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Monthly Archives: August 2016

6 Business Strategy Competition for Entrepreneurs

Baylor New Venture Competition

Location: Waco, Texas

The Baylor New Business Venture Competition features current students and recent alumni of any accredited university across the nation competing in one of two tracks: consumer and internet technology companies, and nontechnology companies. Companies in the technology track must fall into categories such as internet security, social media and mobile commerce. There is a preliminary round, followed by three presentation rounds. The top teams from both tracks will compete against each other for the cash grand prize of $60,000.

FastPitch competition

Location: Savannah, Georgia

The Creative Coast’s FastPitch competition offers student entrepreneurs, service-based entrepreneurs and product-based entrepreneurs the chance to show off their innovative ideas via a 3-minute pitch. Local community leaders, academics and investors will assess the viability of each venture and provide coaching and feedback throughout the process.

HATCH Pitch

Location: Austin, Texas

Since 2012, HATCH Pitch has been an official SXSW event. In 2016, it branched out to become an independent program and event. This competition is for startups using information technology to make life better. Finalists are chosen and receive coaching and mentoring leading up to their demo day, when finalists present their business plans to a prestigious judging panel of corporate, angel and venture investors. Panel members provide feedback and select winners in which they would invest a virtual $1 million.

Innovation World Cup

Location: Multiple international locations

The Innovation World Cup Series is a collection of international competitions in a variety of technology categories like wearable technology (WT), theinternet of things (IoT), cloud technology and digital marketing. Entrepreneurs in each category get the chance to present their tech solutions to a panel of industry experts. With prizes worth over $300,000, the competition is designed to stimulate and inspire next-generation solutions with the potential for real marketable products. The next event is the WT Innovation World Cup, being held in Munich, Germany, in February 2017.

Silicon Valley Boomer Venture Summit Business Plan Competition

Location: Santa Clara, California

This Silicon Valley Boomer Venture Summit is geared toward business ideas that show potential for the baby boomer generation. Early stage entrepreneurs in all industries are welcome to submit 10-slide-deck business plans to the first round of judges at Santa Clara University. Finalists then present their slide shows in person at the summit to be considered for the top prize.

Virtual Enterprises International National online competition

Location: Brooklyn, New York

This business plan competition brings together some of the best and brightest student leaders and future entrepreneurs at Long Island University’s Brooklyn campus. Teams representing 28 virtual enterprise companies — simulated businesses set up and run by students for educational purposes — submit written business plans and give oral presentations that are judged by industry professionals and educators. After receiving top honors in local and regional business plan competitions during the school year, these teams earn the chance to compete.

How to Craft an Effective sales Pitch

The opening

The first contact with a potential customer or client is crucial to setting the tone for the ongoing relationship. Tom Silk, executive vice president atWorkStride, a provider of employee recognition software, said there is power in the first sentence of the sales pitch. But it’s not what you say; it’s how you say it, he added.

“Use tone, energy — stand up and show enthusiasm,” Silk said. “Energy sets the tone of the conversation.”

Moreover, it’s important to establish a connection with the person you’re selling to, said Brian Stafford, CEO of collaboration software company Diligent Corp.

“Establishing rapport is absolutely critical,” Stafford said. “The best sales rep creates a connection with the prospect as early on as possible.”

Social cues

Whether in person or on the phone, pay attention to the cues that are happening during the pitch, Stafford said. Pay attention to who is speaking, and if it’s an in-person meeting, note the body language. Look for affirmative cues, such as head nods, forward leaning, and open, relaxed postures. If you are getting the opposite, such as crossed arms or other nonresponses, then take a step back.

“I think sometimes, [sales reps] keep plowing ahead even if they aren’t getting the response they hoped for,” Stafford said. “It can be more dynamic to stop and pump the brakes, ask questions, and force them to say what isn’t working for them.”

It is harder to identify these types of social cues over the phone, but they are there if you listen. Silk advised envisioning what is going on in the room and working through the “noise language.” What is being said, by whom and how? Adjust to the silence, and solicit feedback.

“If the plan is not going well, change and adjust on the fly,” Silk said.

The call to action

This is perhaps the most important part of the sales pitch: Ask someone to take action at the end of a sales presentation, Circosta said. Even if the prospective buyer isn’t ready to make a final decision yet, leaving them with a clear call to action will at least keep the idea of doing business with you fresh in their mind.

