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Posts Tagged ‘business plan’

Start-Up Competitions Give Companies Numerous Benefits

Thursday, July 1st, 2010

Companies are using startup competitions to get valuable rewards – even if they don’t win.

The Wall Street Journal says that corporations and nonprofits are now using startup contests to help give promising new companies a way to grow and expand.

These contests can cover any number of categories – from women-owned business to technology companies or even entrepreneurs under 40. While prize money is often the major lure for business owners, the paper says that even those who don’t win earn exposure and potentially helpful advice from judges – good news for small business owners who enter.

Most contests, the paper says, involve both a written application and an oral presentation. The written application gives entrepreneurs a chance to describe how their product sets them apart from the rest of the world, while the speech gives them a chance to give judges their pitch and show their enthusiasm.

“There’s a certain amount of theater involved,” says Jonathan Rosen, executive director of the entrepreneurship program at Boston University. “How well can you get people excited about whether this is an idea worth pursuing?”

Many companies have used contests in a different way – to get entrepreneurs to improve their existing products. Netflix recently offered a $1-million prize to anyone who could improve their movie prediction algorithm by 10 percent. The Huffington Post reports that the company later estimated all the work they received was worth more than ten times that amount.

Written by Resources for Entrepreneurs Staff

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Posted in business plan competitions, business plans, business start-up, entrepreneurism, start-up advice, start-up help, tips and tricks | No Comments »

Introducing Ethos Cleantech- The Revolution Has Begun

Thursday, April 22nd, 2010

2010 has been an incredible year for Ethos 360. We’ve been fortunate to have experienced double digit growth every month along with cementing our position as the leader in business planning and small business consulting. The credit for the success rests squarely on the shoulders of our amazingly talented staff, their devotion to perfection and the good fortune to work with the greatest clients. It’s been a whirlwind year so far and we’ve decided to expand our brand by creating the first business plan company devoted solely to cleantech.

Let’s define “cleantech”. Cleantech (or clean technology) can be used to describe any product, service, or process that

  • Provides superior performance, productivity, or efficiency
  • At lower costs
  • While greatly reducing or eliminating energy consumption, waste, or pollution

In addition to business plan writing, Ethos Cleantech will provide start-up and existing cleantech businesses with tax incentive procurement and primary market research. More details will be coming soon.

Please visit Ethos 360’s cleantech practice at www.ethoscleantech.com to learn more, and watch the website and our offerings evolve. Once again we are taking the leadership role in being at the forefront of entrepreneurialism along with embracing the hottest industry segments in their infancies.

This is the tip of the iceberg and this iceberg is pretty big.

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Business Planning Ethics

Monday, February 22nd, 2010

The journey of finding the right business planning consulting firm can be long and arduous. Most entrepreneurs do not have the time or resources to craft a business plan that is both detailed and professional. The SBA states that it takes approximately 400 hours to create a document that properly entails the critical elements of a successful business plan. It is no wonder that first-time and serial entrepreneurs rely on the skill set and expertise of a company to aid them in the business planning process. However, many clients do not realize that they are being taken advantage of by hiring certain firms. Creating a streamlined business plan should be a step-by-step process that is never rushed or forced.

Today, a myriad of firms in the business planning niche exist to capitalize on the high-speed expedition of delivering business plans. Every entrepreneur must know prior to working with a business planning consulting firm that a document of the highest caliber cannot be hurried; it takes time to digest the concept and understand the most effective approach prior to writing the content and developing a sound financial model. It is extremely important for entrepreneurs to carefully read and understand the philosophy behind every business planning consulting firm. Questions one should ask him or herself prior to retaining the company’s services include:

  • How will my business plan be created and what approach is used to create it?
  • Who will write my business plan and what is their experience in this field?
  • What is turnaround time in completing the first draft of my business plan?
  • Who will oversee my business plan (i.e. a project manager or business planning consultant)?
  • Will I have fill out a questionnaire to begin the process?
  • Will the company provide real-world critique and suggestions during the process?
  • Does the company employ a large team of writers and financial modelers to write my plan or are a select few involved in the process?

