Tag: Business Planning
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The Real Key To Sustainable Success
Every culture, every society, and every generation has had its myths. Legends and tales passed down that shape our beliefs and our actions. In the digital age, with access to information at our fingertips, it’s surprising how some of these myths still hold strong. One domain where these myths seem particularly persistent is in the…
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The Vetting Process: Dynamic Planning For Startup Success
When it comes to planning for startup success, traditional methods often fall short. Unlike established businesses that can rely on historical data and baselines to measure progress, startups typically lack this luxury. They lack the industry background knowledge, experience, and business history to utilize traditional planning tools effectively, such as the Business Model Canvas (BMC)…
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Debunking The Written Plan Myth
In every corner of our society, myths persist. They are tales we’ve heard so often that we accept them without question. The world of business and entrepreneurship is no exception to this norm. One of the most pervasive myths in the entrepreneurial landscape is the emphasis on writing a business plan as the essential first…
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Maximizing Business Sale Value: The Role Of SDE In Valuation
Understanding the valuation of a small business is critical, particularly when the intention is to sell it. Being able to justify the business valuation becomes key, and that’s where Seller’s Discretionary Earnings (SDE) comes in. There is a considerable amount of data available from resources like Pratt Stats and Biz Comps, which can provide real-world…
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The Silent Killer of Startups: Stressing the Importance of Planning Over a Written Plan
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…
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Starting Simple: The Concept of MVP For Successful Startups
Launching a startup is an exciting endeavor, but diving in headfirst without validating your idea can be a costly mistake. The power of the Minimum Viable Product (MVP) and a well-crafted landing page lies in their ability to test your business concept without breaking the bank. By focusing on the end result and working backward,…
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Driving Success: The Power of Periodic Update Planning for Established Businesses
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…
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Mastering The Art Of Business Inflection Points: A Roadmap To Adaptation, Innovation And Growth In A Dynamic Market
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…
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Navigating Business Lifecycle Differences: From Startups To Established Companies
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…
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Reshaping Employee Expectations: Adapting To A Changing Workforce
The world of work is evolving at an unprecedented pace, driven by technological advancements, globalization, and the abundance of information available to employees. This rapid transformation is leading to a significant shift in employee expectations and demands, particularly among millennials, who are seeking new ways of working and greater accountability from their managers. Studies have…
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Staying Competitive In Our Rapidly Evolving Business Economy: Lessons Learned
The retail industry has been evolving and shifting since the early 1800s when “mom and pop” stores were the norm. The emergence of department and catalog stores in the mid-1800s transformed the industry, because these stores not only sold items but also provided entertainment events, demonstrations, and lectures that attracted newly wealthy customers. The advent…
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5 Essential Vetting Considerations Before Writing A Winning Business Plan
When starting a business, one of the most important steps is to write a business plan. However, many entrepreneurs make the mistake of diving straight into writing the plan without taking the time to properly vet their business model concept first. It is crucial to do the necessary research and critical thinking before putting pen…
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Vetting Your Business Model Concept Is Crucial For Entrepreneurial Success
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…
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Business Groove: How To Dance Your Way To Success In Entrepreneurship
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…
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The Power Of A Silver Bullet: Crafting A Compelling Elevator Pitch
Imagine stepping into an elevator with a potential investor who has the power to fund your business idea. You have just a few moments to capture their attention and convince them that your idea is worth investing in. This is where the elevator pitch comes in – a concise and compelling summary of your business…
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Reducing Financing Costs: 6 Strategies For Businesses To Boost Profits
In today’s competitive business landscape, strategic planning is crucial for companies to stay ahead. One key aspect of strategic planning that often goes overlooked is managing inventory and receivable financing costs. These costs can have a significant impact on a company’s bottom line, and understanding how to effectively reduce them can lead to improved financial…
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Vetting Research: The Key To Building A Strong Business Model
Starting a new business can be an uphill battle. According to statistics, about 20% of startups won’t survive past their first year. One common mistake entrepreneurs make is to create and love a solution to a problem they have experienced without determining whether anyone else wants the product or service. After filing a non-provisional patent…
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A Comprehensive Look Into Crowdfunding For Business Startups
Starting a business can be an exciting and daunting task, especially when it comes to funding. Lately, I have been asked about an increasingly popular way for entrepreneurs to raise funds for their business startups. With the rise of online crowdfunding platforms, it has become easier than ever to connect with potential investors and secure…
