One of the most important lessons I learned in the last 30 years of buiness was "Two or more heads is better than one" when it comes to business strategy. I was lucky to learn this fairly early in my career which caused me to start conducting regularly scheduled planning retreites with a selected group of managers and advisors. I firmly believe the insight gained in these discussions significantly contributed to my success in business.
If you own a business or are considering going into business for yourself and haven't developed an ongoing relationship with a SCORE chapter in your area I strongly recommend you do so. Here is a link to the chapter I am associated with in Chapel Hill, NC: http://www.scorechapelhill.org/Counselors.htm or you can find your local chapter using the SCORE national Website: http://www.SCORE.org
Sunday, December 14, 2008
Sunday, October 26, 2008
Small Business Opportunity - Exporting
By Walt Brittle October 26, 2008
According to Daniel Griswold, Director, Center for Trade Policy Studies, at the Cato Institute:
“Americans have never earned or spent a higher share of our income in the global economy than we do today. In 2006, as you can see in Figure 1, what we earned through the export of goods and services and income from foreign investments abroad reached a record 15.6 percent of gross domestic product. What we spent for imported goods and services and payments on investments in the United States reached a record 22.2 percent of GDP.
Small businesses that shun global markets are missing the growth opportunity of our time.
U.S. small businesses have benefited as exporters into a growing global market, including China. Last year, U.S. exports of goods to the rest of the world topped $1 trillion for the first time ever.
U.S. exports of services also reached a record $422 billion.
The Internet, global telecommunications, and an increasingly complex global supply chain have opened opportunities for smaller U.S. firms to supply goods and services to global markets or to larger U.S. companies that sell to those markets.”
According to a study on Costs of Developing a Foreign Market for a Small Business: The Market & Non-Market Barriers to Exporting by Small Firms - submitted by Palmetto Consulting, Inc. sponsored by the SBA they are as follows: Research Summary [PDF file].
1. No international business plans or market studies
2. The ability to locate and analyze foreign markets
3. Finding international market data
4. Identifying business opportunities
5. Contact overseas customers
Small business owners have said: “Opportunity costs, especially of time, are significant barriers to exporting or to increasing export behavior. Exporting takes time and energy that is more profitably spent on domestic operations.” This is true only if you try to do it yourself with existing staff.
There is no need miss this opportunity because you don’t have time.
For more information give me a call at 919.942.1634.
According to Daniel Griswold, Director, Center for Trade Policy Studies, at the Cato Institute:
“Americans have never earned or spent a higher share of our income in the global economy than we do today. In 2006, as you can see in Figure 1, what we earned through the export of goods and services and income from foreign investments abroad reached a record 15.6 percent of gross domestic product. What we spent for imported goods and services and payments on investments in the United States reached a record 22.2 percent of GDP.
Small businesses that shun global markets are missing the growth opportunity of our time.
U.S. small businesses have benefited as exporters into a growing global market, including China. Last year, U.S. exports of goods to the rest of the world topped $1 trillion for the first time ever.
U.S. exports of services also reached a record $422 billion.
The Internet, global telecommunications, and an increasingly complex global supply chain have opened opportunities for smaller U.S. firms to supply goods and services to global markets or to larger U.S. companies that sell to those markets.”
According to a study on Costs of Developing a Foreign Market for a Small Business: The Market & Non-Market Barriers to Exporting by Small Firms - submitted by Palmetto Consulting, Inc. sponsored by the SBA they are as follows: Research Summary [PDF file].
1. No international business plans or market studies
2. The ability to locate and analyze foreign markets
3. Finding international market data
4. Identifying business opportunities
5. Contact overseas customers
Small business owners have said: “Opportunity costs, especially of time, are significant barriers to exporting or to increasing export behavior. Exporting takes time and energy that is more profitably spent on domestic operations.” This is true only if you try to do it yourself with existing staff.
There is no need miss this opportunity because you don’t have time.
You can enter into a strategic partnership with an export consultant that already has international business experience. The consultant will serve as your International Market Strategist and address all of the five barriers. In many cases you will only have to pay the consultants out of pocket expenses (no salary or other up-front fees) for the consultant to expand your business through exports. Of course, you will also agree to pay a percentage of sales to the consultant for a five year period and a reasonable termination fee if you decide to start handling your export sales on a direct basis. You have nothing to lose and everything to gain by taking advantage of this opportunity.
For more information give me a call at 919.942.1634.
Thursday, September 25, 2008
Business Planning Made Simple
If you don’t update your written business plan frequently, you are missing opportunities to increase company performance. Planning is a discovery process. If you don’t have a current business plan write one today. It does not have to be an elaborate document to be of benefit. It is okay to keep it simple.
The key elements:
1. Persuasive Business Summary (250 words or less)
2. Brief description of the company's history
3. Company objectives (measurable)
4. A description of the company's products and services - existing and planned
5. Market(s) (where the business competes including new markets management plans to enter)
6. An explanation of how and why the business will become more successful and maintain a competitive advantage - include a list of things to be done, who will be responsible for getting it done, and when they will be done
7. Growth projections for the company and the markets
8. Description of the key management team and their primary goals
9. Source and Application of Cash (A description of funding requirements, including a time-line and how the funds will be used)
10. Timetable for updating the plan
How To form: http://www.scorechapelhill.org/BplanSumQuestions.htm
Other business aids: http://www.scorechapelhill.org/firstpage.htm
The key elements:
1. Persuasive Business Summary (250 words or less)
2. Brief description of the company's history
3. Company objectives (measurable)
4. A description of the company's products and services - existing and planned
5. Market(s) (where the business competes including new markets management plans to enter)
6. An explanation of how and why the business will become more successful and maintain a competitive advantage - include a list of things to be done, who will be responsible for getting it done, and when they will be done
7. Growth projections for the company and the markets
8. Description of the key management team and their primary goals
9. Source and Application of Cash (A description of funding requirements, including a time-line and how the funds will be used)
10. Timetable for updating the plan
How To form: http://www.scorechapelhill.org/BplanSumQuestions.htm
Other business aids: http://www.scorechapelhill.org/firstpage.htm
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