identifying and navigating inflection points is crucial for the long-term success and sustainability of any organization. Andy Grove, the co-founder of Intel, aptly described an inflection point as an event that changes the way we think and act. These points signify significant shifts in customer relationships, business models, or…

In the dynamic world of business, companies go through various stages of development, each with its unique characteristics and challenges. One way to differentiate businesses is by their position on the lifecycle “S” curve. The startup stage marks the beginning of the curve, while an established firm can be found somewhere along the rest of…

Starting a business can be both exciting and daunting. Entrepreneurs often have a great business idea, but not all ideas are viable. A business model concept is the foundation on which a successful business is built. By thoroughly vetting the business model concept, entrepreneurs can identify any potential flaws or gaps in their product, target…

Lately, I have heard a lot of complaints about how hard it is to start a business. Get ready to dance to the rhythm of business success with these startup checklist thoughts and have fun while achieving your goals! Formation Steps – Build Your Business Foundation Business Concept Development Steps – Finding Your Business Groove…

Be sure to view the free micro-video “Roadmap For Starting Your Business“. If you are planning to start a business or are thinking about scaling an existing one, be sure to read the ebook “Customer Centric Business Planning: A Guide to Optimizing Your Business for Maximum Success”. It is an essential book for business owners,…

A business model framework is a way to visually describe how an organization creates, delivers and captures value. The Business Model Canvas (BMC) usually consists of nine building blocks, each represented by a rectangle. The right side of the BMC focuses on the customer (external), while, the left side of the canvas focuses on the…

Vetting a business model concept requires critical thinking about how the it fits into the industry as a whole. One way to do think about this is by using SWOT analysis to provide a systematic view of the five industry components that affect your business model concept. Industry SWOT analysis helps you anticipate and adjust…

Have you been tempted to start a business but don’t because you heard that the large majority of them fail? The biggest reality in business ownership is: about 1/2 (49%) of new businesses fail within the first 5 years. Actually, these are GREAT success results…far better than you get in Los Vegas. The four main…

Any good strategic plan should address how a disaster might affect employees, customers and the bottom line of the business. Now is not the time to lose site of how disasters like the pandemic can affect your business. An acronym to remember the scope of planning for a disaster is…AFECT…Anticipate Financial, Employee, Customer Threats caused…

For over four decades of starting and building businesses, and the last decade mentoring dozens of startup founders and CEOs, I have observed that there seems to be a set of reasons that startups struggle and fail. The US Department of Commerce has found that about 49% fail within the first 5 years. D&B found…

No matter how great your customer pain-point solution, as a business startup in an existing industry (see “Threat of Potential of Potential New Entrants” in the diagram above), the bigger challenge may be penetrating your target market. Many of you may not think of it this way, but penetrating a target market with your startup…

Almost always successfully starting a new business requires a written business plan.  In the past, I have been asked for my business plan format I used to start and manage my companies. The following format helped me focus on the implementation of action plans that supported my business concepts. To start, the business plan should…

A pivot is a structured course correction designed to test a new hypothesis about the product and business model. When we begin a new product or service, we make an assumption (or make a hypothesis) that this product and business model is something that customers will be delighted by and that the business can reach…

The product roadmap can be broken down into three distinct phases, each one containing its own set of milestones and goals. From the bare-bones proof of concept models to first off the line finished products, the prototyping process represents a progression from idea to reality.  PHASE ONE: CONCEPT  This phase represents the first iteration of…

Many first-time engineers make common mistakes when they approach the product development process. These typically include:  Not accurately estimating the cost; Not showing their prototype/s to the end user soon enough, wanting instead to hide their ideas from their customers until it’s “perfect”; Not making enough prototypes to get into the hands of multiple users.…

The famous line from the film Field of Dreams, “If you build it, they will come,” is commonly used by business professionals and entrepreneurs to imply that if you have a business idea and put forth the effort to create it, people will come to it. In a perfect world, it probably happens. But we…

Doing SWOT analysis once each year provides a systematic look at the trends in each of the five components that affect your industry. It helps you anticipate and adjust your expectations and pressure points that may affect your company, i.e. new government policies might: encourage more regulation may cause barriers to innovation; raise taxes that…

Chess and real-time strategy planning have a low in common.

Covid-19 fundamentally changed not only how we work, but how we measure business performance. Today’s cautious business owners are operating with a ‘slow and steady’ mindset rather than ‘fast and furious.’ These are some key ways to assess the health of your business today compared to how you might have prior to the pandemic. Redefine…