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Small Business ^ A - Z What the Manual didnt Include Consulting.

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Presentation on theme: "Small Business ^ A - Z What the Manual didnt Include Consulting."— Presentation transcript:

1 Small Business ^ A - Z What the Manual didnt Include Consulting

2 Some Issues Not in the Text These slides available at:

3 Some Issues Not in the Text What are we doing? –What does the client think? –What do you think? Whats in it for you? –Are you a charitable organization? –How to charge –How much to charge Bottom line: you need an engagement letter

4 The Engagement Letter Who –Who is hiring you? Management or owners? –Who do you report to? –Who will give you the info you need? What –What do they want? –Expectations – theirs and yours –Disclaimer

5 The Engagement Letter When ( timing ) –Is this the never ending story? –Will things drag on and on? –Will you or they lose interest? –When and how do you get paid? How –Do you have a work program? –Do you have a budget? –Do they know about it?

6 The Engagement Letter Protection –Protect yourself from your client –What happens if things go wrong? You missed the real problem You missed theft going on in plain site Your recommendations were awful instead of awesome A conflict of interest arises They dont pay You cant complete the work because…..

7 How are YOU going to Market this Service? Focus on USP Why would a client hire you? How can you help them? Packaging your product –The operational audit –The turnaround artist –The performance review –Small Business Tune Up

8 How are YOU going to Market this Service? Referral Sources –Bankers and other lenders –Other accountants –Lawyers Public Relations –Articles for local business mag –Newsletter for existing clients

9 Summary Lucrative field You are in the best position to help Avoid quicksand clients Dont give it away!

10 Forbes Magazine 10 Best Tips on a Great Business Plan

11 Define the problem In Terms you mother could understand Quantify the cost of the pain Avoid gobbledygook

12 Figure out Solutions and Benefits Get to the simple facts

13 Industry and Market Whats happening in the industry Whats happening in your niche

14 What is your Business Model Exactly: how does client make money?

15 Whats the Competitive Advantage Who are your competitors What are the substitute products What is your competitive advantage

16 Marketing and Sales How are you going to sell it? Distribution channel Strategic partnerships

17 Executive Team Wheres the horsepower? Wheres the advisory board

18 Funding Requirements Show me the money needs Where is the commitment of owners How much sweat equity is invested

19 Financial Forecast Is this real? How will investors get their money back?

20 10 Essential Questions 1.What is the purpose for existing? 2.Who is the target customer 3.Who needs what we sell 4.Is the need big enough to support the business? 5.What are competitors doing 6.Can expenses be reduced without harming the product?

21 10 Essential Questions 7.Do we have the right leadership? 8.Do we have the right employees? 9.How will we continue to drive revenue? 10.How are employees holding up? From Mark Kramer, Wharton School quoted from Forbes magazine 11/20/09

22 How to Bounce Back from Failure Get a 4-legged friend Face the music. Clear your head, then double down Swallow your pride – ask for help Meditate / pray Stand by your convictions… prove them wrong Put things in perspective Persevere. Its never over till its over

23 Forbes 20 most important Questions Forbes Magazine entrepreneurs/management





















44 Slides available at Use Forbes Magazine Resources

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