The key to reducing expenses is to regularly review the effect of change on your business In times of recession or changing economic conditions, business owners should be looking for ways to reduce their expenses in preparation for challenging times. A few years ago, when I wrote the book Profit Yourself Healthy, I came up…
A monthly report card is just good business
The owner of a $100-million company recently told me he wasn’t sure he understood his financial statements. How could someone build a successful business in less than five years while not understanding how to read a financial statement? Because he’s good at hiring great people, including his chief financial officer (CFO), and has other skills,…
It takes guts to reach out and ask for help
“I told myself I wouldn’t cry,” said the lady on the other end of the phone as I asked her about her business. Patiently I waited for her to dry her eyes and compose herself. She went on to tell me how the summer had been tough, sales were slower than usual and now, months…
Learning from the pros
For this episode of Amplify Your Business, we’re joined by Matt Hill – Program Manager of Business Link. Today, he speaks with us about the Digital Economy Program and how his team empowers even the smallest local businesses to move over to and thrive in an online marketplace. Amplify your Business is produced by Amplomedia…
A few tips to help you craft the perfect pitch
I have witnessed hundreds upon hundreds of pitches – and have also pitched to investors and customers – through many years practicing persuasive pitching. As a startup entrepreneur, you must create a convincing argument that will persuade venture capitalists, business owners, potential clients, or other investors to help make your dream a reality. A business…
Developing a solution first, then looking for a problem to solve rarely leads to success
There once was a highly motivated developer who worked at a bank. One day, he figured out a way to automatically round up decimals in banking transactions to the nearest whole number in bank accounts. He reasoned that the difference could be either taken as additional revenue to the bank or paid back to the…
Without the right tools, we can’t build a house. Without the right people, things will get broken
“You are fired!” John yelled at me as I was lying on the ground after falling off the roof of the house. John was mad because his sawhorses had been broken in half because of my stupidity. I was stunned and just wondering if I had broken anything in my body as a result of…
Always be raising, always be closing, always be talking about the business
Being a startup CEO is tough. Work life balance, as nice as it is, is not easy. Many leadership gurus – who invest in or mentor startup founders – often find CEOs struggle with the pace. One of the biggest challenges startup founders faces is balancing the continuous need to raise capital while running the…
The journey for your startup is just beginning
Yipee! Your startup has been funded. You suddenly have sufficient capital to put in motion the plans your pitch deck promised your new investors. Term sheets negotiated, first wired funds received, shares issued. So, now what? The world of startups is filled with cautionary tales of startups which can’t seem to navigate the new world…
The venture capitalist is actually looking for a reason not to invest in your company
It is an industry accepted standard that venture capitalists will fund one of 100 deals. Some entrepreneurs will not be given more than a few minutes to pitch; others will get a longer meeting, while a lucky few will move into a process of successive interviews and discussions. But, in the end, only one deal…