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Will You Add? - Advice To Manufacturers Creating A Business Plan
It has been 35 years since its founding and hip-hop continues to thrive in urban America. Once a block party fad that started in the Bronx, New York, hip-hop is now a $4 billion-a-year-music industry that spans the globe. Although it has always been the voice of inner city youth and young adults, hip-hop has evolved to include the 25 to 34 year-old demographic segment. Proving its staying power, for the past five years hip-hop remains the top-selling genre over country music and is second only to rock music. Formerly known as rap, hip-hop is a moving cultural force that first garnered the attention of corporate America in the early 90’s. When hip-hop made its debut into mainstream, corporate heads began to turn. Enterprising brand managers embraced the cu
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to th
Former General Electric CEO and legendary manager, Jack Welch, nailed the problem recently when he said there’s just too much beating around the bush and indirectness in corporate communications. People are more interested in not hurting each others’ feelings than in improving productivity, and we simply need more frankness, says Welch.In my own small way I’m trying to remedy this situation, especially when I deal with salespeople. For example, I put out a request for a proposal and about ten companies responded. Quickly, I boiled the list down to five, called the references of the three in which I had genuine interest, and then I selected the contract winner.Within minutes of making my decision, I phoned the others and told them, nicely but
- Comfort prospective investors with putting their money into your hands, and
- Show why potential customers will award business to you rather than your competitors.
Earn the Trust of Skeptical Investors…
Prospective investors want to select the best investments. For an investor, this means earning the highest return on their money for the risk they take. Besides their own research, they seek more specific information from business owners and entrepreneurs about potential investment opportunities.
The major challenge to investors is deciding what is a good opportunity. Often asked to invest funds with little reliable information, investors have difficulty deciphering information about the various investment alternatives they are evaluating. This leaves them fearful of getting into an awful deal and skeptical of the deals being presented. In addition, time pressures often force investors to decide on investing in a business when their time frames don’t align with the business’ need for funding.
To your prospective investors, the most important factors you must show are results and evidence. They simply want the opportunity that they enter to match the expectations that they have developed. They want to be educated about the investment opportunity and the investment options available to them. But, they won’t accept this education at face value; they want to see the evidence to support it. Even for niche businesses.
When investors object to investing in a business, the objection is often of the “Educate me…” type. Tell me your story, show me your numbers, and then prove it. Prospective investors want information that they can validate, options and risks that they can see, and to be educated about your specific business. Moreover, they want to know why you and your team are the ones that can produce the projected results. If your business plan doesn’t address these “educate me” objections, it will fail to win the trust of your prospective investors. When that happens your plan will not get funded. Period.
If you successfully win the trust of potential investors, then you must be able to…
Show Why Customers Will Award Their Business To You Rather Than Your Competitors…
Investors invest money in businesses based on the business’ expected cash flow. To create cash flow, you must first win business. That’s why it is important for your business plan to show investors why customers will award you their business at a price that allows you to provide investors a return on their investment.
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to the
The most easily expectable reaction from employees for Six Sigma implementation will be the one of Well, here they are at it again or How good is it over other existing methods? Knee jerk reactions, such as these are nothing new in an industrial world. Cold responses such as these can dampen the zeal of Black Belts initially, if not completely unnerve them. Why should the culture be so different and how to adopt Six Sigma in these circumstances are some of the big questions that confront the project team.Cultural Issues - Six Sigma Adoption and AcceptanceMost of the times it is the skepticism that manifests as different issues opposed to the adoption of Six Sigma. Surprisingly enough, skepticism is not just limited to employees alone. Let us
The major challenge to investors is deciding what is a good opportunity. Often asked to invest funds with little reliable information, investors have difficulty deciphering information about the various investment alternatives they are evaluating. This leaves them fearful of getting into an awful deal and skeptical of the deals being presented. In addition, time pressures often force investors to decide on investing in a business when their time frames don’t align with the business’ need for funding.
To your prospective investors, the most important factors you must show are results and evidence. They simply want the opportunity that they enter to match the expectations that they have developed. They want to be educated about the investment opportunity and the investment options available to them. But, they won’t accept this education at face value; they want to see the evidence to support it. Even for niche businesses.
When investors object to investing in a business, the objection is often of the “Educate me…” type. Tell me your story, show me your numbers, and then prove it. Prospective investors want information that they can validate, options and risks that they can see, and to be educated about your specific business. Moreover, they want to know why you and your team are the ones that can produce the projected results. If your business plan doesn’t address these “educate me” objections, it will fail to win the trust of your prospective investors. When that happens your plan will not get funded. Period.
If you successfully win the trust of potential investors, then you must be able to…
Show Why Customers Will Award Their Business To You Rather Than Your Competitors…
Investors invest money in businesses based on the business’ expected cash flow. To create cash flow, you must first win business. That’s why it is important for your business plan to show investors why customers will award you their business at a price that allows you to provide investors a return on their investment.
