Remember, all knowledge is power, and understanding WHY social networking works will help you to develop a social media campaign that will work on MANY levels — branded recognition, client development, and oh yes, SALES.
Remember, the bottom line is this: unless your top priorities are the following, you simply cannot build and keep a successful business.
#1 •Business Plan. Pain and solution; product path; target markets; intellectual property; risk mitigation; and staffing plan.
#2 •Revenue Model. Revenue streams; five-year cost/revenue projections; and break-even/profitability date.
#3 •Execution. Six-month plan; prioritizing and focus; and systematizing processes.
Focus is the key, of course, to building a business. I find that in the business model and business summary stage, keeping one’s focus can be tricky. Note that the areas of your business that are truly important are often not urgent. Sure, you’ll fight your share of fires, but are those fires ever urgent and important in the long term? If it’s someone else’s issue, toss it back. As for the not urgent and not important, well, that’s the stuff to delegate. Definitely.
Remember, you can learn more about how to create these three MUST have keys to success on June 5 and 6 at my Results Now Summit in
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
There are 10 areas for which you must be able to explain your business in order to navigate the myriad of financiers, advisers, potential and current board members, strategic alliance partners, and key hires. I’ll go over these quickly here, but again, it’s a VITAL building block and strategy for success that we’ll go over in great detail at my Results Now Summit on June 5 and 6. Okay, very quickly, the 10 areas you MUST have nailed down are:
1. Company Overview. A few sentences describing your company’s purpose/goal.
2. Pain. The specific market pain you will reduce/remove.
3. Solution. What your solution is to the market pain, plus a succinct description of how it works.
4. Company Information Background. Number of employees; short bios of key team members, including staff and board members if applicable.
5. Financial Information. Funding history if any; total money sought; source of dollars sought: venture capital/angel investors/loans/grants; anticipated use of funds; last year’s revenue; five-year revenue forecast; monthly burn rate; projected cash flow-positive date.
6. Product. Short paragraph explaining the status of your product; product path (offerings available now and in the future); and how each product will be segmented by customer.
7. Defensibility. How your intellectual property or market position will be protected from competitors; how you’ll mitigate financial, human resource, product, and product development risk for financiers.
8. Competition. Your competitors, now and in the future.
9. Business Model. How you’ll make money and expand your business.
10. Key Milestones. Deals/achievements that are accelerating/will accelerate your company’s growth—be specific about the status of each.
Spend the time to complete the above—do the best you can, but get them done. Bear in mind that the structure of your business will change over time, too.
Remember, you can learn more about how to ask and answer these questions effectively on June 5 and 6 at my Results Now Summit in
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
Let’s talk about your business model. But before I drill down into it, it’s story time: I spoke recently with two entrepreneurs. They’d built successful companies before, but they hadn’t established a track record of successful liquidity events. Sure, they’d sold companies, but they hadn’t made enough on the sales to pay back their investors. Needless to say they were concerned about raising money for a new venture.
After a few minutes of conversation, their problem became crystal clear: Their former companies were essentially hobbies financed by friends and family. They weren’t held accountable by these investors because they didn’t report real progress to them. In fact, they barely even communicated with them outside of sketchy, constantly upbeat, reports over a beer at a barbecue. Eventually these informally funded companies floundered, and their assets were sold for a few bucks. Why? No business model.
Remember, Financiers Need to Be Sold on the Future
Fast-forward to today. Now both in their late 40s, these two guys want to raise $1 million for their new business. Determined not to repeat their previous mistakes, they hired an MBA who said they should sell 20% of their company right off the bat. Wait a sec—that means post-financing the company is worth $5 million. But there isn’t a company yet. There’s just a plan. What assets/alliances/compelling future does it have? What proof of concept, market traction, customers have signed on? Oops. Whipped into a frenzy by their “groundbreaking” idea, these two entrepreneurs forgot that professional financiers (and I include angel investors in this category) need to be sold on the fabulous future. Having the beginnings of a fabulous present sure help. Here’s how to get one.
Of the business model-people-money troika I describe above, the model category is the first most essential exercise in creating a sustainable, scalable business. I also lump the business summary within the business model category. To find your business model’s potential shortcomings, be sure you can answer the following questions:
Do you have a compelling business summary? Have you determined your product pricing, return on investment, and customer-expectation setting/communication? Will you deliver client care via a self-help Web site or service contract? How will it become scalable? Are you systematizing your business from the get-go with standard operating procedures, best practices, outsourcing, automation? (Remember, more systems can mean less paid staff and increased efficiency.) Have you identified the market “pain” in your primary, secondary, and tertiary markets? Can you clearly articulate your solution to this pain, how it works, and how it is delivered to customers? How will you distribute your product/service? Through retail, online, third-party channels? What is your revenue model? What are your revenue streams (variable, annuity, multiple, future)? What is your revenue recognition approach? How will you run your company, keeping it focused via the six-month plan, prioritizing, processes?
You must be able to distill your business, and the answers to these questions, into a business summary. I know this is a lot to swallow and digest if you’re a new entrepreneur or starting a new venture, but you can be assured that you will NOT raise significant funding without this.
Remember, you can learn more about constructing a solid business model IN PERSON on June 5 and 6 at my Results Now Summit in
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
I know we talk about business model a lot, but there’s simply no way to get around the BASICS of growing your business. To expand your business, what REALLY matters most? And how do you prioritize and stay focused? These are subjects I have taught to everyone from new entrepreneurs with great ideas to Fortune 100 CEOs and teams. I’ll cover these topics extensively for the participants at my Results Now Summit on June 5 and 6.
