Know Your Buyer
Bill Warner Monday, February 04, 2008
Before you ever approach an angel investor, you absolutely need to understand your business and have done the research and analysis necessary to write a business plan. One of the first questions you will get from any investor is, “who will buy your product or service?” You need to have a crystal clear answer to that question or the investor will conclude that you do not understand your business.
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The Ten Keys to a Successful Business Plan
Bill Warner Thursday, January 17, 2008
If you were to ask twenty experienced business people what it takes to have a successful business plan, chances are you will get many of these answers and more. Here is my view of what a successful business plan is made of.
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Who Are Your Buyers, and Who Feeds Them
Bill Warner Tuesday, January 15, 2008
Once you have the overall industry landscape figured out, the next step is to go deeper and describe who the buyers, suppliers and distributors are, and what drives them. This is the food chain that some researchers refer to. Start with the buyer; your customer. Within a company, who is the buyer? Is it a CIO? Is it a VP of service? Is it the purchasing manager? Is it the buyer for a retail store? Is it the VP of development? Whoever it is, describe the buyer’s recognition of the problem you solve, the criteria that will be used to determine the purchase, the likely availability of resources to support the purchase, and the decision process that you will be confronted with.
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Understanding Cash Flow Dynamics
Bill Warner Friday, January 11, 2008
Whether you are starting a business or expanding a current one, understanding the early cash flow dynamics is essential to both determining how much you need to finance the business and your overall success in achieving positive cash flow in the first several months of your business.
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Financing Alternatives
Bill Warner Wednesday, January 09, 2008
We are often asked about how a company can get its initial financing. There is usually considerable misunderstanding about the various alternatives and their implications. This article positions the various alternatives that a company should consider before embarking on a financing strategy.
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Financing a Simple Business
Bill Warner Thursday, January 03, 2008
There are many ways to skin the cat when it comes to financing a business. You need to really look at the fundemental financial dynamics and understand what the appropriate sources of financing should be for your company’s specific situation.
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Effective Business Plan Presentations
Bill Warner Thursday, January 03, 2008
Whether or not you are approaching venture investors or simply trying to convince someone of the attractiveness of your company, you need to have a well thought out presentation that tells the story about your business in a compelling and exciting way. Nobody is going to invest in or join your company if you cannot effectively explain why they should be spending their time and money to participate in it.
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Know How to Find Customers
Bill Warner Wednesday, January 02, 2008
Entrepreneurs often come up short when explaining how they are going to achieve potential customer awareness of their new product or service. Generalities about widespread advertising, appropriate trade shows and email campaigns will not impress potential investors and will leave the impression that you really don’t know how to find customers. When explaining this aspect of your business, you need to bring your marketing programs to life with specific targets and expected results that are focused on the sweet spot of your target market.
