Great Advisory Boards: Harnessing Their Power

Great Advisory Boards: Harnessing Their Power Over the past few weeks, I have talked about the demonstrable, high ROI of strategic planning for companies of all types and sizes, along with suggested processes and tactics to complete that plan on time and under budget. As important as the creation of the plan is its ongoing review and...

What a Chess Grandmaster Can Teach You About Solving Problems

What a Chess Grandmaster Can Teach You About Solving Problems How do you go about solving problems? My father grew up playing chess in his native Philippines, where the game is hugely popular. He became fairly skilled, and even won a few tournaments after immigrating to the U.S. Of course he was eager to teach me, his firstborn son, the rules of the...
3 Strategies to Make a Financial Difference in Your Business

3 Strategies to Make a Financial Difference in Your Business

Business owners and executives have long sought ways to improve their bottom line. Usually their energy is focused on how they can attract more customers to generate additional sales. However, working strategically is the key to immediately boosting the bottom line. Business strategy is not only about how to be more profitable tomorrow but also how to immediately march more dollars into your business and onto your balance sheet! These tactics will help your business grow in any kind of economic climate, recessionary or otherwise. Here are 3 Strategies to improve your bottom line today: Implement or Upgrade Your Systems and Processes. Systems and procedures are put in place to keep companies on course toward their profitability goals and to minimize surprises along the way. They provide a clear and consistent blueprint for how business is done on a daily basis and how decisions are made. Inefficient systems and processes are costly in terms of dollars, waste, rework, delays, resource utilization, whereas ineffective ones are pricey as well because they are not reliable. They don’t do what they are supposed to do. The first step is to go back to the fundamentals: ‘why’, ‘what’, ‘who’, ‘where’, ‘when’ and ‘how’ questions. The first question about any process/action is, why do it at all? Often many steps exist simply because of the status quo: ‘We have always done it that way’. The second question might be, why do we do it this way? Then, what is being done? What should be done? What can be done? When should it happen? And so forth. The second step is to not only look...

5 Keys to Getting Your Company Funded

One of the most difficult times for entrepreneurs is when they realize that in order to succeed they are going to need more money than their business can generate. What will it take to get your company funded? There is no shortage of money! For the right opportunity, there is someone willing to invest and put their money to work for an increased return. Here are the 4 Keys every bank, family, friends and investors are looking for: Who are you? What is your product or service? How much money do you need? When do I get my money back? Even though there are only 4 things people are looking for, I have added an additional key which is often overlooked but extremely important. Let’s profile each one to give you insight and perspective. First, my bonus key to getting funded: the framing of your opportunity. It does not matter whether you are seeking money from a bank, family, friends or investors you cannot leave it up to them to see the potential. You must hold their hand and guide them to the promise land. Often times they lack the vision and understanding to see the opportunity and potential. The second key is: Who are you? Remember they probably don’t know you, so they are investing in your ability to execute. Sell yourself! What is your experience, track record, especially failures and how you learned from them? Think if someone you didn’t know asked you to invest, what would it take for you to give them money? The third key is: What is your product or service? What is...

The 6 Biggest Mistakes You’ll Probably Make Raising Money

The 6 Biggest Reasons Startups Fail at Fundraising Jeremy Liddle believes entrepreneurs are changing the world and personally understands the challenges they experience. The number one problem cited by young entrepreneurs is raising funds with Forbes reporting that an astonishing 90% of start-ups fail. A key element in raising funds is the power of your inner...