Setting The Course! Build Your Business Strategy
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When it comes to business strategy and planning, most small business owners are overwhelmed. Learn to start with five key decisions: Exit Strategy, Entity Structure, Value Model, Marketing Strategy and Implementation Approach.
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Setting The Course! Build Your Business Strategy
- 1. Sigma Free Presents… Setting the Course! Build Your Business Strategy Tuesday, June 22, 2010, 6pm‐8pm Sigma College of Small Business 6611 Jefferson St., Ste 103 Haymarket, VA 20169 Provided by Sigma College of Small Business, Inc.
- 2. Agenda Introductions Keynote Topic Setting the Course! Build Your Business Strategy Break Ask Questions Keynote Topic Any Time Setting the Course! Build Your Business Strategy Setting the Course! Build Your Business Strategy 2 Copyright 2010 Sigma College of Small Business, Inc.
- 3. Business Strategy Marketing Tactics Implementation Entity Structure Five Pillars Value Model Exit Strategy – Organization – Perspective of a – Approach – Incentive – Actions Business Strategy Setting the Course! Build Your Business Strategy 3 Copyright 2010 Sigma College of Small Business, Inc.
- 4. Exit Strategies ‐ Starting with the end in mind • Crash and Burn – Bankruptcy • Controlled Dissolution – Business goes as long as you go – When you’re done, it’s done • Ownership Transfers – Sell ownership – most common – Public Offering – Stock Buyback • Transition to Passive Investment – Keep ownership and draw “distributions” • Combination Setting the Course! Build Your Business Strategy 4 Copyright 2010 Sigma College of Small Business, Inc.
- 5. Decision Point Business Sized to YOU Business Beyond YOU • Market and Sell to • Market and Sell to what you can the total market manage opportunity • Growth dependent • Growth dependent on your capacity on delegation • Limited Exit Value • Unlimited Exit Value • Business is a job • Business is an investment Setting the Course! Build Your Business Strategy 5 Copyright 2010 Sigma College of Small Business, Inc.
- 6. Sole Proprietor Partnership Limited Legal Organization Partnerships Limited Liability Legal organization is an important decision made to support Company S‐ your personal and business goals Corporation C‐Corporation • Considerations Sole Proprietor Partnership – Liability – accident and financial Limited – Taxes – Income, payroll, estate Partnerships – Investment , ownership transfer and Limited Liability Company S‐ management Corporation • Types of Organization C‐Corporation Sole Proprietor – Sole Proprietor and Partnership Partnership – “C” Corporation and “S” Corporation Limited Partnerships – Limited Liability Company Limited Liability What's the Best Entity? Solve the Mystery of Legal Organization Company Copyright 2010 Sigma College of Small Business, Inc. 6
- 7. Terminology • Business Liability – company assets that are at risk Liability • Personal Liability – personal assets that are at risk • Limited Liability –personal liability is limited for some reason • Personal Tax Rate – incremental tax rate on personal return • Business Tax Rate – incremental tax rate on business return Taxes • Payroll Taxes – Social security and Medicare taxes • Pass Through – Business profit taxed on personal taxes • Active Investment – investor actively involved in Ownership management • Passive Investment – investor not involved in management What's the Best Entity? Solve the Mystery of Legal Organization 7 Copyright 2010 Sigma College of Small Business, Inc.
- 8. “I’m Going to Start a Business” Legal Organization Example Generate Income for Myself Build Business for Growth • S‐Corp or LLC • C‐Corp – Liability Protection – Liability Protection – Cash can pass through – Cash kept in company for without double taxing growth taxed at corporate – Losses pass through rate – 15% for <$50k • May be a draw for some • Personal Service Corp – 35% investors – Dividends taxed to – LLC provides more flexible shareholders management and ownership – Benefits to salaried options shareholders not part of – No “corporate” or foreign salary investors for S‐Corp – Corporate Investors Setting the Course! Build Your Business Strategy 8 Copyright 2010 Sigma College of Small Business, Inc.
- 9. Value The Incentive Factor • Fair Market Value – The “price” something would change hands • between willing parties • when all parties know the facts – Impersonal, detached, hypothetical parties • Investment value – The specific amount a specific party would pay based on individual investment criteria • Personal to the parties involved • Intrinsic Value – Analytical judgment of value based on perceived characteristics of the investment • How good a “deal” Setting the Course! Build Your Business Strategy 9 Copyright 2010 Sigma College of Small Business, Inc.
- 10. Increasing Value Passive income is more valuable than active income! • “Franchise Mentality” – What would have to happen for you to franchise – Create a business someone else could run – Work yourself out of a job • Increase Confidence of Projected Results – Create business with predictable results – Cash flows, growth and potential resale • Build to the Market Opportunity – Adopt a true CEO mentality – Lead and Manage to maximize value • As opposed to creating a pay check Setting the Course! Build Your Business Strategy 10 Copyright 2010 Sigma College of Small Business, Inc.
- 11. Sigma Free Presents… Setting the Course! Build Your Business Strategy Tuesday, June 22, 2010, 6pm‐8pm Sigma College of Small Business 6611 Jefferson St., Ste 103 Haymarket, VA 20169 Provided by Sigma College of Small Business, Inc.
- 12. Developing a Marketing Strategy • Where are you now? The Market – Market Position • Where do you want to be? – Marketing goals • How do we get there? – The marketing strategy – The Marketing Plan • The Marketing Strategy The Market – Define the current market – where are the weaknesses? • Gaps, competition, segments, pricing – Determine methods of attack – Set actions across the Marketing Mix Setting the Course! Build Your Business Strategy 12 Copyright 2010 Sigma College of Small Business, Inc.
- 13. Market Positions • Market Leader – Dominates market The Market • Market Participant Weak Market – Strong – Significant market Market Leader Participant share, challenging leader – Weak – Content with some Strong Market market share Participant Nicher • Nicher – Serve small segments of market Setting the Course! Build Your Business Strategy 13 Copyright 2010 Sigma College of Small Business, Inc.
- 14. Implementation Creating and Executing the Plan • Create an action plan – Create strategies and projects – Schedule actions from strategies and projects • Accountability – Big Companies use Board of Directors – Create a “Board of trusted advisors” – Use friends, consultants or family – Business Coaches An accountability partner or team will help get you where you want to be! Setting the Course! Build Your Business Strategy 14 Copyright 2010 Sigma College of Small Business, Inc.
- 15. Leveraging the Online Social Network Tuesday, July 13, 2010, 10am‐2pm Sigma College of Small Business 6611 Jefferson St., Ste 103 Haymarket, VA 20169 Provided by Sigma College of Small Business, Inc. Setting the Course! Build Your Business Strategy 15 Copyright 2010 Sigma College of Small Business, Inc.
- 16. Sigma Free Presents… Setting the Course! Build Your Business Strategy Tuesday, June 22, 2010, 6pm‐8pm Sigma College of Small Business 6611 Jefferson St., Ste 103 Haymarket, VA 20169 Provided by Sigma College of Small Business, Inc.