Posts Tagged ‘Small and Medium Business (SMB)’

Strike while the SMB (Small and Medium Business) sales iron is hot.

Tuesday, November 3rd, 2009

When your Small and Medium Business (SMB) client needs you the most, you have one of the best sales opportunities falling right into your lap.  Everyone will get that call at least once from every customer.  The customer calls in a hurry.  They’re in a terrible mess and they want you to be the knight in shining armor.  Your horse better be fed, watered, and rested – and your armor better look spotless.  This is your chance to shine.

Don’t sell to the customer’s emotion.  Nobody likes to be taken advantage of.  Put yourself in their shoes.  If this is an emergency – personal or business – help them get over a couple hurdles that day.  During every break in the action, ask them about their business.  It shows you care and it helps you understand the inner workings of Company XYZ that you wouldn’t otherwise be able to see.  If you successfully help them get over at least one hurdle that day, you’ve gained trust.  If not, you’ve at least got their attention as a vendor or person committed to their wellbeing in life and business.  The next part is harder to do, yet it’s the most critical point in the opportunity.  Listen.

Listen for what the client wants and sell toward that need.  As the crisis unfolds, pick up on what drives the individual with the purse strings.  Do they need to eliminate bother?  Do they need to eliminate clutter?  Are they looking to get a better picture of what’s happening in their operation?  Think strategically.  Find the closest solution you have in your arsenal and sell to that need.  Sell it hard.  They want it.  You have it and you can deliver it!

Finally, make it happen immediately.  Don’t wait for the next day.  Put the order in now.  Send someone to their location immediately.  Bill it.  Schedule the delivery.  Just don’t wait.  Do it today!  Even if they’re a close and loyal customer, they may change their mind by tomorrow.  Worse yet, and I speak from personal experience, a competitor stumbles by unaware of the problem and lands your sale –  and not because they earned it.  Therefore, act immediately.  Put your solution in place while the client is motivated to fix the issue and show them that their purchase decision is already a success by giving them over-the-top customer service.  The rest will follow.

If you’re having trouble identifying these opportunities, it may be a good time to talk with a Kenesco business advisor.  http://kenesco.com We’re happy to help.

In brief:

  • An SMB client crisis is one of the best sales opportunities you have.
  • Don’t take advantage of your customer by selling to emotions.  You’ll eventually lose that relationship.
  • Help them over a hurdle – business or personal.
  • Listen.  Find out what drives the decision maker and what the client really wants.
  • Make it happen immediately.  Today.  This minute.
  • Having trouble getting started?  Contact Kenesco for help today http://kenesco.com.

David Knea

CEO, Kenesco

http://kenesco.com

+1-877-218-1879

Going after all business is like the kid that ate all the candy on Halloween

Monday, November 2nd, 2009

Just like when we were kids, some candies are keepers and others are duds (not the milk kind).  Every kid picks the best stuff out of the pile and concentrates there.  Why can’t we carry that message just as obviously and easily into our Small and Medium Businesses (SMB) as grownups?  We need to learn to separate the candy!

Start by evaluating your current client list.  Separate the clients that drive 80% of your revenue from the rest.  These are the potential “keepers”.  Put the next 5-10% revenue earners on a different list.  These are the “groomers”.  Discard the last 10-15% earners.  These are the “losers”.  Don’t even pick up the phone when those guys call.

Next, understand your lists better.  Make every effort to keep that 80% band happy unless a particular client becomes a nightmare or diverges too far from your business model.  If you’ve got one of these, you’ll need to raise the rates for this client, attempt to change the behavior, fire the client, or put up with the situation (highly unadvisable).  With any option you choose, be prepared to loose this business.  This is where the “groomers” list comes in.

In tandem with your top-tier efforts you should be preparing or grooming that second-tier client list to eventually move them into the keeper category.  This may take some coaxing, yet stick with it.  Ask them what they need and how best to fulfill it.  If a second-tier client doesn’t appear that it will be a long-term fit, move on to the next candidate on that list.  Before long, you will understand your second-tier all well as your top-tier.  Then when you have to fire a top-tier candidate, you can fall back to the second tier for future support.

As you trim your lists down, you are building and maintaining quality relationships.  Further, you are cultivating up-and-coming relationships to become top revenue producers.  A good discipline here allows you to keep your business model in tact.  In addition, it eliminates bad business relationships that hang on to the bottom of your revenue list while draining most of your company resources.

Having trouble getting started?  Contact a Kenesco business consultant today http://kenesco.com.

