You need to increase profitability, get the business to run without you, start planning and be creative
Forty-one per cent of businesses in North America are owned by baby boomers between 55 and 75 years old. These people are actively thinking about retirement and how they will get their money out of the business. Research shows that, in many cases, up to 90 per cent of a business owners’ equity is tied…
Making the right connections and finding the right people will directly impact the level of success you achieve
When examining the who, what, where, when and why of any startup, it's the who that will most directly impact the level of success that is achieved. Making the right connections and finding the right people will be entirely reflected in the management team, staff, advisory board, customer list and availability of capital. While that…
With grit, there’s no telling how far you can go
Louis Pasteur, the French chemist and microbiologist renowned for his discoveries of the principles of vaccination, microbial fermentation and pasteurization, once said, “Let me tell you the secret that has led to achieving my goals: My strength lies solely in my tenacity.” Pasteur would have approved of Grit to Great by Linda Kaplan Thaler and Robin…
How they can accelerate and maximize their effectiveness
I was preparing to facilitate a board strategy retreat and the project sparked thoughts about bringing a psychologist into the boardroom. “Let me be clear; I don’t do strategic planning,” I stressed when I got the call. The chair assured me they weren’t looking for a strategic planning expert. They wanted someone who is really…
Put as much effort into the implementation as you did into the imagination
Imagine spending days in a room with people you may not care to know that well and finding out later it was all a waste of time because the plan you decided upon is never implemented. This happens after many strategic planning sessions. Plans work when they engage your staff and create a framework that…
Instead, start focusing on pitching for revenue
Most of us in the entrepreneurial space, whether building, supporting or funding early-stage companies, assume attracting investor capital is just the normal course of business. We have been conditioned to believe or accept that once an entrepreneur gets a business underway, raising investor capital is just part of the plan. Some entrepreneurs begin crafting their…
If you can't make your pitch within 10 minutes, however, you're not ready
How you approach a venture capitalist (VC) can be the difference between receiving a quick glance or gaining direct attention. It can be very tempting to cold call venture capital via web search results or chase down a harried VC at an entrepreneur event. While those attempts may work, it's a low probability tactic and…
Focus on existing customers, reach past customers, increase prices, work on conversion rates and change
James sat down with us and put his head in his hands. As one of our partners noted later, he seemed like the weight of the world was on his shoulders. His company was doing millions of dollars in business but was struggling to stay open. James said he needed to come up with some…
Attributing value is a source of countless rolled eyes, smacked foreheads and arguments
When a new company is launched, the odds are stacked heavily against the entrepreneur. It is stacked especially high against the tech entrepreneur. University of Tennessee Research tells us that more than half of all new businesses fail by the end of year four but only 37 per cent of technology businesses remain operable by…
Are you feeling pressure from your boss to deliver, deliver, deliver?
Do you find yourself suddenly being asked to do more with less? Did there use to be someone in the office beside you whose job responsibilities have suddenly become your responsibilities? Are you feeling pressure from your boss to deliver, deliver, deliver? It isn’t as if you were slacking off before. Between the meetings, email,…