Archive for November, 2009
You Asked Us….. Q&A Part 1
Robert and I are always being peppered with questions — questions about issues that entrepreneurs face daily. So, in BusinessCast episode #132 – Q&A Part 1, we tackle several of the most commonly asked questions.
To answer these questions authoritatively, we bring in another very special BusinessCast guest: Peter Thomas, the founder of Century 21 Realtors. Few entrepreneurs have Peter’s insights and breadth of experience, so he is a perfect guest to tackle strategic and tactical operational issues that span nearly every industry and business.
Listen to BusinessCast episode #132 – Q&A Part 1 and have some of your most critical questions answered — in under 20 minutes!
Finally, one of the issues that emerged from questions that we’re always being asked, not surprisingly, is business plans. And, while there are hundreds, if not thousands, of online resources on business plans, few actually explore the process of developing a relevant, timely and useful plan. So, here’s a focused process:
1) Define your audience. Be very clear who is going to read the plan and how they are going to use it. That will have a tremendous influence on what you’ll include, what information you’ll emphasize (e.g. numbers or narrative; marketing or human resources, expenses vs. revenues, etc.), your timelines, the sources that will be considered credible and the thoroughness with which you will need to anticipate and answer questions. For example, if you’re looking for initial funding from a venture capitalist, what you will include will be very different than if you’re looking for an injection of cash to be used in a national expansion from a banker after five years in business.
2) Define your outline. This is where you can turn to any number of sources online. But, be sure to include at least the following topics: Company Overview/Description; Marketing; Sales; Operations; Management; Human Resources; Financials; Facilities; I.T; and Risk Factors.
3) Research, research, research. This is arguably the most important phase. Your plan will only be as good as the sources you draw upon. So, don’t skimp on time/effort/expense. Your audience will expect to see that you are bringing the most relevant and timely research.
4) Draft it and throw it away. Your first draft will take a great deal out of you. It’ll feel like your baby. Unfortunately, just like any baby, it won’t be perfect. That’s okay, because you need to go through the process. Always think of your first draft as a “rough draft ” where you gather and collect all the information that you business plan could have to support your case for your great idea. By doing so, you won’t be devastated when people review it and tell you that it needs to be cut down, made more readable, made more focused, etc. etc.
5) Draw upon relevant expertise. If you haven’t yet included them, bring in an experienced chartered accountant. They’ll ask some pretty tough questions that you won’t know the answers to. That’s okay – better to realize that at this stage before presenting it to your targeted audience. Then share your plan with trusted advisers who have skills in marketing, I.T., Human Resources. Finally, take all of their input and re-draft your plan.
The Art of Storytelling for Business Success
Are you a compelling storyteller? Not sure? Let me rephrase this question in terms of two fundamentals to your business’ growth, profitability and longevity: (i) Do you inspire prospects and clients so that they genuinely want to purchase your products/services? (ii) Do you effectively excite your employees so that they feel good about what they do and are always looking for ways to innovate?
The most successful entrepreneurs have long recognized that to achieve these two mission-critical goals requires the ability to use stories to capture the hearts and minds of bright, busy people. And yet, so little attention is actually devoted to helping entrepreneurs hone their storytelling skills. That’s why for BusinessCast episode #131 — The Art of Storytelling — we sat down with Chris Carder, President of ThinData. A Transcontinental Company.
Chris, who is an accomplished business storyteller, shares his insights about what goes into an effective story and shares great example of a ThinData story that has a long history of getting propsects, clients, employees and strategic partners alike truly excited.
Listen to BusinessCast episode #131 — The Art of Storytelling carefully and you will become a stronger storyteller — and that will mean more business success.
Other storytelling resources that are practical for entrepreneurs include:
- A Leader’s Guide to Storytelling – Stephen Denning.
- The Story Factor: Secrets of Influence from the Art of Storytelling – Annette Simmons
- Khruschev’s Shoe and Other Ways to Captivate Audiences form One to One Thousand – Roy Underhill.
Choosing the Right Social Media Tools
Twitter? YouTube? LinkedIn? Are they right for you? Are they right for you now? If you’re like the vast majority of successful entrepreneurs, you’re still grappling with these questions. At the same time, you’re trying to determine when, how and if social media is worth the effort — given your day-to-day challenges and your short- and long-term business goals.
That’s why Robert and I are constantly speaking with leaders in social media. And, in BusinessCast episode #130, we posed the questions that are on the minds of every entrepreneur to one of Canada’s most recognized and respected social media gurus: Michael Seaton.
Michael succinctly answers critical questions, including:
- Which social media tools have the greatest return on investment?
- What are the biggest myths about social media?
- What should entrepreneurs know (and do) before making any investment in social media?
Earlier this year, in BusinessCast #101, we also interviewed Charlene Li — co-author of what’s largely accepted as the shrewd business person’s handbook to successful social media planning and implementation, Forrester Research’s Groundswell.
Listen to these two BusinessCast episodes and you’ll be much better equipped to assess how best to use these technologies to enhance your business.
Privacy for Business Success
Privacy is such a fundamental part of business success, that it often goes overlooked. And that can be a serious problem given the negative repercussions of not properly meeting your obligations — and customers’ unspoken expectations — about how their private information is to be managed.
That’s why for BusinessCast episode #129, Robert and I sat down with Dr. Ann Cavoukian, the Ontario Privacy Commissioner along with the two co-authors of an exciting new privacy toolkit — aimed squarely at helping entrepreneurs.
Listen to BusinessCast episode #129 and you’ll get a quick grasp of the privacy issues that are relevant to you and get a sneak peak into a practical tool that will help you transform privacy practices into good business.
**Also check out the ThinData-authored Marketer’s PIPEDA Checklist which instantly provides you with three easy-to-use tools to ensure that you comply with Canada’s Federal privacy laws when marketing online.**
Business Success: It’s About Time!
One of the many things that all successful entrepreneurs have in common is an insatiable need to bring their innovations (i.e products, services and/or processes) to the market. But, a key question that often gets trampled in the midst of entrepreneurs’ enthusiasm is “When is the right time?”
Because short- and long-term success depends so much on timing, for BusinessCast episode #128 Robert and I sat down with Steve Taylor, President of Resolver Inc. to gather his insights about evaluating the right time to launch/grow a successful business.
Listen to BusinessCast episode #128 to get a clear sense of some of the key timing considerations and how you can ensure your success by increasing your state of business readiness.