Startup Advise from a great Brit !!!
Our speaker for this Meetup was Nigel Johnson/Founder, Reclipse Group of Mgt Consultants to Startups & Turnarounds – from unknows to Apple & Starbucks. He also has worked as a Mfg, QA & Systems Engr in US & UK.
1) What are you best at?
2) What do you want in life?
3) What do people need?
4) How can you fit all these, into a business?
Some of Topics were:
– creating a Vision of what you want to do
– having a Passion for it and being driven to provide excellence
– being Customer-centric to find out what your Customers needs
– being Supplier-sensitive to pick high quality Suppliers, then monitoring them to assure they are always delivering the Quality you want
Key Elements of your Processes
1) People, because they produce your product & are the face of your organization to your Customer
2) Product. Developing a Product that meets the needs of your Target Market to the price, quality & reliability level they want
3) Sales & Marketing. finding out what the Customer needs, then delivering it to them at a cost they are willing to pay, on a timely basis. Informing the Market of your availability & benefits. Getting feedback from Customers on their “satisfaction” with your products.
4) Production. of Products or services to meet the Customer’s needs on a cost-effective basis. Maintaining the quality of products thru the production & delivery cycle.
5) Data. Using the latest “proven” technology to monitor the performance of your organization (ie, cost of production, Cash Flow from Sales, Expenses, etc) to determine the success of the company and to make adjustments to achieve objectives.
Key Factors for Starting
– Create a Biz Plan so you and others can objectively determine the feas-ability & where changes need to be made
– Ask for Help from those best able to give you good advice.
– Plan the steps of the processes needed from your Vision
– Decide on what Values you want to emphasize in your organization
– Plan your Financials to know how much you expect to bring in and where the money is going out on expenses. Review this each quarter and adjust accordingly.
– Optimize your Time, by pre-qualifying your Prospects, so you’re spending your time with those that are most likely to become Customers.
Steps of Starting
1) create a Vision, if you haven’t already
2) Share you Idea with “trusted” Friends, those in your Network & Advisors
3) Ask potential Customers what they want
4) Determine the Niche & size of Market
5) write your Exec Sumry & Biz Plan. Share your Plan as above in (2)
6) Get Started. Begin develop-ment, select Founders to form an Executive Team.
7) When development complete, have a potential Customer “test” your product or service.
8) make Modifications (that you agree with) from recommenda-tions from your trial.
9) Launch your Product to the most-likely Prospects.
10) Get Feedback on their “satisfaction
11) Once you have resolved any issues, Launch your Product to the larger market
12) Periodically get Feedback on Customer’s “satisfaction”. Adjust accordingly.
13) Monitor the Performance of your Operations. Adjust as necessary.
14) Monitor the Market, to determine if there are new opportunities you can supply
For more information, contact Nigel@ReclipseGroup.com or 408-398-9371 to help you Start or Grow your Business.
Also contact Peter/CXO 5 Star Startup Services for help with your Exec Sumry, preparing your Pitch or finding Funding.
Please Comment on any of the points of this discussion.