As an entrepreneur, all kinds of things come to you at a rapid pace. Knowing how to handle frequent rapid-fire events is a priceless asset. If you don’t, it will bog you down. Figure it out! An entrepreneur must be nimble and able to modify all plans, often. All those well thought out and documented business plans that you spend so much time creating, with numbers of charts and supporting charts, well, they all change when you’re thrown a major curve ball. If you are a dedicated entrepreneur, you’ll be able to re-route onto a new road to success and keep going. If not, you’re out. Failure to adopt is why so many startups fail. According to analysts, says Jason Wise, the estimated figure for failed startups thus far in 2022 is 80% to 90%. His article on earthweb.com states that only one-fifth of new companies survive.
Reduce failure by soliciting and being open to advice.
Failure can be reduced by closely integrating a Board of Advisors in your startup and keeping them informed. This flow of information with feedback from experienced business leaders will produce valuable results. Build trust with this group of experienced individuals whom you’ve chosen to be with you on the journey. Use them! Don’t look at reporting to them as a burden, rather, prepare for an opportunity to learn, accept guidance, and collaboratively reset new and reasonable, goals. Collaboration requires accessible and shareable reporting. Reports, plans, and progress charts need to be in a place with common authorized access.
To be successful, one must not forget about sales and marketing. A great product or service will not be universally adopted without a push! Dreaming of viral is too risky!
An example of shared reporting with associated potentially invaluable feedback from the Board of Advisors might be the marketing plan for a new launch; whatever is being (re)introduced, be it a product or a service, website, etc. For advisors to effectively evaluate and provide feedback, such a plan would include marketing tactics to be executed, at least until the product starts to garner profit. Ongoing reporting to the Board of Advisors would include a quantitative analysis to understand the response rates at each sales stage, all the way from the top of the lead hopper to bottom of the revenue funnel.
A marketing plan is critical for all. You’d be surprised by how many people make huge investments in product development and then realize that a budget was not allocated to let everyone to know it exists and how it can help them. Actions, tactics, and a timeline, for execution must coincide with imminent availability and continuing after launch until revenue is rolling in consistently.
With sales, investors will notice you and give you more money at a decent valuation!
What will be your digital splash? Have you figured out what it will take for everyone to know that you are live?
Reach out if you want feedback on your marketing or board reporting plans.