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How To Measure Real Sales Success During Inflationary Periods
In recent years, many businesses have been reporting an increase in sales revenues. However, the truth of the matter is that this increase may not be as significant as it appears. The reason behind this perceived growth is often due to inflation and the rise in prices, not actual sales. Inflation can cause the value…
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Reducing The Risk Of New Product Failures: Vetting Your Idea Using Concept Testing
In today’s world, many new products and services fail when they follow the traditional method of development and introduction. This involves creating a business plan, pitching the plan to investors, launching the business, and starting to sell. According to Harvard Business School, about 95% of the approximately 30,000 new products launched each year fail following…
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Strategies For Self-Publishing Success: Hard Work And Dedication
Over the years, I have heard a lot of things about self-publishing. I have mentored several authors and they all say it might be a gold mine but it requires a lot of work. Here are some key factors to consider if you’re looking to achieve success in self-publishing: Self-publishing success requires hard work, dedication,…
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Creating A Budget That Works For You
A business budget is a tool that can be used to track and manage a company’s finances. It allows the company to see where its money is going and where cost cuts can be made. A budget is also a tool to help when planning for future expenses. Every good budget should include six components:…
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Four Surprising Thoughts About Startups
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,…
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Four Common Budgeting Mistakes (And How To Avoid Them)
Most people think budgeting is about money. Budgeting is actually about SMART goals (Specific, Measurable, Attainable, Relevant, Time-Bound). Money is simply the tool a budget uses to achieve those goals. First the SMART goals need to be identified before the money can be defined to accomplish them. Here are four budgeting mistakes you may be…
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Your Time-Focus Should Change While Starting A Business
Before I get into today’s thought, I would like to share some facts. Small businesses make up 99.9% of all US businesses and create 1.5 million jobs annually. There were 32.5 million small U.S. businesses in 2021, according to the SBA. Of those, 22 million were individually operated, meaning they have no other employees other…
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Business Scaling Strategy During Recession
Every startup wants to scale, and a lot of them start scaling, but then they realize that as their top line is growing, their bottom line is shrinking. At the same time, in today’s inflationary environment, many businesses are seeing increased costs and are forced to turn to cost-cutting strategies like bulk-buying and automation while…
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First, Define A Target Market
When I ask small business owners and aspiring entrepreneurs, “Who is your target market?”, many answer with one word…“everyone”. While many may think everyone could benefit from their product/service offering, they soon begin to realize that everyone is not their customer. Initially, it is critical that entrepreneurs identify a big market that has underserved customers.This…
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How To Establish Pricing For Your Offering
I am often asked how to establish a product/service price. Here are some background thoughts: Even with these thoughts in mind, determining the price to set for a product or service can be challenging if some historical price and demand data is not available. So be sure to considered the following questions when setting a…
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Business Model Canvas
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…
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Product Concept Landing Page Testing
There are many ways to test customer acceptance of a digital or physical product offering concept or service. Some marketers use focus groups while others use mailing lists and surveys. The internet has provided yet another platform for evaluating new product acceptance that involves landing pages. A product landing page is a web page designed…
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Revenue First Sales Startup Strategy
One of the best ways to achieve entrepreneurial success is to anticipate and correct problems associated with achieving sales traction by looking at your sales process before starting your business. Regardless of who will be selling your product offering or how it’s going to be sold, be sure to spend time developing a coherent sales…
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The Funding Paradox
You need to show you can make money to raise money, but you need to raise money to develop and sell the product/service offering to make the money to show the investors. This is not the first time this paradox has suddenly dropped into an entrepreneur’s lap. In fact, it’s a cycle that I have…
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Business Sale Pre-Planning Steps
A recent M&A Source study found that about 80 % of businesses on the market will never sell. This should be a huge wakeup call for all business owners. This means you have less than a 20% chance of success if you go to sell your company. One of the reasons for this is that…
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Assessing A Company’s Health Using Financial Analysis
By themselves, financial statements tell you quite a bit…like, how much profit the company made, where it spent its money, how large its debts are. But how do you interpret all the numbers these statements provide? Is the level of debt healthy or not? If you’re looking to assess the health of your company &…
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Thoughts About The Cash Flow Statement