In brief:

  • Identify and service your top-tier clients in the manner they expect.
  • Identify and cultivate a list of middle-tier clients that will become top producers as you strengthen your relationship with them.
  • Learn how to fire bad clients and immediately ditch under-performers.
  • Finally, do not go after business simply because it’s there.  Like the kid that ate all the Halloween candy, you’ll get sick and so will your business.
  • Contact Kenesco for help http://kenesco.com.

David Knea

CEO, Kenesco

http://kenesco.com

+1-877-218-1879

Who’s Your Daddy? When You’re an SMB Owner It’s You!

Tuesday, October 27th, 2009

Before venture capital (VC), before outside investors, before buy-in from key employees, it’s you – the Small and Medium Business (SMB) owner.  It’s your skin in the game.  Even after you bring on investors, this is still your baby and you need to take care of it likes it’s your most precious cargo.

With growth comes delegation and rightly so.  However you need to make sure you sell every day.  If you don’t, you’ll die.  I live by this maxim, “We eat what we kill”.  I don’t want to be the guy eating dirt soup in the corner of the cave wondering if I’ll live to see tomorrow.  You shouldn’t be this person either.  Delegate your sales, yet remember this is your business.  Make sure it sells.

Similarly, growth requires us to bring on other experts and advisors.  That list will be short to begin with and will expand and reformulate as we grow.  While it is critical to make the right employee decisions, Just Make A Decision!  If you don’t start building the team or remove team members that are no longer a right fit, you have a stagnation problem.  At best you move nowhere.  At worst you experience theft, loss of clients, and loss of reputation.  And no matter how hard you try, you will hire the wrong people.  Everyone does.  Take heart.  We learn from our mistakes.  So, make some.  Remember, this is your business.  Grow it.

As your business grows, get the information you need at all times because your life will depend on it.  With growth comes isolation, hurt feelings, changes in responsibility, and redefined expectations.  No matter the causes, the result is filtered information to you.  Hire an accountant to take care of your accounting, yet stay involved in the financial health decisions of the business.  Your accountant may perceive your intentions for the business differently than you.  Moreover, you may not have effectively communicated them.  In either case, allowing your accountant to cut corners, save money, make purchasing decisions, or soften financial news is a recipe for disaster.  Eventually you will get your information.  However, it will be too late.  Follow this same example through with each key area of your business.  Constantly communicate the plan.  Constantly ask questions.  Dive into the information periodically to confirm what everyone is telling you.  Know your business.

Now that you are building your team and you’re getting your information, be ready to stick to your guns.  That is, make decisions for you.  You may have the accountant’s opinion.  Your salesperson is telling you one strategy and your staff is telling another.  Step back and put this in perspective.  This input is critical and should be used to confirm or refute your position.  Yet, it’s your skin in the game and nothing else matters but that.  Step out of the emotion.  Then dig out that one piece of paper you should have taped to your office wall long ago – your business plan.  What does it say?  Are you on track?  Which decision is best for you?  Your plan is a mirror.  Look into it.  See what’s changed and move according to plan.  If you’re drastically off course, change the plan. (This time keep it in front of you so it doesn’t happen again.)  If you need a hand in reworking your plan, contact us at Kenesco today! (http://kenesco.com).  We’d love to hear your story.  We know we can help you out.

In Summary:

  • Before outside investors there’s you.  It’s your skin in the game.  This is your SMB.  Your baby.  Don’t forget this.  The others don’t matter.
  • Sell every day.  If you don’t, you’ll die.  We eat what we kill.  Don’t be the guy eating dirt soup in the corner of the cave.  You won’t live to see tomorrow.
  • Make A Decision!  We learn from our mistakes.  Hire (or contract) employees and let yourself learn from your mistakes.  This speeds up the growth process.
  • Get the information you need all the time by tirelessly communicating what you want and tirelessly asking questions.  Dig into the data once and a while.  Confirm your gut feelings.
  • In the end, it’s your decision to make.  Take the emotion out of the equation and rely on your business plan as a mirror.  When on course, stay there.  When off course, refine or reinvent.  If you’re stuck, call us at Kenesco (http://kenesco.com).  We’re happy to help.

David Knea

CEO, Kenesco Computing LLC

http://kenesco.com

+1-877-218-1879

What’s Wrong with My Local Chamber of Commerce?

Monday, October 26th, 2009

Maybe nothing, probably everything.

