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Small Business ^ A - Z

Consulting. Small Business ^ A - Z. What the Manual didn’t Include. Some Issues Not in the Text. These slides available at: www.smallbiza-z.com. Some Issues Not in the Text. What are we doing? What does the client think? What do you think? What’s in it for you?

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Small Business ^ A - Z

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  1. Consulting Small Business ^ A - Z What the Manual didn’t Include

  2. Some Issues Not in the Text • These slides available at: www.smallbiza-z.com

  3. Some Issues Not in the Text • What are we doing? • What does the client think? • What do you think? • What’s in it for you? • Are you a charitable organization? • How to charge • How much to charge Bottom line: you need an engagement letter

  4. The Engagement Letter • Who • Who is hiring you? Management or owners? • Who do you report to? • Who will give you the info you need? • What • What do they want? • Expectations – theirs’ and yours • Disclaimer

  5. The Engagement Letter • When ( timing ) • Is this the never ending story? • Will things drag on and on? • Will you or they lose interest? • When and how do you get paid? • How • Do you have a work program? • Do you have a budget? • Do they know about it?

  6. The Engagement Letter • Protection • Protect yourself from your client • What happens if things go wrong? • You missed the real problem • You missed theft going on in plain site • Your recommendations were awful instead of awesome • A conflict of interest arises • They don’t pay • You can’t complete the work because…..

  7. How are YOU going to Market this Service? • Focus on USP • Why would a client hire you? • How can you help them? • Packaging your “product” • The “operational audit” • The turnaround artist • The performance review • Small Business Tune Up

  8. How are YOU going to Market this Service? • Referral Sources • Bankers and other lenders • Other accountants • Lawyers • Public Relations • Articles for local business mag • Newsletter for existing clients

  9. Summary • Lucrative field • You are in the best position to help • Avoid quicksand clients • Don’t give it away!

  10. Forbes Magazine 10 Best Tips on a Great Business Plan

  11. Define the problem • In Terms you mother could understand • Quantify the cost of the pain • Avoid gobbledygook

  12. Figure out Solutions and Benefits • Get to the simple facts

  13. Industry and Market • What’s happening in the industry • What’s happening in your niche

  14. What is your Business Model • Exactly: how does client make money?

  15. What’s the Competitive Advantage • Who are your competitors • What are the substitute products • What is your competitive advantage

  16. Marketing and Sales • How are you going to sell it? • Distribution channel • Strategic partnerships

  17. Executive Team • Where’s the horsepower? • Where’s the advisory board

  18. Funding Requirements • Show me the money needs • Where is the commitment of owners • How much sweat equity is invested

  19. Financial Forecast • Is this real? • How will investors get their money back?

  20. 10 Essential Questions • What is the purpose for existing? • Who is the target customer • Who needs what we sell • Is the need big enough to support the business? • What are competitors doing • Can expenses be reduced without harming the product?

  21. 10 Essential Questions • Do we have the right leadership? • Do we have the right employees? • How will we continue to drive revenue? • How are employees holding up? From Mark Kramer, Wharton School quoted from Forbes magazine 11/20/09

  22. How to Bounce Back from Failure • Get a 4-legged friend • Face the music. • Clear your head, then double down • Swallow your pride – ask for help • Meditate / pray • Stand by your convictions… prove them wrong • Put things in perspective • Persevere. It’s never over till it’s over

  23. Forbes 20 most important Questions Forbes Magazine www.forbes.com/ entrepreneurs/management

  24. Slides available at www.smallbiza-z.com • Use Forbes Magazine Resources

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