Presentation on theme: "Strategies for Growth and Partnering Growing With Your Company And Your Partners."— Presentation transcript:
Strategies for Growth and Partnering Growing With Your Company And Your Partners
Where am I Taking You? Were going to look at you and your company in a different light! Will it be small or will it be big? Will it be you or will it be the company? Will you be in charge or will someone else? Will your company be broad-based or focused? Who are your competitors and who are your partners? Were going to look at partners – corporate and business. Yes, some day youll need a partner! Approach each partnership as if it were a marriage! Honest and up-front is the name of the game!
What Will We Learn? Have a plan from the very beginning Redefine and Refine the plan as you go Always know what your are and where youre planning on going Know your strengths AND weaknesses Youre always on the sell
Why Should You Listen to Me? Michael Kelly/President and Founder of RiverNorth Systems of Minnesota Founded in 1998 Grown in Revenues from $250K to ~$1M in 2001; 1 employee to ~10 in 2001 Transitioned from single shingle into a company with rent, payroll, budget cycles, partners, an Advisory Board, a Board of Directors and a Business Plan. Daily growing pains – still! But now, we know how to solve them
What Type of a Company are You Building? Single Shingle, Lone Ranger, Solo Act, Lifestyle Company Fast Track, Corporate Race, Rat Race, Conglomerate, Industry Heavy Weight Something in Between Take the Time to Plan. Your Growth Depends on it!
Will Your Company Be Small or Big? Characterize size by: Customer Base 1, 10, 100, 1000 Customers? Industry Breadth Vertical or Horizontal within Your Industry? Sales/Marketing Reach Campaigns, Word of Mouth, Networking Required Resources Capital, Financial, Human Think of the Plan!
Will Your Company be You or More Than You? Sole Proprietorship Only manage yourself! You direct the company, You make the decisions You reap all the benefits (Profits) Youre limited to your potential You make all the decisions You do everything (work, finances, windows) Think of the plan!
Will Your Company be You or More Than You? Partnership or More Your potential is higher! You dont have to make all the decisions You dont have to do everything Theres more to manage Your decisions are not always final You dont have total control anymore Think of the Plan!
Will Your Company be You or More Than You? There are different mind sets for each approach (Individual vs. Corporate) If youre a company – Think like a company If youre a individual – Think like an individual Think of the Plan!
Whos Running This Show Anyway? Do You Have the Right Stuff Would it Matter if You Didnt? NO – as long as the right people are in place Think Seriously About All Positions in Your Company Dont Feel Obligated to ANY Position in Your Company Find the Right fit in all positions! Think of the Plan!
What is Your Companys Niche? Horizontal or Vertical? Determine Target Industries Determine Customer Base Focused or Broad? Think of the Plan! Corporate Expertise Travel & Leisure Telecommunications Banking/Finance Electronics R & D Computer Industry Corporate Expertise
Who Are Your Competitors? Whats the Big Deal? We Owe it to our customers to be competitive Rates, Quality and Integrity You could lose business without even knowing it Competitive Intelligence is a Healthy and Smart Business Practice. Leverage your competitors! Think of the Plan!
Who Are Your Strategic Partners? Types of Company Partners Vendors Channel Suppliers Be Careful! Be sure of where your company is going Insist your partners know where theyre going Its amazing how fast company vision and direction change given enough money – its called short sightedness. Think of the Plan!
Choosing Company Partners Avoid Overlapping Services/Products/Value Establish Ground Rules Competitive Boundaries Compensation/Referrals Know your business partners mission, goals and objectives Think of the Plan!
Dos and Donts of Growth and Partnering Do develop and write a Business Plan Business Type Company Size Company Officers Value Proposition/Niche Partners Marketing/Sales Think like the company you want to be
Dos and Donts of Growth and Partnering Do Choose Partners that will Produce Win-Wins Have Integrity Be Competitive Dont be Afraid to Think Out of the Box
RiverNorth Systems, Inc. Michael Kelly/President/CEO www.rivernorthsys.com Michael.Kelly@rivernorthsys.com 952-953-0635