Are you an SMB (Small and Medium Business) that has joined or is in the process of joining a chamber?  Stop right there.  First determine your purpose for joining.  A social group, a peer group, a networking group (think sales referrals)?  If you’re in the social/sales-referral category, read no further.  This article is not for you.  True leaders of SMBs need substantive peer groups, not social clubs or sales lists.

Consistent attendees of local chamber events come mainly from onesie-twosie operations, and independents (think CPAs, handymen, computer fix-it guys, insurance salespeople, investment planners, and the occasional banker).  Every one of those people will be looking for one thing alone.  To sell you their product.  Period.  Therefore if you want a true networking or peer group to grow your business, you are best served elsewhere.  Try entrepreneurial associations or other business groups that spring from business schools.  Try hand-picking a group of fellow business owners from your current network to start meeting with.  Whatever you do, do not use groups like BNI, LeTip, and other similar lead-generation groups.  These are squarely back in that independent, sales-lead arena.  Your focus needs to stay on filling out your business, not simply getting a couple more sales leads.  Hire a sales guy for that.

From time to time you may need lobby efforts or at least access to them.  Staying informed of legislation impacting your industry and your ability to have a voice in it are critical.  And while local chambers can certainly get the ear of the local politician and even some local media coverage, their effectiveness in bringing true lobby efforts to the small business owner may be marginal.  Again, look within your peer group to find out who knows who.  This is always your best starting point.

Finally, don’t overlook the need to build an effective advisory team.  We hope you have this in place.  Although if you’re just building the team now, that task will often lead to access of other business owners in need of just such a peer group.  Some of your advisors may be involved with an existing peer group into which you could fit.  If you’re finding difficulty in this step, contact us at Kenesco (http://kenesco.com).  Our experience helps businesses attempting to fill some of these gaps.

In summary:

  • Local chamber membership – don’t do it if it doesn’t fit.  If you truly need to participate there, buy only a “friend-of” subscription or advertise with them on an as-needed basis.
  • Find a better networking alternative through business schools or hand pick a small group of same-minded, growth, individuals.  Stay away from sales-lead groups.
  • If you haven’t already built your advisory board, start there.  The process may yield you a catch of business owners that are looking for the same peer group experience.  Having trouble putting your advisory team together? Contact Kenesco today (http://kenesco.com).  We’re happy to help.

David Knea

CEO, Kenesco Computing LLC

http://kenesco.com

+1 (877) 218-1879

Corner Office People for Rent – The Need for the Chief Executive Lone Gun

Thursday, October 22nd, 2009

Why do big guys get to have all the fun?  Their executive teams appear to have structure, process, and direction to guide the President’s vision ever forward – growing, growing, growing.  Yet, all entrepreneurs have a vision and share the same pain (and pleasure) of those in the $10 million plus club.  Just move the decimal place over.

For the Small Business, a Chief Executive can be just the right cure for the common ills that plague everyday business life.  An updated business plan, an approach for a bank loan, a cash-flow strategy, streamlined processes, or a sales-mix analysis to name just a few.  The realized cost-savings and strategic revenue techniques will more than pay for putting one of these aces on your team.  We should know.  We provide these experts to the Small and Medium Business (SMB) community without the full-time price tag you would otherwise pay.

Consider a small packaged cost or reasonable monthly rate and get a CFO, COO, or any other C-level resource for your company.  Begin filling in those “Management Team” blanks on your business plan with real names by contacting Kenesco today.  (http://kenesco.com).  Your investors (and banks) will love you for it!

David Knea

CEO, Kenesco Computing LLC

http://kenesco.com

+1-877-218-1879

E-mail Marketing – Better than a Sandwich-Board Ad

Wednesday, October 21st, 2009

Ever walk down a neighborhood street and become surprised to see a sandwich-board sign suddenly standing in your way?  It announces the newest coffee-and-donut deal or today’s lunch special.  If the person placing the sign was a bit more creative, they may have a couple cute words, a maxim, or some humorous pun tied into the store’s name.  But, back to the question.  Did one of these ever surprise you?  Why?  For me, it’s enlightenment of a new store previously hidden from my view.  “I’ve walked this same route to my office for the past 5 years and never knew there was a salon tucked away in that building!”  Well David, it’s been there all along with or without your knowledge.  And frankly, that’s where the attraction ends for me.  A momentary diversion of my attention.  No more.

