FORMULA; GUIDELINES
A formula is most successful when each topic is
addressed separately and then reviewed in its entirety.
Like the pieces of a puzzle,
it is the sum total of the pieces that make
the whole.
The following topics are on the Management Team's checklist
of priorities:
1. Most deals need capital to build a prototype with a small working profit.
2. Each deal needs a location, furniture and equipment.
3. Marketing and how to get it done using the least amount of cash for mistakes.
4. Each step needs testing and then review.
5. The design needs to be put into place on promotional
materials including labels.
6. Additional management and back-up management are needed.
7. Investor financing may again be needed to move the project.
8. Intermittent studies of the project are crucial.
Review and determine if the original plans
are being executed and if new opportunities
might be more lucrative.
9. The sales force needs direction and materials.
10. Services need to be maintained for
customers with a system for reviewing
problems and improving both product and service.
11. Accurate record keeping of parts, supplies
and partial shipments and the break down of bulk purchases is essential.
12. Storage for records, promotional materials
for sales people, trade shows plus larger
purchase amounts to help with the cost savings must be maintained.
13. Possibly a local delivery/purchasing person with transportation will be needed.
14. A staff to handle legal, bookkeeping,
and/or ordering of travel with a system of review.
15. Carry the proper Insurance.
16. Larger storage, showrooms and/or office space.
17. A training room and a training team.
All this comes from the original profit
margins that looked so good in the
beginning. Plus, other items needed for each business.
Each function needs to be charged or there will
be some cost problems later.
Remember that the product needs to be marketed
to the right audience. To do this,
a level of sponsorship may be require.
This may be a limited amount of capital and
may help give your other accounts
an illusion of you being successful.
This is probably the cheapest form of advertising.
Always try to improve the quality of your
product and always compete using an "A" rated
product.
Finally, delegating is important. After your
project is moving along smoothly, delegate
to others. This will free up your time to
take the next step in the process of
inevitable change.
Present your concept. Explain how it will look finished.
Quality in your work will make the finished project look like you need it for the level of demand.
When you present it tell your audience not to interupt you but to write down their questions.
They may get answered before the presenter is finished.
Organize goals in order of importance.
Reach your longer term goals by first identifying your shorter term goals.
Learn how to identify the facts and;
1. Surround yourself with strong people.
2. Set up a group.
3. Get paid from investors for research,
development, specialists who compliment your weak areas.
4. Review your plans.
5. Evaluate the resources you have available.
6. Plan ahead you may avoid steps in the future.
7. Break down the work by steps and next to each step put the replacement value of the time.
8. Consultants are only as good as the facts that are known to them at that time.
9. You need confidence that you are capable to pick and choose.
10. Take advantage of the new knowledge and make yourself the specialist.
Stress quality, reliable, repairable-indestructable and dual uses.
Preconceived ideas will sway you. Decisions may be made on wrong facts.
