We now have a business plan in place (either in our head or hopefully on paper). We have created an entity and we have funded ourselves such that we are able to meet our operational financial requirements. We are now focused on getting our products/services into customers and generating revenues in order to finance growth.
Cash-flow is of the utmost importance at this stage of the Company’s lifecycle. We need to invest in order to provide our products to the market, but we need to invest in those things that will bring a reward in terms of cash flow and market share growth. We need to organize our operations in an efficient and professional manner. We need to determine how best to finance our operations as we invest in our future.
Items to consider:
During the Start-up phase of the business, the following questions are some of the essential issues which must be resolved in order to continue moving our business wave forward:
Product/Service Considerations – Do we want to build our products or do we utilize a third party to supply products to our market? Do we license our technology to others who have manufacturing capabilities and sales channels or do we develop these ourselves? What facilities, equipment and personnel do we need to obtain to get our product to market?
Market Considerations – What is the pricing strategy of the competition? What products/services do we need to provide to customers to beat the competition’s offering? How are we going to brand our product/service? How do we make our market aware of our product/service without breaking the bank?
Operational Considerations – What do we need to do to get our sales staff in place? Do they have the right tools (CRM considerations)? How do we incentivize our sales force? Do we have a Board of Directors in place? Do we have people in key positions who can grow the company? Do we have a base infrastructure of policies, procedures and systems upon which we can grow the company?
Financing Considerations – Do we have enough working capital to provide for operations and growth over the next year? Do we have the banking relationships and products in place to finance our operations? Do we need to seek additional equity funding? Do we have the proper accounting and financial infrastructure in place to safeguard assets and obtain information upon which we can manage the business?
Business Plan – Don’t forget this document. The business plan can not be a static document that is created at inception. It must be a living document that is updated, reworked, and reconsidered to reflect new information and current operations. This document should reflect current strategic thinking and should be utilized to determine strategic decision making, product and market planning and fund raising. It should also be used as the scorecard by which the business’s success is determined.
How We Can Help:
During the Start-up phase of the Company’s lifecycle, it is essential that a base is created upon which the Company can grow and thrive. Key decisions are made, and many of them will determine the success of the Company for years to come. The professionals at CXO Vantage have the knowledge to help build successful policies, procedures and systems. We are able to prepare go-to-market strategies and implement the programs which will successfully increase awareness of the products/services provided by your Company without breaking the bank. We are able to help make product decisions and implement manufacturing and/or sourcing tactics. CXO Vantage can help you in all strategic and tactical areas as you negotiate your way through the Star-up Phase of the Business Lifecycle. To set up a free introductory visit with CXO Vantage to discuss your current situation and how we can help guide you as you develop your business venture, call (801) 930-0842 or email us at email@example.com