The Internet is no different.  People, like me and my sidewalk example, are moving toward a specific goal.  They’re checking a news item or searching for home improvement ideas on their lunch break – whizzing past thousands of e-commerce stores and Websites.  And just like the hidden salon on the sidewalk, these products are completely out of sight.  While these potential shoppers wade through endless search lists and query results to get that breaking news story or a kitchen appliance comparison chart, don’t mistake their sole purpose; to find what they started out for – NOT your Website or product.  It’s foolish to think that just because someone became distracted by your ad that they will end up buying a product from you.  To a small business owner’s dismay, the thousands of dollars spent for SEO or SEM (Search Engine Optimization or Search Engine Marketing) become useless Voodoo.  Getting to the top of a search list, while creating visibility to the entire universe, doesn’t guarantee a landed sale or even acknowledge that the customer was correctly matched with the given results.  It’s equivalent to saying, “I’ll build the tallest hotel building in the city.  Because everyone will see it first on the skyline, my hotel will be more successful.”  Don’t count on it.  It’s a far too passive approach to stake your entire business on.  That said, the hotelier was partially correct.  People can’t buy something if they don’t know it exists.  However by actively guiding a pre-selected audience to your specific product creates an exact match, lands the sale, and doesn’t force you to endlessly chase search-engine placement.

First to be seen is NOT a differentiator.  It just means you spent more money than the next guy.  Think of this as picking a parking option outside a ball field with dozens of homeowners hawking their garage space and lawns.  Each one waving pennants, flags, and weary goofy hats to get your attention.  (I live by Wrigley – we get some doozies!)  Yet, one clown with a “$20 easy-out” sign is indistinguishable from the next.  It doesn’t matter if one of these guys runs into the street to be seen first.  You still have to wade through a thousand clowns and guess which one will satisfy your exact preferences.  Unfortunately this requires you to drive around until you suspect a winner.  Now put the seller’s hat on for a moment.  If you knew this specifically matched driver was coming down 14th Street and you’re parking space is five blocks away, do you buy a bigger clown nose than everyone else and begin running laps between those two locations to get his attention.  What if you could know exactly when Jim Specific is going to drive down 14th, say 1:45 PM and you show up at exactly 1:40 PM with the right message and no clown costume.  Then off to another exact moment with Sally Particular driving across Oak Street and so on.  Remember, you’re not selling to everyone.  You can’t and not everyone wants or needs you to.  Just Jim.  Just Sally.  Why? Because they were already committed to your category of product before they showed up – even if they didn’t know you had their specific match.  So cancel the juggling classes at clown school and skip the distracting top-of-the-list techniques.  Focus on establishing a relationship with a customer already committed to buying within your product category.  Better yet, one that knows you.  Best yet, one you can pre-select and confirm.

A true sales relationship is no different on the Internet than within brick-and-mortar.  Further, the Internet will probably not replace your physical store presence even if it is an effective and complimentary sales channel.  Obvious? Maybe.  Although business owners, technology companies, and SEO/SEM consultants seems lost on the concept.  The proper conclusion is that you don’t need to spend thousands of dollars getting to the top of someone’s list or wait passively for a speculative sale.  Instead use an easier, affordable, right-sized solution by sending a legitimate e-mail campaign out to your existing customers.  “But Dave – nobody reads e-mail!  It all goes into a junk mail folder or gets picked out as spam.  By the way, isn’t mass marketing just as ineffective as SEM and illegal (or at least harassing)?”  The answers are: 1) Not true, 2) Maybe but doubtful, and 3) No, not if you do it with a legally acceptable protocol.

To start, these people are already customers so they will naturally expect some communication from you.  If you have their e-mail address, use it.  If you don’t have it, get it.  Second, unless they’ve specifically blocked your e-mail address from their inbox, your message will probably pass through their spam filter without incident.    Keep in mind that misleading teasers get caught like “See you at lunch today” or “Your bank account is frozen and requires your immediate attention”.  This selling technique is nefarious and deserves the spam prison is gets sentenced to.  Legitimate messages are never at risk.  Moreover (and point 3), you can avoid being flagged as a spammer by providing a legal opt-in/out option on each campaign message.  This is a link that allows a customer to remove themselves from future mailings – no questions asked.

