Leaders should accept that work will never go back to how it was and flexible work is here to stay…
If you’re like most entrepreneurs assessing the current economic landscape, you are sheltering in place and have several competing priorities. While all these issues are important, your highest priority is having a granular, specific, up-to-date understanding of your cash position. Not growth, not adding new customers, not profit… cash. Profit does not equal cash because you can’t spend profits. It’s possible to have $200k of profits and no cash (maybe a customer hasn’t paid yet), or $200k of cash and no profits (perhaps you’ve not paid a bill yet, or you’ve just borrowed money). Extreme, tactical management of your cash
I frequently work with start-ups. Sometimes as an advisor. Sometimes a supplier. Often, I’m asked to invest or help raise money. As I review pitch decks, I see the same theme repeatedly. Entrepreneurs, in love with their “baby,” focus too much on their product and how it’s going to “Uberfy” an industry. Unfortunately, they missed the critical elements investors target (in order): They haven’t found a product-market fit. They haven’t formed a team with proven success in that industry They don’t have a command of the competitive matrix or their intersection They don’t have command of their financials and, more
Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are: What do people really want to buy from me? What related products are they already buying? Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both
