Your brand represents how you want the world to see you, and it s also how the world does see you. Therefore, to be able to determine what they would find valuable enough to give you their money for, you first need to know them well, because you ll need to think from their perspective. Bankers tend to be more formal than venture capitalists and more concerned with financial strength than with exciting concepts and impressive resumes. Written and monitored systems will make this happen.
Unwrapping Sourcing
But
you can also
offer your expertise, distribution channels, location, contacts, customer base, sales force, engineering talent, management skills, excess line of credit, financial strength, or banking connections. Some
of these resources
may be adapted to meet the requirements of particular counterparts but others will have wider relevance. For
these you just
have to trust the luck of the draw. This
will get everyone
in your company doing things the same way, producing consistent results without your constant supervision and attention.
Challenges are what make life interesting
Also,
you must consider
what incursions are likely to be made by out-of-town dealers, and what prospect there is of others setting up business in the place. Values
are created in
relationships because resources are combined through relationships. As
for changes in
value measuring, companies have often extended the boundaries of accounting objects and the timeframe of calculations to make unprofitable objects become profitable. This
is why, as
a first-time entrepreneur with limited funds, you should always avoid being the first into a market.
Managing Purchasing
There
is no money
in competing for the middle of the triangle. Bank
financing is most
appropriate for up-and-running enterprises that can show adequate cash flow and collateral to service and secure the loan. A
well-written contract defines
or explains each term or condition only once. Remember,
without productive, happy
people, you can't achieve your goals, grow your company, or take any time off.
Do you feel confident in Customer Service
Excellent
companies are run
by a boss who takes and makes time to be the leader instead of a doer. Working
together to learn
and improve each week fosters team spirit and enthusiasm. When
a product is
traced back to its origin - as a raw material in the ground'material costs ultimately vanish. Look
at the high-tech
industry for examples of wealth being created (not just for the founders but for key employees as well) in short periods of time; companies such as Microsoft, Intel, and Apple were start-up manufacturers not that long ago.
Accounts payable and receivable aging
Remember
that your net
worth ' the difference between your assets and liabilities ' determines the growth of your money. Examples
of this leadership
style are evident at Microsoft, Dell, Apple, Amazon.com, or GE. So
don t be
surprised if one day, when you re trying to set up a new supplier relationship or pitch a deal to a big company, the person you re negotiating with asks to see your business plan. Additionally,
if you're among
the increasing number of service providers who choose to work out of their homes, occupancy expenses are relatively low and tax advantages are a potential perk.