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Monday, January 12, 2015

Bowling for Business


I usually suggest using a "bowling pin" approach to business. That is, do one thing, get it right, then move to the next logical adjacent pin ...do not go for a strike at the start. This applies to both offerings and geographies (e.g. take one manageable geography followed by an adjacent one, etc.). Get it right each time and the word of mouth rewards will help. Get it wrong one time and.....

Getting a strike can place you in a position that you are unable to deliver or support your offerings. This is not a good viable business strategy.

The "pins" nearest when you have a great business plan and in search of funding, deal with methods of testing the plan which depends on how much you are seeking to raise and how much you are willing to give up to raise it. Some examples: If Crowd funding is possible, look at some of the sites and put together a proposal for one site. If it works you may consider added sites. Bank funding may be possible where the element(s) to be used as collateral need to be determined and test with one bank (there are different types of banks as well). If private funding is the way to go, put together a proposal and test with one investment banker or friend/family member if you select that approach. So these are 3 "pins" to consider. When the testing is done, evaluate the alternatives available ("pins") and move forward to the next level.

We are not looking for a 300 score in this bowling game. But we are searching for the best available alternative for our business needs.

                   

Steve Koenig, SCORE Counselor


 

 

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