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to th
How do you prefer to sell: through email & the web, by phone, or face-to-face?How do your prospects like to buy?What happens when these preferences conflict?Famed management guru and my professor, Peter F. Drucker, was fond of pointing out that there are at least three kinds of customers:(1) Readers (2) Listeners, and (3) Writers. To his list, we can also probably add (4) Talkers and (5) Viewers.These are the main modalities through which people like to get their information.The general idea is we should respect customer preferences, communicating through media that are appropriate to each individual.But is this the way we should sell? Should we defer to apparent customer p
When investors object to investing in a business, the objection is often of the “Educate me…” type. Tell me your story, show me your numbers, and then prove it. Prospective investors want information that they can validate, options and risks that they can see, and to be educated about your specific business. Moreover, they want to know why you and your team are the ones that can produce the projected results. If your business plan doesn’t address these “educate me” objections, it will fail to win the trust of your prospective investors. When that happens your plan will not get funded. Period.
If you successfully win the trust of potential investors, then you must be able to…
Show Why Customers Will Award Their Business To You Rather Than Your Competitors…
Investors invest money in businesses based on the business’ expected cash flow. To create cash flow, you must first win business. That’s why it is important for your business plan to show investors why customers will award you their business at a price that allows you to provide investors a return on their investment.
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to th
No matter what business you are in, you also have a second job... you are a marketer. That means you are responsible for letting others know about how you can help them. One of the best ways to get those opportunities to convert prospects into customers is by networking. Here are some simple strategies for making your networking more effective.1) Don’t describe what YOU do.Let your potential client know how you can positively impact his or her life. Explain how your product or service will improve the life of your potential client.For example, when someone asks me, “What do you do?” my first thought is almost always to explain, “I’m a writer and consultant.” Unfortunately that response rarely piques the interest of potential clients.
If you successfully win the trust of potential investors, then you must be able to…
Show Why Customers Will Award Their Business To You Rather Than Your Competitors…
Investors invest money in businesses based on the business’ expected cash flow. To create cash flow, you must first win business. That’s why it is important for your business plan to show investors why customers will award you their business at a price that allows you to provide investors a return on their investment.
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to th
Many people work hard in establishing good careers and raising their standards of living: these are the lucky ones who are able to finish their education and land a good occupation. Unfortunately, there are those who have other priorities or who do not have the proper skills training to join the world of traditional work. This creates a situation of unemployment– unless he or she finds a suitable career. An answer for this problem is finding a new option, and on of these possible career choices is Medical Coding.Medical Coding is essentially the job of translating the medical observations about any procedure into alphanumeric codes. This translation objectively describes the details in a medical situation: from the illness of the patient, the kind
When potential investors begin evaluating your business plan, they are likely to be skeptical of your ability to consistently win business. In their minds, there is already a manufacturer who is providing the same or similar product as yours to your prospective customers. They are skeptical as to why prospective customers with little or no time to investigate the options available to them and who are reluctant to upset their own customer base would change manufacturers.
You can expect your potential investors to understand that your customers need to move product and generate higher margins. They expect quality and general customer support to be givens, the basic requirements to win business. Therefore, their focus will be on understanding how you help your prospective customers earn more money.
To your potential investors, the biggest problems your customers face are products that stay on the shelf, don’t work properly, or carry low margins… situations that cost your customers money and the opportunity to make money on other products. Does your business plan show investors how you plan to solve these problems? It should if you want to capture their attention.
Be sure to clearly explain why you can win over prospective customers who have extensive experience in dealing with manufacturers in your market space…customers who have “heard it all.” Your business plan has to reveal to investors how you’ll protect your products from damage during transit, guarantee their availability, offer a wide range of product selection, and modify the product as needed. In short, your business plan has to leave investors feeling confident that your product will be delivered as ordered, undamaged, on time, and working properly.
You’ll also have to convince investors that you can overcome the biggest objections your customers will have in switching manufacturers, which from the investors’ perspective will involve product quality and your ability to deliver on time. If the product stays on the shelf too long or doesn’t work properly because of poor quality then that is a problem. If the product can’t be used or sold because it hasn’t been delivered then that is a problem.
Prospective investors know that to win a customer’s trust you’ll have to show them quantifiable evidence that they can earn more using your products and that the risk of changing over to you is low. Since this is what it will take to win business, it is only logical that your prospective investors will want to see this same evidence before they invest in you.
Points For Manufacturers To Address In A Business Plan
In summary, if you’re a manufacturer trying to attract investors, these are the points you must address in your business plan:
- How and why customers will earn more money doing business with you rather than your competitors.
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