Differentiating between one-time and ongoing expenses is key. One-time costs include obtaining assets like equipment or machinery, but may also involve licenses or permits for certain businesses. These costs usually occur during the startup phase or when a business expands. Expenses that must be paid monthly or periodically (like quarterly) represent ongoing costs. Variable costs, however, will…
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Thoughts About The Income Statement
Of the three main financial statements, the income statement generally has the greatest bearing on a manager’s job. That’s because most managers are responsible in some way for one or more of its elements: Generating revenue. In one sense, nearly everyone in a company helps generate revenue…the people who design and produce the goods or…
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Thoughts About The Balance Sheet
It is important to understand how to use balance sheet ratios in managing your own business area. Let’s start by looking at a couple of ways in which balance sheet figures indicate how efficiently a company is operating. Working capital. Subtracting current liabilities from current assets gives you the company’s net working capital, or the…
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Evolving Markets Implies Changing Strategy & Tactics
Business conditions keep changing: successful new products attract competitors; more legacy brands are moving to D2C; businesses within every industry are adjusting to a transformed customer base; consumers are rejecting “stuff” in favor of experiences. We’re already in the middle of the most disruptive decade yet. Business owners have to be ready for whatever comes…
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Vetting A Business Model Concept Using Industry Fit
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 six industry components that affect your business model concept. Industry SWOT analysis helps you anticipate and adjust…
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Vetting A Business Model Concept Using Pricing
In several recent thought posts on vetting a business model concept, I focused on defining the market size and positioning as key elements of a business model concept vetting feasibility analysis. Another key step in the vetting process is to critically think about how you can create/deliver the offered product/service to the identified customer target…
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Vetting A Business Model Concept Using Market Positioning
In the recent post of this series on vetting your business model concept, I focused on defining the market size as one element in a business model concept vetting feasibility analysis. When discussing market strategy of a business model, it’s inevitable that positioning will be brought up. A company’s positioning strategy is affected by a…
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Business Startup Myths
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…
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Vetting A Business Model Concept Using Market Size
Many first time entrepreneurs make the mistake of going directly from idea to business plan and implementation. Without first “vetting” the business idea, entrepreneurs increase the chance of losing time and money. The vetting process may include validating the product/service value proposition by customer testing using the least costly modeling method (minimal viable product) to…
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Startup Brand PR Strategies
Are you starting a new business or looking to grow an existing company? If so, then it’s helpful to learn how to work with traditional media and online press outlets in order to maximize the power of coverage. And while there are standard PR strategy basics that are handy to know, one of the best…
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Facing An Inflation Price Increase Decision?
In the past, I have talked about adopting a pricing strategy that aligns your business value proposition (VP) with your cost of goods sold (COGS). In other words, set pricing by ignoring your competition and focus on customer value. By focusing on the value to the customer (removing their pain point), you immediately take the…
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Do You Have a Natural Disaster Plan?
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…
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Thinking About Franchising Your Business?
Expanding your business can help you have a higher profit. Franchising and licensing are two ways to reach a broader audience to build your revenue. Franchising and licensing are two different ways to share your brand information in exchange for a fee. The distinctions between franchising and licensing center around control and operation: Franchise agreement:…
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Human Resource Inflection Point Testing
In past blogs, I have discussed how businesses should always begin with an idea that is tested to see who will buy, for how much, and whether the exercise can be repeated. Small businesses must retain this way of marketing, constantly testing new offerings to new segments while the company continues to market the things…
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Financial Questions For A Startup
One of the questions I get asked when mentoring startup entrepreneurs is “How much money do I need to start my business?” A Shopify survey of 300 small business owners and 150 aspirational entrepreneurs in the U.S. found that they spent, on average, $40,000 in the first year of business. While some businesses still require…
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How To Choose A Company Name
While mentoring a startup founder last month, I was asked to comment about using their personal name as the company name. I did not share what I thought about it, but instead offered thoughts on how to critically think about using their name. First, I asked if their name was well known in the industry…
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Validate Your Concept Without Spending A Fortune
Many studies show that businesses fail because they do not take the time to validate “vet” their business idea by building a minimum viable product and gathering feedback from potential customers. To expand on this thought, business failures happen not because the founder didn’t have money in the bank to invest or because they didn’t…
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Why Do Many Startups Fail?