But let me define those all important building blocks for everyone right now. The answer to growing your business is simple. You GROW your business by concentrating on your model, people, and money. That’s it. That’s all. Your business model will make or break you—and it may change often as you adapt to market shifts, launch new products or services, and respond to competitive threats. Your people will help you execute your business model. Expect to be constantly training and hiring people as your company’s needs evolve. Your money will come from financing as well as from sales, two topics I’ve also addressed recently. (And remember, there will be some amazing angel investors at the Summit also, including Harvard Angels and Golden Gate Angels.)
These are the ABSOLUTES in the garden of growth, gang. You’ve simply GOT to have these things in place if you want to create REAL success. I’ll explore each of these in deeper ways over the next few days.
Remember, you can learn these tools IN PERSON. Join me on June 5 and 6 at my Results Now Summit in
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
Okay, here’s my usual Wednesday Disclaimer: For those of you who have run past your 5K friend limit on Facebook, have a rockin’ FB Group and who regularly CONTACT that group with amazing tools and offers – well, this is not the blog for you. But if you don’t fit that mold, then read on – because if you aren’t maximizing Facebook, then you’re missing some vital strategies for success and a great biz building opportunity.
Okay, it’s really important to keep your Profile Page exciting on FB! How do you do that without spending three hours a day corresponding with people and playing dumb games all day? You practice the 123 of “Profile-ing”
1. Add photos to your albums and change your profile picture at least every other day. Why? Because when you make pic changes, they show up on your friends’ home page when they log in. This keeps you “alive” and in front of them.
2. Video video video! Of YOU if possible. If you don’t have a webcam, pick up a cheap flipcam for a hundred bucks or ask a friend. Keep the videos entertaining, informative and SHORT! If you’re able to, post a new one each day with a great tip. Again, these show up on your friends’ home page when they log in. And video is COMPELLING!
3. I’ve shared before about posting your blog to your profile using Networked Blogs. In addition to this, be sure to open the blog and PUBLISH your recent updates (and invite 20 friends to follow it every day).
The bottom line is that Social Networking is NOT going away, and Facebook is a popular network. And remember, “social” networking is fine, but the REALLY big deals are done face to face. I’d love to help you create some of those opportunities on June 5 and 6 at my Results Now Summit. There will be some big financing opportunities available, and we all know – financing is a huge piece of the success puzzle! (And success is the BIGGEST path to financial freedom — for you AND your loved ones.)
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
PS: The Summit is filling up quickly, so log in today and reserve your spot! See you there! - Christine
(By the way, your website should also have a button linking to your social networks – not just your blog.) And any time you post a blog, a question on Linkedin, respond to someone ELSE’s blog, or comment on a Yahoo Group, etc., be sure to put your entire signature and links there as well. Finally, NEVER forget to put all of this info on your ezine or newsletter.
This is a simple way to turn contacts into friends and friends into a FANS – or even clients! This is one of the simplest strategies for success that we should ALL be implementing every single day. To be part of my Results Now Summit in June and learn every trick I’ve got up my sleeve, go to http://www.ResultsNowSummit.com and save your seat!
To your rockin’ success! Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
Okay, like I started to tell you this morning, NOW is an amazing time to ADD to your staff. There are a TON of biz-building stars out there just itching for a chance to prove themselves and share their strategies for success. Here are just two more things you can look for and expect in new team members that you bring on board at this time. What to do with these assets and how to really use them is a bigger discussion – and one that you DEFINITELY need to hear in person and at length. My
So what else do these new human assets bring to the table? How do they effect the bigger picture? Why should you ADD to your top line right now? Because the right star, added to your show, can HUGELY increase your bottom line.
1. Confidence. More than JUST the new team member, new hires inspire EVERYONE in your company. There is NO better way to instill confidence in your teams than to HIRE right now. Even one or two great acquisitions added to your headcount will leave everyone with an unexpected sigh of relief. And you won’t believe the effect it will have on your clients – and your competitors!
2. New Blood. Don’t be surprised if your existing team gets a new fire under heir butt. As executives, we don’t do any favors by keeping ineffective or uninspired employees around. We also do our company a HUGE favor when we bring in smart, creative, go-getters who can add to our profit margin, client base and overall effectiveness. Our loyalties always need to be with the overall health and stability of our company. Building GREAT is one way to assure everyone that your company is sound and successful, especially while those around you begin to blink.
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
Yes, there’s a recession going on, but there are some GREAT opportunities out there for business owners, especially when it comes to resources – specifically, “human” resources. Over a million people have lost their jobs in the last twelve months. Many of them are gifted, creative, and business-savvy professionals. As business owners, this literally means that we get to harvest the amazing crop of talent that someone ELSE has nurtured – perhaps for YEARS. Stand back and spend a few hours; pick the two or three areas in your organization that you want to see revitalized, and then do a little shopping.
Why do this now, when you “should” be cutting costs? Here are my two three reasons. I’ll cover two more later today and over a dozen at my
Why build a team NOW:
1. Appreciation. To be blunt, new hires usually repay the favor exponentially in hard work. It’s almost a given that these employees will bring their A game to everything they do. After all, they KNOW that having a great job is not a definite any more, but instead, a great opportunity.
2. Good Stuff. We know one thing, people (and companies) buy the good stuff. They cut back everywhere possible, but the BEST products and services are the last to go. While there’s a lot to be said for longevity, hiring new team members with great ideas will go far toward remaining viable while your competitors scramble. Want to know what someone can bring to your company or your projects? ASK THEM. Before you interview candidates, have your staffing agent pose the question and respond to you by email with their ideas.
To your continued success!
Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
