Tom MillerWhat does it take to be successful?  It is not necessarily a great product; more often than not, it is the ability to marshal the resources of the business and to plan and execute an effective strategy in an efficient manner.

There are three key resources that businesses need in order to compete and win: People, Money, and Time.

People

• Design the Organization – Most grow organically and are based on people, not on the job that needs to be done.
• Design the Job – Include reporting relationships, authority, responsibilities, and performance metrics.
• Hire the Right Team – Not just on qualifications, but personality and team chemistry.
• Outside of the Org Chart – Advisory & governing boards; professional service providers help provide connections and build credibility.

Money

• Two Basic Colors – Debt (borrow) and Equity (buy).
• 14 Sources of Money – From family, friends, and fools to being a public company
• Finding the Right Color – understanding collateralization, risk tolerance, return required and repayment schedule.
• Use Basic Tools – Budget, Cash Flow Forecast, and a good Accounting System.

Time

• Golub’s Law: A poorly planned strategy will take three times as long as expected to complete, while a well-planned strategy will only take twice as long. Entrepreneurs who have the discipline to plan well significantly increase their odds of success.
• Typical Consequences of Being Late – Ran out of money, missed product launch window, missed project milestones
• Five Diagnostic Questions – Provide a starting point for good planning.
• Planning Process – Use both external factors (industry, market, customers, vendors, regulators, competitors) plus internal factors (mission, vision, product features & benefits, cost structure) to develop functional plans: Design, Make, Market, Sell, and Account. Plan can be used for both external (biz plan) and internal (budget) focuses.
• Hire People Just-In-Time (including training, teambuilding, and ramp-up time).
• Get Money well in advance of your need.

Closing Quotes

• Being an Entrepreneur is Risky Success tends to go not to the person who is error-free, because he also tends to be risk-averse. Rather it goes to the person who recognizes that life is pretty much a percentage business. It isn't making mistakes that are critical; it's correcting them and getting on with the principal task. Donald Rumsfeld, Secretary of Defense
• Don’t Take Foolish Risks No one tests the depth of a river with both feet. Ashanti proverb
• It’s OK to Fail Every great improvement has come after repeated failures. Virtually nothing comes out right the first time. Failures, repeated failures, are fingerposts on the road to achievement. -Charles R. Kettering co-founder of Delco and holder of over 300 U.S. Patents
• Don’t Quit A man is not finished when he's defeated; he's finished when he quits. Richard M. Nixon
• This is the 30,000 foot view - please let me know if you would like me to explore any of these topics in greater depth. 

Tom Miller
Founder, Persuasive Business Plans
occnslt@gmail.com