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…
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Penetrate Target Markets Military Style
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…
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Unique Selling Proposition & Business Core Values
While mentoring startups through the early business concept development stage, I have found that many entrepreneurs have a hard time articulating their business target market concept in terms of a unique selling proposition (USP). A USP is a statement of what makes your business standout from the competition. It might speak to a key UNIQUE…
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2022 SWOT Analysis – Marketing
Consumer expectations are perpetually shifting, and while there’s been some pretty dramatic evolution since the pandemic arrived, fundamentally, this is nothing new. When it comes to shopping, especially online, today’s consumers have one powerful tool at their disposal: choice. It’s driving their decisions about everything from where they shop to who they buy from to…
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You Don’t Have To Pivot In A Crisis
When COVID burst upon the scene in early 2020, startup ventures faced dramatic shifts in markets and the importance of agility became axiomatic: If you wanted your venture to survive, let alone thrive, pundits (including ourselves) almost universally advocated deep internal cuts accompanied by pivots to new markets and business models. Many business owners, however,…
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Should You Sell Through A Distributor
There are many reasons why a company might use a distributor as a channel to market. For instance, some companies need to increase market share and simply lack the sales competencies to capitalize on opportunities. Sometimes companies have a solid product offering, but lack the ability to get that product to market. Yet, sometimes companies…
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Lessons From A Business Exit Sale
Selling your company is a second, full-time job. Here’s how to do it right. If you lead a startup, there may come a day when it’s time to consider an exit…in my case, I knew and my investors knew that I would have some kind of equity event during year 5 of my startup. Therefore,…
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What Is Your Business Exit Strategy?
Whether retirement is 30 years away, just over the horizon or not in your game plan at all, a succession plan is vital to ensuring the continued success of your business. A good succession plan can help with the following: Transfer ownership when the time comes Maintain your lifestyle in retirement Provide for your heirs…
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How To Integrate Sales & Marketing Strategies
Your Sales and Marketing strategy is your plan for reaching, engaging, and converting target prospects into profitable customers. It’s the charter that guides Marketing and Sales in their daily activities, helping them clarify shared objectives and how to achieve them. Without a strategy, all your Marketing and Sales activities and tactics might be for nothing.…
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Keep Personal & Business Finances Separate
It can be difficult to keep your personal and business finances separate when you own a small business. It is especially challenging to keep your accounts divided if your business is structured as a sole proprietorship. Since sole proprietorship is considered a nonentity, there is no legal separation between you and the business. When you…
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A Simple Business Plan Format
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…
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What Is A Pivot?
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…
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Product Development Roadmap
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…
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Common Product Development Mistakes
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.…
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Pandemic Inflection Point Testing
Businesses begin with an idea that is tested to see who will buy, for how much, and whether the exercise can be repeated. Small businesses must retain this way of marketing, constantly testing new offerings to new segments while the company continues to market the things that make them revenue today. As the business collects new…
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What To Expect If You Sell Your Business
You may have heard of the process called, “due diligence.” But unless you’ve been through the process, you might be unclear about what it really means. At a basic level, it’s a process of de-risking the acquisition on the part of the buyer. Their goal is to check out and validate that what you say…
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Lifecycle S-Curve Of Your Business
Here is an uncomfortable truth: in time, everything in your life, as you know it, will perish. This is true of your relationships, your jobs, and, perhaps especially so, your business. In mathematics, it’s referred to as the S-curve. Essentially, the S-curve describes the predictable pattern of anything that develops over time: You’re born, you…
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Strategic HR Planning
Strategic HR planning links HR management directly to the strategic plan of your business. Even a small organization with a staff of 4 staff can develop a strategic plan to guide decisions about the future. Based on the strategic plan, your organization can develop a strategic HR plan that will allow you to make HR…
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Why Businesses Fail
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…
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Effective Elevator Pitch Basics
How to Effectively Describe Your Product in One Sentence Start crafting an elevator pitch by asking yourself a set of critical questions. Whether you’re an artist, service provider, or entrepreneur, you likely want to get your product/service in front of as many people as possible. You know that you need to market the product/service to…
