Let The Entrepreneur’s Advisor® Teach You How To Set Up Operations
Almost all new entrepreneurs have a bunch of questions they want to need to ask when starting a business. However, where entrepreneurs seek advisors may be the difference between a successful new venture and finding out they just wasted a lot of money on guidance that could be obtained for free.
There are many places where entrepreneurs can go to obtain free advice including the local SCORE office, SBDCs, and websites such as The Entrepreneur’s Advisor®. All these places can help entrepreneurs and innovators make sure they have thought through their business plan, find the correct legal structure and determine realistic cash flow projections. Few however, can teach entrepreneur and innovators the nuts and bolts of running a business.
Why Setting Up Operations Correctly is Critical to Success
Unfortunately, most entrepreneur advisors stop at the basics of setting up a business because they have no real practical experience in setting up operations. As a result, poor entrepreneur advisors fail to teach entrepreneurs the operations side of a business that is run by the numbers. Failure to plan and control operational costs will always lead to an accelerated cash flow drain.
At The Entrepreneur’s Advisor® we use decades of operations experience to teach entrepreneurs how to minimize operations set up costs as well as how to make decisions based upon the numbers. Some of the areas that can be taught/coached include:
Understanding Financial Operations
- Setting up a 1-3 year budget, financial forecast and cash flow projections.
- How to handle professionals such as attorneys, CPA’s, contractors and even Board members who can bleed your cash flow dry.
- How to set up and understand payroll and payroll taxes and when you should use a CPA or payroll service.
- How to use accounting software to generate invoices, track receivables and pay bills.
- How to establish credit with vendors.
- Running a business by the numbers. Cash is King.
- How to acquire equipment, furnishings, telephone systems, tools (software,pc’s, etc.), and office space at the lowest possible costs.
- How to control energy and maintenance costs because as energy costs regularly account for 30-50% of operational expenses. Too many budgets fail to take into account the impact of poorly maintained machines, equipment failure and unexpected problems.
- Vendor and contract management
- How to keep your focus on your core products.
- How to minimize employee theft.
- How to use available technology to control cash flow, product development.
- Establishing production controls
- How to establish a web presence by understanding the practical dynamics of the web, SEO optimization and Internet marketing.
- How to run an effective home based business
- How to develop a culture of innovation as well as how to incorporate new innovations and ideas.
- Understanding the dynamics between sales and operations.
- How to create value with customers by exceeding customer expectations.
- How to spot and handle upset customers to increase client retention.
- How to manage receivables, speed up customer payments and leverage receivable for cash flow.
- Incorporating new product development
- Operations soft selling, cross selling, up-selling
Staff Development and Management
- Managing people and staff development.
- When and how to hire based upon the numbers being generated by the new venture including determining which growth points require the entrepreneur’s venture to expand and professionalize.
- How create a corporate culture for a fun atmosphere and yet maximize productivity.
- How to deal with marginal staff, hiring and firing.
- How to handle ego and partners/investors, critical staff.
- How to make business decisions that effect family, friends and employees.
Contact us today for a free consultation for setting up the operations in your new venture.