The management style of hiring quickly and trying to fix them later doesn't work. For example, a 100% chance of receiving $1,000 would be for many a superior option to a 1% chance of $100,000 payoff, even though mathematically equal. Is a tractor an asset? Make your patrons feel that you are their friend.

Produce consistent results in Purchasing

It is most effective when processes or products are similar to previous examples and when management has knowledge and experience that lower-level staff does not. In addition, your car, equipment, fixtures, and company vehicles are liabilities and not assets because they don't create positive cash-flow, and actually cost money to maintain. Bankers are less likely to provide startup money to turn a concept into a business, and they are even less likely to put up seed money to prove a concept unless you have a track record of launching previous businesses with successful results. If you provide incredible value and have built an audience of real fans, they may agree to contribute to your site by giving a donation.

Make it easy for recruits to apply

In marketing, we use the term mass markets and niche markets to describe how broad or specific the group of people we are trying to reach to sell our product or service is. Venture capital isn t for everybody, but it provides a very important financing option for some young firms. Why not? Profit is the result of staying focused on making money so you can grow your company.

Maximize and allocate resources to Accounting

Venture capitalists may also purchase shares of preferred stock in a startup. He climbed many stairs above them. This means that you need to get organized and install systems so your people can do what you want them to do on a consistent basis with little or no input. Hit off some social craze, or give a witty representation of some matter of passing interest.

All companies are divided into three classes: those that are immovable, those that are movable, and those that move

To minimize miscommunications, end every conversation or meeting with a summary of conclusions, including the participants responsibilities and next steps. Then you can determine where you get the biggest bang for your marketing buck. Accrual accounting is more complex, but provides a more accurate snapshot of a company's status at any given time. A mission statement is a sentence or two describing the company s function, market, competitive advantages, and the business goals and philosophies.

Every day that we spent not improving our products was a wasted day

A niche market is more specific than a mass market. When you re writing a business plan to raise money, you may want to consider venture capitalists and their unique needs. Without customers, everything else is irrelevant. Forgot to update that summary to show the new numbers. The investor you re asking to pony up the cash, however, is unlikely to be so charitable.