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Business Growth Strategies
Most small companies have plans to grow their business and increase sales and profits. However, there are certain methods companies should use for implementing a growth strategy. The method a company uses to expand its business is largely contingent upon its financial situation, the competition and even government regulation. Some common growth strategies in business…
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Business Startup Steps
There are no limits on who can become a great entrepreneur…I am a good example. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see…
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Business Valuation Methods
Whether you’re thinking of selling your business or you’re looking for new investors, there may come a time where you need to evaluate the economic value of your business. Determining the value of a business isn’t simple. It requires accounting for a number of factors within your business finances. Because this process is so complex,…
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Ransomware Attack Disaster Planning
When developing a business strategic plan in today’s new digital normal, make sure your SWOT outside environment threat analysis addresses the threats of ransomware attacks. Be sure to ask the following questions: It’s tempting to think the average cyber extortionist has bigger fish to fry than your small business. Small businesses may receive less attention…
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Key To Fund Raising
When starting the process of raising funds for your startup, make sure to start on the right foot. Over my 40 year business career, I have raised millions of dollars to fund my startups. I learned that the three most important words you need to remember when going out to raise funding for your startup…
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SMART Goal Setting
Many managers and leaders set out to improve without clearly defining how or what they hope to achieve. SMART goals, attributed to Peter Drucker’s management by objectives concept, are a time-tested way to measure a business objective. Before you start, you must decide what you want to accomplish and think about how you can apply…
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Don’t Overcomplicate Your Strategy
OK, I admit it. My first business plan was drawn on a napkin. Here’s how it looked: $ + $$$ = $$$$$$$$. Translation: Make a little money, put it back into the business, make more money and get rich. However, upon looking back, I wish I would have taken more time like I did with…
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Business Values
In past workshops and blogs, I have discussed a real-time strategic business planning process. It starts with a business concept vision that is overlaid upon SWOT analysis and typical business areas like values, goals and constraints to arrive at a unified plan. Today, I would like to expand on that tough-to-define word … values. Instead…
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SWOT Analysis: Industry Profile
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…
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What Is A Business Concept Model
A business model is a conceptual structure that supports the viability of the business & explains who the business serves to, what it offers, how it offers it, and how it achieves its goals…Peter Drucker said that the business model is supposed to answer: The business model acts as the blueprint of the business and…
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Expansion Thoughts
The following issues should be considered prior to making any decisions about opening a second location: Determine if your business can be duplicated (for example, run without you). If your presence is critical to your business’ success, it cannot be expected to operate well without you. One way to test this is to ask yourself,…
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Success Isn’t Binary
A lot of people I have talked with assume that success is binary, which means everything that isn’t success must be failure. But the opposite of success isn’t failure. Or, it doesn’t have to be. And, that’s a distinction that can make all the difference. Unfortunately, it’s one that many people never learn to make.…
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Startup Business Concept Refinement
Refine your business concept by researching available information to see what works…try to duplicate those things that don’t affect your unique concept. Validate your product/service value proposition by customer testing using the least costly modeling method (minimal viable product) to find product-market fit & gather feedback from potential customers. SIMPLIFY your “vetting” research into: Step…
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Financial Savvy Test
Quiz & Answers: True or False: The more a company sells, the more it earns…False. Many companies aren’t even aware that on some or even most of their products or services they are selling at a loss. I can even remember one CPA firm I coached that was shocked when I showed them that they…
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Planning After COVID
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…
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Brand Loyalty And COVID
COVID-19 has already tested our patience, our focus, and our compassion. Now it could be testing our allegiance as well. Two recent studies show that U.S. consumers are shifting their loyalty to certain brands as the pandemic continues. And that has marketing departments scrambling to adjust how they connect with their audience. A July report…
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SWOT Analysis: Marketing Opportunities And Threats
The National Retail Federation found that 83% of shoppers say that convenience is a bigger priority now than it was five years ago, with online shoppers feeling even more strongly. They have a price they are willing to pay for features they deem to be most convenient, whether that be speedy delivery, a short time…
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Business Startup Checklist
For more thoughts about starting a business, view the free video entitled Roadmap For Starting Your Business. Copyright ©John Trenary 2019