Recent Articles From EvanCarmichael.com http://www.evancarmichael.com/ http://www.evancarmichael.com/Business-Coach/2552/Be-Referable.html http://www.evancarmichael.com/Business-Coach/2552/Be-Referable.html We have all heard the old saying, "it's not what you know, it's who you know." Well, there is a lot to be said about that. Look back on the business you have won recently. How much of it came by referral from someone you know, versus a cold call to a prospect or an inquiry directly to you or through your website? Like many of the business people I meet, the majority of their business comes by referral. http://www.evancarmichael.com/Business-Coach/2552/Financial-Management.html http://www.evancarmichael.com/Business-Coach/2552/Financial-Management.html "Can you afford this server?" "How long does your cash last?" "When are you cash flow positive?" Every get these questions? As a business owner, if you cannot answer these questions, and many others, you may need some help with financial management. Cash is king in a start-up company. Managing revenue growth and earnings is essential to a public company. Maintaining profit and cash flow is the bread and butter for an emerging company. No matter what stage you are, achieving value for the shareholders is always the name of the game. In order to be successful at any of these objectives, you have to start with a good plan for financial management. http://www.evancarmichael.com/Business-Coach/2552/Financing-Alternatives.html http://www.evancarmichael.com/Business-Coach/2552/Financing-Alternatives.html We are often asked about how a company can get its initial financing. There is usually considerable misunderstanding about the various alternatives and their implications. This article positions the various alternatives that a company should consider before embarking on a financing strategy. http://www.evancarmichael.com/Business-Coach/2552/Know-Your-Market.html http://www.evancarmichael.com/Business-Coach/2552/Know-Your-Market.html Whether you are starting a new company, launching a new business initiative or spinning out a company, the first and most important thing you must do is know your business. I think there are two constituencies that you have to convince, other than yourself. First, you have to know your business concisely enough so that you can quickly explain it to your grandmother; so that she understands it. The second is you have to comprehensively explain it to sophisticated investors so that they are convinced it's an attractive investment. If you can do this successfully, you understand the business. http://www.evancarmichael.com/Business-Coach/2552/Who-Are-Your-Buyers-and-Who-Feeds-Them.html http://www.evancarmichael.com/Business-Coach/2552/Who-Are-Your-Buyers-and-Who-Feeds-Them.html Once you have the overall industry landscape figured out, the next step is to go deeper and describe who the buyers, suppliers and distributors are, and what drives them. This is the food chain that some researchers refer to. Start with the buyer; your customer. Within a company, who is the buyer? Is it a CIO? Is it a VP of service? Is it the purchasing manager? Is it the buyer for a retail store? Is it the VP of development? Whoever it is, describe the buyer's recognition of the problem you solve, the criteria that will be used to determine the purchase, the likely availability of resources to support the purchase, and the decision process that you will be confronted with. http://www.evancarmichael.com/Business-Coach/2552/The-Ten-Keys-to-a-Successful-Business-Plan.html http://www.evancarmichael.com/Business-Coach/2552/The-Ten-Keys-to-a-Successful-Business-Plan.html If you were to ask twenty experienced business people what it takes to have a successful business plan, chances are you will get many of these answers and more. Here is my view of what a successful business plan is made of. http://www.evancarmichael.com/Business-Coach/2552/Who-Are-Angel-Investors.html http://www.evancarmichael.com/Business-Coach/2552/Who-Are-Angel-Investors.html Entrepreneurs often talk about needing angel investor money to launch their companies. When asked about their financing plan, they are heard to say, "I am going to raise $500K from angels." When asked what their strategy for approaching angels is and who they are going to approach, they often go silent and have a blank look on their faces. http://www.evancarmichael.com/Business-Coach/2552/Know-the-Buyers-Food-Chain.html http://www.evancarmichael.com/Business-Coach/2552/Know-the-Buyers-Food-Chain.html Knowing that you have, or will have, a winning product does not give you time to rest. You have to grease the skids by making your buyers aware that you have a product that solves an important problem that they have. Founded upon your in-depth understanding of your buyers, you need to structure the appropriate marketing campaigns that raise buyer awareness of the product's value and availability. This can be mind numbing work, but is very necessary in order to not have surprises that could stop your business later. Many hours spent on understanding the distribution channel can save you from a whole lot of costly mistakes later when you are trying to get the revenue for your hard work. http://www.evancarmichael.com/Business-Coach/2552/What-Does-A-CEO-Do.html http://www.evancarmichael.com/Business-Coach/2552/What-Does-A-CEO-Do.html The CEO has three fundamental roles. First, a CEO is a leader. As a leader, the CEO establishes and directs the vision and mission of the team. In this capacity, the CEO is the source of visionary strength of the company and keeps it on a consistent track to achieving the vision. Second, a CEO is a project manager. In this role, the CEO is responsible for directing the operational activities of the company by scheduling the utilization of the company’s resources, including people and capital equipment. The CEO is responsible for establishing and executing the company’s operating plan that is necessary to achieve the company’s objectives. Third, a CEO is a coach, and as such picks the people for the management team and improves the performance of people through ongoing counseling.