Should you begin your new enterprise when the economy is strong or when the economy is in a recession? Consider what you can offer to your customers, vendors, subcontractors, or competitors. All businesses have similar concerns and responsibilities, including marketing, research, development, purchasing, production, management, accounting, human resources, and customer service. The man who can sell the most goods is the one who knows the weaknesses of human nature, and how to avail himself of them.
How green are your sales?
If
they see something
new and exciting (usually an aspect of technology) and foresee rapid growth (and a strong potential for high earnings), they may jump in and back a fledgling startup. It
is best to
have a VC firm s term sheet without ever stating what you believe the value to be. Become
essential to
the place, and you will rise in the place. Leaders
make the necessary
leadership decisions to get results they want.
Meet their commitments
Knowing
your audience and
its daily reality is crucial for every aspect of your business. Create
financial targets.
Competition
from substitutes can
occur at many levels, including product, ingredient, service, and convenience. Think
of a CPA.
Not waiting for the phone to ring
Unless
you are focused
on making money, know what it takes to make a profit, and have systems in place to track and monitor your progress, it won't happen. If
your sales
at first are small, you can put in your spare time in the making of your goods, and afterward as your custom increases you can employ help. At
higher levels of
an organization, where employees are more concerned with strategic matters, decisions take more time to implement. Remember,
if a supplier
is selling to you on credit letting you take delivery of goods and pay for them later that supplier is, in effect, your lender.
Do you fight complacency or let your guard down?
Also
list any potential
or customer targets you want to go after in the next few years. If
you come across
as an overblown pretender, you can bet your plan will get short shrift. Scarcity
doesn t mean
that you will be running out anytime soon. Contrast
that with a
professional-services firm, such as a management consultant.
Insurance requirements for Customer Relationship Management
Your
net worth is
the sum of your total assets minus your total liabilities. These
are written, measurable
systems, goals, and targets for employees to follow. Your
time is too
precious to waste on small details. Your
attorney, your accountant,
and your insurance broker are all crucial members of your team.