E-mail marketing software provides that critical opt-in/out feature.  Further, it is template driven, highly customizable, affordable, and safe (it won’t show your distribution list to the world – creating more unintended spam).  Yet the truest reward is in the numbers.  Real, valid statistic sets.  Not coincidental happenings mistaken for statistical correlation.  For instance, if a user opens the message you get a statistic.  If the user clicks within the message, you get statistics telling you where they clicked.  In fact, you can choose how each message tells you a “numbers” story about your customers’ habits.  Combine this with demographic information (remember – you already know these guys and should have this on file) and you have a valid statistical set that can be polished into a predictive tool.  For example, “45% of recipients living in zip code ZZZ opened the message and 95% of those that did open the message made a purchase”.  Translation: The teaser line didn’t land with zip code ZZZ, yet the copy inside the message or the message’s timing was spot on for those that actually read it.  Try changing the zip code to rule out a flaw in your message or try changing your message to appeal more specifically to zip code ZZZ.  Similarly, “77% of male recipients clicked on the blue button while only 15% clicked on the red one even though both buttons were for the same product”.  Translation: Change the color of all your buttons to blue when sending your future messages to males or experiment with moving all buttons to the same visible area as the blue one.  Why?  You’ve statistically proven this works for males within your customer-base.  (Please pardon any statistical over-simplifications in these brief examples)

So where do you find an e-mail marketing tool to begin your data collecting journey?  Take a look at Express E-mail Marketing from Kenesco as one example (http://www.securepaynet.net/gdshop/blazers/cb_landing.asp?prog_id=366391).  It’s great and readily provides all the features I’ve just listed.  Although, you will still have to dig into the data to analyze it.  Yet once you start, you won’t be able to deny the effectiveness of knowing how and why your customers buy.

In brief:

  • Visibility is critical for sales.  A sandwich-board might get momentary attention while confirmed statistical information is money better spent and avoids a wasted message sent to a non-interested audience.
  • You won’t change the category of a buyers purchase.  Remember – they committed to buy long before you showed up.  Knowing this, your immediate goal should be to stand in front of only those buyers committed to buying in YOUR industry category.  Then guide them into your specific company/product/item.
  • Don’t hitchhike in the top-of-the-search-list spot and expect a passerby to pick you up and purchase your bottled water for sale.  It doesn’t matter how big your thumb (think ad-square) is.  After all, they may have been searching for beach-front property not drinking water and picked you up by mistake!  Hitchhiking (and loitering) is for amateurs.
  • Use your existing customers.  They’re motivated.  They already trust you.  Now increase your visibility toward the category of goods they already purchase and guide them into a consistent, lasting relationship.
  • Do it legit.  Use a tool like Express E-mail Marketing from Kenesco (http://kenesco.com) to avoid the Internet police and help us all curb the plague of spam.  Then craft an honest teaser that’s true to your product and statistically analyze the resulting customer patterns.

Happy E-mailing,

David Knea

CEO, Kenesco Computing LLC

http://kenesco.com

+1-877-218-1879

Business Planning is Never More Essential Than Now.

Tuesday, October 20th, 2009

Business planning is never more essential than now.  Why?  As the world changes around you, so do your customers, their needs, your industry, and your competition.  From startups to establishments, mom-and-pops to franchisees – everyone has a plan.  If you don’t know what yours is, you’re using the "Plan of No Plan". 

Can you succinctly describe your business?  Some of us learned this as an "Elevator Pitch" or a "2-Minute-Drill".  If you can’t recite from memory and without hesitation what your company does, stop reading this and begin writing it out.  If this seems too easy, you’re probably too generic.  It’s not acceptable to say, "We do landscaping" or "We have a store down the street from you that sells specialty food".  You need to pinpoint what business you’re in, how you’re different from the million other "landscapers" and "specialty food" purveyors, who will buy your product, and why.

Here’s a better attempt:

“We are a local sole-proprietor of whole-grain foods and ingredients to DINKS (Double-Income-No-Kid families) aged 35 – 60 that have a combined income above $150,000 annually.  In a market where 82% of these shoppers go to a brick and mortar store, we allow our customer to place an order by phone or Internet for same-day home and office delivery.  OUR APPEAL: We give them the food they want and save them time within their appointment-busting calendars.”

Similarly if you are looking for money from a banker:

“We are a 3-person Illinois subchapter-S corporation providing bulk landscape materials to small residential contractors and designers within a 50-mile radius of our store.  To keep up with our existing contracts for the next 12-months, we need a $54,700 loan to triple our existing storage space and delivery area.  Without the money we risk losing 30% of existing customers.  However with the expansion, we keep our existing customer-base and begin expanding into commercial development projects.”

While neither of these examples is a "finished" product, the point is to be specific and be concise.  Bring the listener immediately into your business and drive home the niche or need by supporting it with real numbers instead of guesses.  This is your dream and mission.  Don’t worry about capturing every last detail here.  You’ll put more meat on these bones within the detailed sections of your full plan.

