Even a good business isn’t safe from competition or market forces – just ask GoPro. As an entrepreneur running a start-up or a business owner trying to grow a company you need to be prepared for what might be lurking in the economy or amongst those in your marketplace. In GoPro’s case they built a business around a great product and have experienced massive growth and market adoption – the goal of every business. Apple has filed a patent that might force some change at GoPro (read more here) similar to the type of change that is happening with businesses being impacted by the drop in oil prices. But there is a silver lining. Continue reading “What your business can learn from the GoPro stock price crash”
In continuing with the theme from yesterday’s blog (click here) here are some ideas on how to prepare for the cash your business may need. Keep in mind that one of the unique features of a small business is it’s ability to be nimble and change quickly. Any plan for more than 12 months out could be nothing more than a guidepost in helping steer the overall strategy of a business. At ground level, cash flow matters and having a plan for the coming business quarter or quarters can relieve pressure.
I sat with an investor last week that was looking for some input on a deal that was presented to him through a friend who was seeking short term financing for his company. On occasion this individual will fund opportunities for clients of mine and we have gotten to know each other pretty well so he asked for my help. Prior to our meeting the CFO of the company seeking his investment completed our Business Health Check (www.businessmoney.ca) and we used the results to speak about the opportunities and challenges involved with making a decision to fund this request. Reviewing the Business Health Check results not only provided some insight into this company but also highlighted several other items that immediately came forward which most businesses Continue reading “3 lessons from a 30 minute meeting with an investor”
Being an entrepreneur can be a lonely place. Charged with being a leader, having answers to challenges and knowing the future are all tremendous and sometime overwhelming tasks. In the midst of financial difficulties, being an entrepreneur can be compared to Continue reading “Entrepreneur feeling alone…help wanted”
In talking with a potential client yesterday I heard the comment “What comes first – the plan or the money?” The answer is – the plan. It always starts with a plan. Just because you have an asset that has a lot of equity in it does not always translate into a cheque being written by a bank or lender. In fact, most banks and lenders that do write cheques on the strength of available equity and no plan tend to charge accordingly with higher rates of interest and fees. Continue reading “Good deals get good money”