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Foundations
Effective Value Propositions with value chains are complex. They must contain a demand driver and a sustainability model.
Value Definition
This is your offense. Your business must have a unique offering that is difficult to replicate.
Deliberately choosing a specific set of activities and deliberately NOT choosing other activities that deliver a unique mix of value with a clearly defined end user in mind
That end user has specific needs and wants that the business can meet profitably (sustainably) and uniquely with a difficulty for others to imitate
Strategy and competitive advantage lies in activities - either what you perform or how you perform them differently
This strategy defines what you do to deliver your value - how is it different than the competition? How is it sustainable?
Beyond just a memorable logo, good branding:
A brand represents the sum of people's perception of a company's customer service, reputation, advertising and logo. It is the embodiment of the company value prop communicated through marketing channels in the brand voice.
Branding
Forecasting and Fundraising
Financial Management
Financial statements and reporting help inform the business owner of the current status of the business as well as provide indicators for risk and opportunity.
P&L or Income Statement shows the profitability of a company during the time interval specified in the heading. It does not show cash receipts or cash disbursements...
Important Metrics:
Gross Profit: Revenue - COGS
GP %: Gross Profit/Total Revenue
Net income: Total Revenue - Total Expenses
Return on Sales %: Net Income/Total Revenues
Balance Sheet is the “Snapshot” of a company’s financial position at a given moment
Mantra: Remember the Bakery!
The Cash Flow statement reports the cash generated and the cash used during a specified time.
As early as the planning stages, business owners should consider their ideal exit strategies
Exit Strategy
* Another reason why you want and need a good accountant for your business.