Hopefully this whets your appetite for getting started on your business.  If not, take note that whatever got you here is rarely lasting and probably won’t carry you unscathed into the future.  You need to stay on top of your own knowledge, customer tastes, and express this in an evolving business plan.  Whether accidental-entrepreneur, franchise owner, or start-up; sales will eventually flag.  As an entrepreneur you boast, “My idea was good enough when I started, why change?”  Similarly, "I bought a franchise because it came with a plan.  I don’t need a new one.”  The reality is that once the initial demand, excitement, locational advantage, or (fill in your favorite can’t-fail answer here) ends, you grasp for sales that should have been percolating as your world changed around you.  One way to combat this psychological anchor is by pulling against it through continuous learning.  Read some business books such as Gerber’s "The E-Myth Revisited" (http://www.e-myth.com/).  Attend a class or workshop related to your industry.  And by all means, get out of your store, plant, or office building.  The owner that stays behind the counter cannot possibly stay in touch with today’s customer (another psychological anchor).  Neither will they understand or have the leverage to win tomorrow’s buyer.  Begin cultivating for tomorrow by writing your business plan now and reading it every day.  Update your numbers when you can no longer confirm them (at least once a year).  Business plans, like their owners, are living breathing beings that need to adapt to their environment.  Let them.  The result will engage you, your investors, and most importantly – your customer.

During your trek, be diligent.  Work through all parts of the plan and avoid using yesterday’s numbers and assumptions (think history book).  Instead write a true plan (think map of your future).  Yes the process will take you a couple days at the minimum and more likely a couple weeks to complete.  However, you need it!  Just get started.  If you don’t know where to begin, perfectly acceptable templates abound on the Internet.  See SCORE (http://score.org) and similar organizations for free examples and tools (you can even call us at Kenesco http://kenesco.com – that’s what we do!)  However you choose to proceed, do ALL the homework.

Burn the plan into your memory so you don’t get lost.  Take it with you at all times to all places.  Put it on your Blackberry.  Tape a 2-page summary inside your work diary or appointment book.  Keep a full copy taped to the wall in front of your desk spread out page-next-to-page so you can see the whole plan at all times.  Sound stupid?  How many people drive with a GPS on their dashboard and don’t give it a second thought?  Those things are bright.  They talk.  They show moving maps and audible alerts when you get off course.  Where do we keep them? Right in front of our faces through the entire trip.  Ask yourself, “If my appointment is worth spending $100 on a GPS so I get there on time, isn’t my business investment of thousands of dollars worth a couple pieces of paper taped up on my office wall?”

Finally as you complete your plan, build an advisory board.  Even the smallest companies need support.  If you fail here, your competition will take your idea and run with it.  To prevent this, build your support team and make it strong.  Can you name each of these people from memory and expect them to assist you in a moments notice?  1) Your Attorney, 2) Accountant, 3) Insurance Agent, 4) Banker, 5) a Mentor, 6) and 2 or 3 advisors (these are peer business owners – not necessarily from your same industry).  If your contact doesn’t recognize you because your too small, you do to little business with them, or you’ve been given only a company name without a specific representative – you don’t have a contact there at all.  Start over.  Get a new person, or company.  Or maybe the problem is you.  Get out from behind you desk and make your face visible to each of them regularly.  It’s not your contact’s fault if you call for assistance only once a year.  You’ve turned yourself into a commodity to them; indistinguishable from the next guy.  Instead, keep in monthly contact with each of these people and build their trust in your business.  Treat them as stake-holders.  And remember, if you can’t get these individuals to help your business in its darkest hour, they’re doing you no good as simple names on a piece a paper.

In summary

  • Know what business you’re in and be able to describe it consistently in a specific yet concise pitch.
  • Improve your business knowledge constantly through reading, networking, and industry associations.
  • If you have an old plan, dust it off as a starting point only.  Don’t rely on old numbers.
  • If you’re new to the planning game, use a template.  Try the Internet.
  • Skipping parts of the plan is like trying to put out a fire with a bucket full of holes.  Do ALL the homework.
  • Improve your business focus daily by skimming the business plan to see the big picture.
  • Update ALL numbers at least once a year.
  • Collect strong relationships with a key team of people to help you weather the storm (and celebrate the accomplishments).

David Knea

CEO, Kenesco Computing LLC

http://kenesco.com

+1-877-218-1879