Friday, I met with a PR expert. He suggested that I focus on helping companies grow, rather than just doing business plans. I've been thinking about that ever since. It makes sense, but it doesn't seem very unique. On the other hand, a business plan is only a tool that enables growth. It's a roadmap, a vehicle for fundraising, and a means of managing growth. The planning process helps managers focus on deciding what they want to achieve and the best way to do it. I realized that I already do help companies grow. That is the benefit I offer. And why not focus on the benefit?
I've decided I like the idea and will begin my own process of seeing how I can achieve what I want. I'm going to explore this new positioning.
Monday, March 26, 2007
Wednesday, February 21, 2007
Small Business Web Sites
50% of small businesses still don't have Web sites. I find this incredible. With all the ways to create a Web site cheaply, there's no excuse not to have a site. A Web site gives a business a place to establish itself as a brand. It lets you get the word out to the potential customers who might be looking for you and your services or products.
www.1and1.com and Yahoo! both offer really easy and inexpensive means to set up sites.
www.1and1.com and Yahoo! both offer really easy and inexpensive means to set up sites.
Wednesday, January 10, 2007
Do Start-Ups Need Plans?
On Tuesday, Jan. 9, 2007, the Wall Street Journal's "Enterprise" column asked, "Do Start-Ups Really Need Formal Business Plans?"
Some academics say - no - unless you are seeking venture or angel capital. Big plans of 50 pages aren't worth the time. It's better to execute. That said, a good summary and PowerPoint, plus detailed financial projections are all start-ups really need to raise money.
I would agree. I haven't written a full 30-page plan in years. But I do write excutive summaries for clients, and they have raised capital with the summaries and financial projections.
Just doing the summary makes you, the business owner, think through the elevator pitch and the business model. It makes you go out and get relevant data about the market. And doing financial projections lets you know how much money you need to raise in order to achieve success. It also tells you how fast you'll burn cash and when you'll break even. These are crucial pieces of information.
The planning process also helps some entrepreneurs realize that they really don't need outside funding. Or if they do, they could take on some debt, rather than giving away equity and ownership to investors. Several entrepreneurs I've worked with have discovered that organic growth -- plowing profits back into the business -- is the best way to grow.
Bottom line for me -- do plan -- do an excutive summary and financial projections. And get together an excellenet management team.
You can read the WSJ article at: http://www.startupjournal.com/
Some academics say - no - unless you are seeking venture or angel capital. Big plans of 50 pages aren't worth the time. It's better to execute. That said, a good summary and PowerPoint, plus detailed financial projections are all start-ups really need to raise money.
I would agree. I haven't written a full 30-page plan in years. But I do write excutive summaries for clients, and they have raised capital with the summaries and financial projections.
Just doing the summary makes you, the business owner, think through the elevator pitch and the business model. It makes you go out and get relevant data about the market. And doing financial projections lets you know how much money you need to raise in order to achieve success. It also tells you how fast you'll burn cash and when you'll break even. These are crucial pieces of information.
The planning process also helps some entrepreneurs realize that they really don't need outside funding. Or if they do, they could take on some debt, rather than giving away equity and ownership to investors. Several entrepreneurs I've worked with have discovered that organic growth -- plowing profits back into the business -- is the best way to grow.
Bottom line for me -- do plan -- do an excutive summary and financial projections. And get together an excellenet management team.
You can read the WSJ article at: http://www.startupjournal.com/
Subscribe to:
Posts (Atom)