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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Know Your Market
Bill Warner Wednesday, January 16, 2008
Whether you are starting a new company, launching a new business initiative or spinning out a company, the first and most important thing you must do is know your business. I think there are two constituencies that you have to convince, other than yourself. First, you have to know your business concisely enough so that you can quickly explain it to your grandmother; so that she understands it. The second is you have to comprehensively explain it to sophisticated investors so that they are convinced it’s an attractive investment. If you can do this successfully, you understand the business.
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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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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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Family Business Successes
Bill Warner Thursday, January 03, 2008
We have worked with some exciting family owned businesses over the last year. All are doing well and each has a lesson or two to teach others. I can safely name some names without getting into too much trouble. They all have a unique story and are proud of what they have done.
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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.