The answers to the aforementioned questions will help the client (the entrepreneur) make an informed decision when it is time to hire. Ethos 360, for example, has founded an ideology that is based on growing and sustaining the entrepreneur. The company was formed to provide small business owners and entrepreneurs with a single point of contact to receive honest, objective answers and next-step coaching. Anyone purchasing a business plan should focus on hiring a firm that values integrity, honesty, and cultivating strong client relationships.

It is unfortunate that a lot of businesses look past the actual concept of a business, and instead focus on the end-result: a “finished” business plan and a profit. Rather than taking the time to really understand the business itself and the creator behind it, business planning companies have utilized a team model approach that is impersonalized and lacks consistency. Companies like Ethos 360, have first handedly seen and experienced the result of imperfect business planning models and their impact on not only the document, but the client. Ethos 360 has chosen to infiltrate this niche industry by ultimately putting the client first; throwing out antiquated strategies that rush the process; and leading clients forward to prepare for anticipated growth in their own business.

A business plan is more than a product or service, but a collaboration of the client and lead consultant that results in a seamless, organically crafted tool that will essentially serve as one of the most valuable documents in the origin, operational, and growth stages of a business.

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Business Plans: Getting Started

Friday, September 11th, 2009

Whether you are planning to start a brand-new business, expand an existing company, or get financing for a business venture, you will need to write a business plan.  There’s no way around this unless you have a dead rich uncle who just left you his two-car garage full of thousand dollar bills.

Although writing a business plan can be a lengthy, intimidating project, it doesn’t have to be the end of days regarding getting your project in order.  There are key components for what to include in a successful business plan and if you can check these off of your list at the end, then you’ve done your job right. 

Your business plan needs to demonstrate that you have thoroughly considered all aspects of running your business. To that end, the standard business plan has nine major sections, covering everything from your business’s mission statement to a detailed financial analysis.  

Each of these sections needs to be sure to carry their own weight and stand on their own regardless of the differences in content or length.  Honestly, if an investor wants to skip ahead in your plan and not read, say, the market analysis and get straight to your management summary, the sections should be complete enough that they shouldn’t feel like they needed to read 20 pages of content ahead of their desired goal.  

Another note regarding business plan construction is the Executive Summary.  Many times, this section can double as your pitch document if constructed properly.  Its content should be highlights of some of the data and points made in the plan proper, but still be a single narrative that explains the project as a whole.  Also, if you can include a financial overview section after the Executive Summary, that will go a long way to help it function independently.  

Remember that you’re also going to need to actually speak to the content of your business plan.  Learn it inside and out.  Investors might quiz you on it or want to know more about a particular piece of market or financial information.  In some cases, leaving little bit of a prompt in a section will allow for you to make your presentation to create a dialogue between you and the investor because they’d like to talk more about that section.  

Also, the document is not there to do the job of speaking about the project for you.  The business plan serves the purpose of either getting your foot in the door by enticing the possible investor or being the leave-behind document that will help answer questions after you’ve departed from the presentation.  Nowhere in those duties does it actually do the job of securing financing without your ability to speak to it and the project as a whole.  For this reason, it’s always good to do practice presentations with another partner taking the role of the investor and having them pick apart your plan and presentation.  Criticism is not designed to hurt you, but rather to help you improve.  

Financials should be done by a professional or at least be proofed by one.  There’s no guarantee that your numbers will be perfect, but they should at least be accurate.  Also, keep in mind that they’re forecasting so that they should be conservative and growing at a rate that is realistic.  Don’t expect to hit the numbers out of the park in the first year.  A professional financial consultant can help you massage what are essentially fictional numbers into a presentable projection that will make an investor interested without skeptical. 

Last but never least, never fall in love with your plan.  Always be interested in continuing to evolve it and rewrite it.  The plan is never actually finished even after you’ve secured investment.  Also, getting defensive about the content or the presentation won’t serve anyone, so always be open for suggestions how to improve it even if they’re harsh.  The idea is to take in as much input as possible and fold that into a semi-final product. 

Business plans shouldn’t be daunting as an aspect of seeking capital, but the process is by no means easy.  Seek as much help as possible, remember to follow guidelines of structure and style, and never let the content be something you can’t speak to or aren’t willing to change.

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