Monthly Archives: January 2014

Cash Flow

Epic Entrepreneur

Cash Flow = Income – Expenses

I’ve read that 80% of businesses fail within the first five years. If you’re part of that 80%, then your company will fail. Why? Well it doesn’t help that people jump into business without understanding the concept we’re discussing today. Let’s give them the benefit of the doubt, though. They may understand the concept, but they may be slack in it’s implementation and management. Over the next few weeks I will be helping you understand what role the Financial Statement plays in your business. Financial education FTW! That being said, let’s take a chunk out of that business failure rate, shall we?

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“Opportunity versus Obligations”

Tech Startups: why, how and a new innovation paradigm?

Andrew Munro's Blog

I’m a bit slow in blogging this but last week’s Economist featured a special report on technology startups.  The report explores how the availability of cheap cloud-based building blocks from Amazon Web Services and Azure all the way up the stack have enabled a bloom of low-cost startups.

Does this go as far as to represent a new paradigm in jobs and employment, shifting early-stage innovation risk from large companies to the individual?  Read and decide.

Essential reading for anyone interested in technology, startups, innovation and related funding.

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Marketing Strategy – Part 1: Processes & Parameters to Indentify Target Markets

Thriving in a brave new world!

STP

1.1  Processes & Parameters to Identify Target Markets

Step 1: Segmentation

We begin by generating options across all prospective customer groups that can be served based on their common needs and attributes. We use the vast amount of data collected from Customer Analysis stage for this.

First, we identify viable segments based on whether they are:

  • Unique: whether customers within a segment are similar but different across segments
  • Identifiable: whether attributes exist to describe & identify customers of this segment
  • Accessible: whether customers are accessible for distribution and communication
  • Sizable: whether enough customers exist to justify targeting the segment profitably
  • Stable: whether segment is stable enough to serve over a long period of time

Next, we employ multiple Segmentation schemes:

  • Geographic: based on region, country/market, HQ location, etc.
  • Demographics: industry, company size, # employees/customers, public/private etc
  • Psychographics: corporate culture, management type, values, mission/vision, etc
  • Behaviour:

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Porter’s Generic Strategies – Simplified

About Business Strategy

In his 1980 book Competitive Strategy: Techniques for Analyzing Industries and Competitors, Michael Porter developed a methodology for analyzing an individual company’s strategy.  In this analysis, the industry is irrelevant, which is why the strategies are called generic strategies.   In the original format, Porter originally laid out three generic strategies that a business could pursue.  Over time, those strategies have been enhanced and refined.  It is his original work and subsequent enhancements that offer an excellent approach to how business owners can look at their competitors in a market, and also glean tactics from players in other markets to carry out their own strategy.

Over time, as Porter’s concepts have been updated and appended, the strategies have largely evolved to five general strategies.  It is this look at Porter’s concept that has value for a start-up business – or any business for that matter – to determine how they…

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Do you get feedback?

Jacqui Senn

photo (9)Feedback is a great tool in measuring success. It can tell us how well we are doing. It can also give us areas to improve on as well. While no one really wants any criticism, it is  necessary in order to make improvements.

If all we  received were accolades we might become stagnant and complacent. Yet at the same time too much criticism without direction, is not good either.One of the ways I have been able to become a successful  speaker is through the use of networking groups.My professional development is dependent upon making speeches. The more frequently I have spoken has allowed me to overcome my initial stage fright.

The feedback I received was mixed. It was great that I did not use any notes ,but I was as stiff as a board during the delivery. Without the feedback I would still be planted in the same spot delivering…

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Plan B: The Pivot

Freelancetheconsultantsdiary's Blog

By now you have reviewed your 2013 numbers and you know how you feel about the results.  If your revenue has been less than stellar for two or more consecutive years,   it’s time to think seriously about how to respond more effectively to the business environment that you face.  You need to create a Plan B and pivot.

Or maybe your numbers were more than respectable,  but because you are a savvy business person you know to look three years down the road and follow the advice of hockey immortal Wayne Gretzky and skate not to where the puck has been,  but to where it’s going to be.  Scanning the horizon for potentially lucrative opportunities and a pivot is always a good idea for those in business.

To pivot is to tweak your business model in response to current or impending business conditions,  good or bad.  To increase the chance that you will successfully…

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