Business Development Services 1 Who’s on your team? Session 9

Business Development Services 2  Define common skills needed by every business  Explore and identify the skills needed in your business  Assess your own skills  Plan for skill gaps Session objectives

Business Development Services 3  “The business needs someone who can…  “The business needs someone who is… What skills does the business need?

Business Development Services 4  In early days, business owners do much of the work themselves  Many are shocked by skills they need  Many aren’t prepared  Can cause owners to put off (procrastinate) important jobs  Can cause stress & burnout Business skills – the reality

Business Development Services 5  It’s impossible to be an expert in all the skills your business needs.  For your feasibility plan, you need to show you’ve considered all the skills your business needs  And…who can bring these skills to your business The truth…

Business Development Services 6  As a business owner, you’ll have to think about the skills your business needs, not just the skills you have Skills your business needs

Business Development Services 7  Help you identify skills needed for your business  Measure your own skills in these areas  Build a plan for any skill gaps – or areas where you may need help In-class activities to…

Business Development Services 8  In sales, you have direct contact with the customer (trade show, individual meetings, calls, etc).  Sales people need marketing so that they have the tools (messaging and materials) to communicate benefits, UVP, etc. to potential customers. Sales & Marketing

Business Development Services 9  Some business owners pay someone to help with finance and administration at start-up, and then do the monthly tasks themselves.  Some do most of the administrative tasks, but pay someone to do all the financial work (but you still need to understand financial statements & analysis)  Some businesses hire employees to handle financial and administrative work.  Some have trusted advisors Getting help with finance & administration

Business Development Services 10  Owners/partners  Employees  Contractors  Advisors Bringing needed skills into your business

Business Development Services 11  Describe responsibilities, skills and experience of owners/partners  Include résumés  Cost: salary  Monthly costs (yearly for year 2 and 3) Owners/partners

Business Development Services 12  Number and job titles  Job descriptions if possible  Salary/hourly wages  MERCs (CPP, EI, Worker’s Compensation, vacation pay)  Costs:  Include all monthly costs for employees (wages and MERCs) (yearly for year 2 and 3) Employees

Business Development Services 13  Common for: bookkeeping, accounting, legal, marketing, etc.  Need a contract – no MERCs  Cost:  Hourly, daily rates, project-based (e.g. website)  Start-up and monthly costs (yearly for year 2 and 3) Contractors

Business Development Services 14  Give you important advice. Examples:  SEED Business Consultant  Banker/lender  Accountant  Insurance professional  Professional associations Other advisors