Starting a New Venture Success Metrics
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Silver Beacon Marketing's George Bounacos presents to George Mason University's "New Venture Creation" class of upperclassmen in November 2009.
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Starting a New Venture Success Metrics
- 1. Starting A New Venture How will you know if you succeed? George Bounacos Silver Beacon Marketing www.SBMteam.com
- 2. About George (aka Why George?) GMU alum Judge SOM business case competition Fairfax County Consumer Protection Commissioner COO, Silver Beacon Marketing 4 prior startups, plus federal and B2B work Silver Beacon Marketing www.SBMteam.com
- 3. Universal Successes Silver Beacon Marketing www.SBMteam.com
- 4. Silver Beacon Marketing www.SBMteam.com
- 5. Silver Beacon Marketing www.SBMteam.com
- 6. Silver Beacon Marketing www.SBMteam.com
- 7. Without a mission and metrics,how is success determined? Silver Beacon Marketing www.SBMteam.com
- 8. Qualified Successes The Internet – inventors didn’t intend current use Constantly changing storage media Tape (reel-to-reel, cassette) Optical drives Solid state drives Reset to cloud computing Silver Beacon Marketing www.SBMteam.com
- 9. Measure orPerish Silver Beacon Marketing www.SBMteam.com
- 11. Strategic Plan – 6 mos.
- 12. Marketing Plan – 6 mos.
- 13. Tactical Plan – 1 month incrementsCreate a success metric Silver Beacon Marketing www.SBMteam.com
- 14. Silver Beacon Marketing www.SBMteam.com Why are we starting this venture? What is our financial plan? Who is accountable? How will we define success? When will our milestones occur? Questions To Ask
- 15. Funny, but true concept #1 Silver Beacon Marketing www.SBMteam.com
- 16. Silver Beacon Marketing www.SBMteam.com
- 17. Silver Beacon Marketing www.SBMteam.com
- 18. Silver Beacon Marketing www.SBMteam.com
- 19. Go All-In New ventures are not 40 hour / week jobs Prepare to go all-in Commit: Your time Your personal resources Your reputation Silver Beacon Marketing www.SBMteam.com
- 20. Silver Beacon Marketing www.SBMteam.com Warren Goes All-In
- 21. YourFourTakeaways Silver Beacon Marketing www.SBMteam.com
- 22. Be RealisticFundingCash FlowSales ProjectionsCustomer Service Silver Beacon Marketing www.SBMteam.com
- 23. Silver Beacon Marketing www.SBMteam.com
- 24. Funding Sources Bootstrapping Savings Credit cards Family lending Commercial lenders Govt backed lending Selling equity Silver Beacon Marketing www.SBMteam.com
- 26. Cash Is King Silver Beacon Marketing www.SBMteam.com “Some people around here better get some perspective. My promotions budget at [company] was bigger than this whole place’s free cash flow.” --COO to Morgan Stanley partner shortly before road show
- 27. Cash Is King Silver Beacon Marketing www.SBMteam.com “Someone who owns the company writes on both sides of the paper.” --the same COO after the IPO blew up
- 28. Cash Is King – The Simple Version Silver Beacon Marketing www.SBMteam.com
- 29. Cash Is King – The Real Version Silver Beacon Marketing www.SBMteam.com Lower sales than expected
- 30. Cash Is King – The Real Version Silver Beacon Marketing www.SBMteam.com Litigation / Insurance Lower sales than expected
- 31. Cash Is King – The Real Version Silver Beacon Marketing www.SBMteam.com Debt servicing Litigation / Insurance Lower sales than expected
- 32. Cash Flow – Famous Business Quote Silver Beacon Marketing www.SBMteam.com Yesterday is a cancelled check. Tomorrow is a promissory note. Today is cash.
- 33. Silver Beacon Marketing www.SBMteam.com Hockey Stick Projections Graphic: allthingsd.com
- 34. Managers hate unrealistic projections Silver Beacon Marketing www.SBMteam.com
- 35. Silver Beacon Marketing www.SBMteam.com …but this projection is actual growth.
- 36. Silver Beacon Marketing www.SBMteam.com
- 37. Sales Projections Your organization’s sales growth will not ramp up like Twitter’s Or Google’s Or Microsoft’s Silver Beacon Marketing www.SBMteam.com
- 38. Silver Beacon Marketing www.SBMteam.com KEEP IT REAL Or Go Home Sales Projections
- 39. Customer Service Silver Beacon Marketing www.SBMteam.com
- 40. Customer Service 25 people learn about 1 negative experience Who knows if this is true? Who cares? Isn’t it enough 1 does? Silver Beacon Marketing www.SBMteam.com
- 41. Customer Service Costs to acquire customers almost always more than to keep ones you have. But who does that work? Silver Beacon Marketing www.SBMteam.com
- 42. Customer Service Hiring people costs money. Average customer service rep salary in Washington, D.C.: $30,000 Fringe benefits: $10,000 Explicit Cost: $40,000 for one person Silver Beacon Marketing www.SBMteam.com
- 43. Customer Service Silver Beacon Marketing www.SBMteam.com Who is answeringthe phone when I go to lunch? :sigh:
- 44. Customer Service New organizations must budget customer or client service time. That is time not spent making sales …or working on strategy …or doing anything but holding on to existing business. Silver Beacon Marketing www.SBMteam.com
- 45. YourFourTakeaways Silver Beacon Marketing www.SBMteam.com
- 46. Be RealisticFundingCash FlowSales ProjectionsCustomer Service Silver Beacon Marketing www.SBMteam.com
- 47. BonusTakeaway Silver Beacon Marketing www.SBMteam.com
- 49. Change Look for hidden competencies Silver Beacon Marketing www.SBMteam.com
- 50. Earth’s biggest bookstore Silver Beacon Marketing www.SBMteam.com
- 51. Silver Beacon Marketing www.SBMteam.com KEEP IT REAL Or Go Home Starting a New Venture
- 53. Starting A New Venture How will you know if you succeed? George Bounacos Silver Beacon Marketing www.SBMteam.com