There’s an old adage, “what gets measured, gets done.”  In every aspect of business, be it marketing, management, finance or long range planning, metrics play an important role in helping determine what strategies work, and more important, which ones don’t work.  Expressing business activities in words is important, however, expressing business activities in numbers is critical.

Metrics provide the statistical information you need as a business owner to explain what has happened over a specific period of time, determine what the issues are, and make projections for the future.  Regardless of the industry in which your business is associated, you need metrics to ascertain how well your business is doing, where problems lie, how to resolve them, and what the next
           
Understanding metrics can be challenging.  You must know specifically what areas need to be measured and how these areas are to be measured.  Depending on the nature of your business, measuring activities differ in importance.  Determining what to measure is the first step.  Keep in mind your goals and objectives for measuring business success are a good way to start.  Ask yourself:

1. What are the key results areas where overall company goals and objectives need to be measured?  One example would be increasing online presence by opening social media accounts.
   
2. Will meeting goals and objectives in these areas mean success?  If the company employs social media, how much business can it expect to gain from its use?
   
3. How is success measured? It could be defined in terms of dollars, percentage increase/decrease, or number.
   

 
Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan." (2017)

It can be difficult to introduce yourself to a stranger in just a few words.  Even though you know your business, sometimes your business description can evade you.  Unless you have prepared an “elevator pitch” you could find yourself verbally stumbling to find the right words to tell someone who you are and what you do in a few words. 
 
Your elevator pitch is intended to serve as an ice breaker about you and your business when meeting people for the first time.  After your greeting, your elevator pitch should include your:

• Full name - Titles such as Mr., Mrs., or Ms. are not necessary.  However, the title Dr. is fine if you are a bona fide doctor in any area of medicine or a Ph.D.  Regardless of the person’s educational background, common courtesy in addressing them should always be exercised. 
• Company name and your title - Your listener needs to know specifically who is addressing them. 
•  What your company does - Should be consistent with your mission statement.
•  Major customer(s) - This should be your target or largest audience. 
• Your unique selling proposition – Describe what makes your business unique or the best compared to its competition.
•  Follow-up conversation – Give and get a business card or contact information to continue the conversation. 

Before attending any networking event or if you are going to be around people you are not acquainted and who you could potentially do business with, you should prepare an elevator pitch.  Put your elevator pitch in writing and practice until you are comfortable and confident with how you introduce yourself and your business to acquaintances.  When people see and hear that you are comfortable and knowledgeable about your business, they are more willing to continue the conversation and possibly do business with you.

As with the naming of your company, your company logo is a representation of you.  If you are not an experienced or skilled graphic designer or artist, hiring one is strongly advised.  A freelance graphic designer is a very important contributor to your business and image.  The experienced designer understands the messaging you will need to put a “face” (in text or graphics) to your company. 
 
When hiring a graphic designer make sure to:

1.    ask other business associates for references;
   
2.  hire one that is experienced;
   
3.  be clear about what you are looking for and the message you want to convey, but since they are the professional, it’s wise to remain open to their suggestions;
   
4.  ask to see a portfolio of their work;
   
5.  check out their website.  An experienced designer should have one;
   
6.  get rates for initial concept and revisions;
   
7.  proofread the work very carefully when completed; and
   
8.  clarify that you want 100% ownership of the work.
   

The creation of your logo should be a collaborative effort between you and your graphic designer.  But the final decision must be yours.  If you are not completely and fully satisfied with the job, let it be known.  This is your company and you should have the utmost satisfaction in how it’s being presented.  A great place to find a graphic designer at a very low cost is Fiverr (www.fiverr.com).  It is a creative and professional services marketplace where you can choose from hundreds of providers in the areas of graphic design, digital marketing, and other online services.

Regardless of how well you know what you know or how well you do what you do, there’s always room for skill building to make sure you are always at the top of your game.  This includes taking online courses, attending webinars, attending seminars, brushing up on new technologies, and reading about what’s going on with your competition.  The following are skills and abilities that every entrepreneur should possess and continuously upgrade:

1. Technical/technological
   
2. Mechanical
   
3. Social
   
4. Management
   
5. Decision making
   
6. Organizational
   
7. Time management
   
8. Educational and training
   
9. Industry experience
   
10. Mental and physical health
    

           

Clearly entrepreneurship is not for everyone.  But how do you know whether it’s for you?  Some people seem to have a penchant for entrepreneurship.  They are truly born to be business owners.  And then there are others who like the idea of owning and controlling their own business, but unfortunately find out that they are not cut out for it.  Regardless of how you earn your living, there are character traits for every person in every occupation.  As for the entrepreneur, major character traits include, but not limited, to:

1.  Strong leadership qualities
2. Excellent communications skills
3. A decision maker
4. Consistently builds skills
5. Self-motivated and able to motivate others
6. Innovator and risk taker
7. Makes a difference
8. Works well with professionals
9. Strong ego and desire to be wealthy
10. A strong willingness to go the distance

If you’re a person who exhibits most of these or similar characteristics, entrepreneurship may be for you.
 

When exiting an industry or market, some major barriers include:

• the inability to sell or dispose of specialized equipment or machinery that cannot be used elsewhere; or
  
• inability to utilize specialized skills that don’t transfer to other industries.  
  

Both these situations unfortunately can leave the business to continue with low profits (or no profits) because the cost of exiting is too high.
 
In your overall strategic planning, always be cognizant and consider how, when necessary after entering a market, you will exit that market. As difficult as either can be, if you believe you have the talent, expertise and resources, nothing should stop you from realizing your dream.  Just understand that there are issues that might make your journey a little more vexing.  Make sure your plan clearly outlines what happens to all the assets of the business, who will be responsible for their disposition, the assignment of a fair and equitable valuable, and the timeframes for disposition.

The ease of entering an industry (or market) varies greatly depending on the players already in that space.  Some examples of industries that are difficult to enter include fashion, entertainment, professional athletics, television broadcasting, medical and some technological.  Some obstacles that exist for a newcomer trying to make a mark in these industries and others include:
 

• high start-up costs;
• high capital and equipment investment;
• heavy governmental regulations;
• inability to obtain necessary licenses;
• gender domination (male or female);
• customer loyalty to the competition;
• higher cost of goods (economies of size);
• lack of access to necessary talents or agents; and
• unequal access to distribution channels or markets.
  

The purpose of writing a business plan is two-fold: the first is for internal use by your company to plan, grow, monitor and measure business success.  The second is a modified version for external use when seeking funding from an outside source.  For either purpose, your business plan will:

1. provide you with a roadmap for working through all the steps necessary to manage and build a successful enterprise;
   
2. serve as a means for specifying the exact business you are in, the products and services you are providing, and who your customers are and how you will reach them;
3. serve as the “bible” for your business especially when responding to bids and proposals;
   
4. provide lenders and investors with a detailed plan of your business for the purpose of securing financing; and
   
5. assist you in setting and attaining goals, maintaining control, monitoring and measuring progress, and planning for the future.
   

 

When properly prepared and well thought out, a business plan is essentially a management and operating tool.  It is often referred to as a “roadmap” to starting and operating a business of any kind.  It will clearly define professional and personal goals and objectives regardless of whether you are:

•  starting a business;
  
• borrowing money;
• expanding an existing business;
• purchasing a business or franchise; or
• transferring, selling or closing a business.
  

When completed your business plan should clearly address:

•  products and services offered;
  
• company goals and objectives;
• financial goals and position;
• management team;
• your customer;
• contingency plan;
• measurements for business success; and
• what the future holds for the company.