“If you don’t ask them for the sale, they probably won’t go through with it,” he said.

The follow-up plan

Knowing how and when to follow up on a sales pitch is another factor in its success. It would be nice if every sale were closed at the end of the pitch, but that rarely happens. Decision makers need to take time to evaluate the proposal and ensure what you have to offer is going to fix their problem or improve their capabilities.

WorkStride creates a project plan with its potential clients, defining the milestones for follow-up and the best method to do so.

What You Need to Know About Accounts Payable and Your Business

 Accounts payable are the bills and other debts that the business needs to pay. As a matter of fact, the only thing that a business pays that is not considered accounts payable is payroll. Everything else falls under the category, making it a critical aspect of your business.

“The accuracy and completeness of a company’s financial statements are dependent on the accounts payable process,” said Harold Averkamp, founder and author of accounting advice website Accounting Coach. “The efficiency and effectiveness of the accounts payable process will also affect the company’s cash position, credit rating and relationship with its suppliers.”

Implementing a dependable accounts payable system will produce accurate financial information you need to plan for both the short and long term. Here’s what you need to know about keeping up with your business debts.

Work from the original invoice whenever possible. Some invoices are sent electronically — print once and then file the email away to minimize confusion.

Use the same entering system every time. Each vendor has their own system of invoicing but assigning the invoice number in your system should be consistent. Determine the method, such as using leading zeros, and stick to it.

Enter every invoice individually. This includes multiple monthly invoices from the same supplier. In the event of a dispute, you will want to be able to track it down in your system easily.

Get invoice approval from the appropriate person before entering it. The person approving the invoice should be different than the one entering it. If you are a sole proprietor and do your own bookwork, this may not be possible, but still have a clear process for approval and entry. Keep solid records to support each one.

Look for early payment discounts to save money. It can add up by the end of the year. Some vendors offer a small percentage off the invoice if you pay it within a specified time frame from the invoice date, such as within ten days.  If you typically only work with accounts payable once a month, consider a system in which you identify early payment discount opportunities when the invoice is received and pay those separately from the monthly pile.

Cash flow is important to a small business. A solid system of monitoring and paying accounts payable gives you a clear picture of your expenditures against your revenue, enabling better business decisions.

Create an Effective Marketing Plan

 Most small business owners know the importance of a business plan, which outlines your company’s course for success. One crucial element of that plan is your marketing strategy.

Because this strategy is buried in the larger business plan, many small business owners may not give marketing the time, research and attention it deserves, assuming that they know their customer base and how to reach them. But an in-depth and detailed approach to laying out your marketing strategy can reveal opportunities from a new audience or potential product line, pitfalls in pricing, competition reaction, and potential reach.

At its most basic, a marketing plan describes who your customers are, where they get information and how you are going to reach them. Robert J. Thomas, a marketing professor at the McDonough School of Business at Georgetown University, said the development of a marketing plan requires that you complete four specific tasks:

1. Develop a very clear and focused insight into why a potential customer would use your business. More specifically, figure out the core need that your product or service will meet. Is it to help your customers get through the day more easily? Do their job more efficiently? Be respected and admired by friends? Your offering should be designed to solve client problems or meet customer needs better than the competition can.

2. Identify your target customers. There are numerous potential customers in most markets, but to succeed faster and better, a small business must study the market and determine the characteristics of its best target customers. The target customer should be described in detail. Create an avatar, or fictional person, who has all of your target-customer attributes, and examine what that person would say, do, feel and think in the course of a day.

3. Identify competitors that would also want your target customers. No matter how original your product or service may be, there is always competition for your target customer’s dollar. Small businesses seldom take the time to study their competitors in depth, or determine competition that may be outside their industry but just as capable of luring the customer away. Preparing to know who that is, what their core competitive advantage is and how they will respond to your offering (price cuts, increased communication, etc.) will help you figure out strategies to combat such losses.

4. Write down your brand-positioning statement for your target customers. Ultimately, your brand and what it symbolizes for customers will be your strongest competitive advantage. You should be able to write down a simple declarative sentence of how you will meet customer needs and beat the competition. The best positioning statements are those that are single-minded and focus on solving a problem for the customer in a way that promotes the best value.