Business Strategy and Execution – Advice – Part 15

·         Kajal Shah - Plan and Prepare Financially

·         Rashie Sinha - Set Goals and Plan Financially

·         Sarah E Kirwan - Build a Solid Business Foundation

·         Julie Pillon - Start with Consumer Needs

·         Kaushal Patel & Serena Kim - Secure Funding and Adapt

·         Anna Kozlovskaia - Conduct Market Research

·         Deborah Perry Piscione - Act Quickly and Take Risks

·         Rebecca Bossick - Balance Belief with Learning

·         Heather K. Terry - Disrupt and Be Strategic

·         Melissa Barker - Prioritize Profitability

Plan and Prepare Financially

Have at least 3 years business plan and 2-year financial buffer in hand for a successful execution, be process oriented  that creates a successful company

Kajal Shah, Founder, Dreamfly Innovations

Set Goals and Plan Financially

Following your passion is great however, it's important to set Goals and the roadmap to achieve it. Money is important so plan wisely and ensure that you have a long term financial plan so that you can fly high & far.

Rashie Sinha, Founder, The Yellow Car Company

Build a Solid Business Foundation

1. Set a solid foundation for your business; it's more difficult to play catch-up (i.e., identify your mission & vision, draft templates, set up online services, etc.).

2. Confidently acknowledge your value and respectfully use your voice.

3. Do not focus on the what-ifs; focus on your next 1-2 steps.

4. Maintain a high-level view as you stumble through the weeds.

5. Remember, you are NOT an imposter.

Sarah E Kirwan, Founder, Eye Level Communications, LLC

Start with Consumer Needs

To take an outside in approach to your idea, concept or business, that means start with the consumer and work backwards - understand where they would like to buy it or receive it, how much they would like to pay for it, does it solve a problem for them, then test your idea into your findings.

Julie Pillon, Founder, FAMOUS SODA CO

Secure Funding and Adapt

Some tips to keep in mind: Make sure you have some source of financial backing. Your core culture is crucial. Finally, keep your eye on the prize and learn to pivot in order to make your dreams a reality.

Kaushal Patel & Serena Kim, Founder,AskYourGirls.com

Conduct Market Research

To launch a startup, it is necessary to conduct in-depth market research and conduct in-depth interviews with the target audience. This will save you hundreds of thousands of dollars down the line.

Anna Kozlovskaia, Founder, AQstim

Act Quickly and Take Risks

Three things:  1). Go to market as fast as possible, as the market is going to tell you what it wants, what you should do; 

2). Stop the paralysis by analysis; and

3). Take risks....the worst thing that can happen is someone says "no", etc, so, worst case scenario, if you have to start over, it is all part of the journey.

Deborah Perry Piscione, Founder, Alley to the Valley

Balance Belief with Learning

Take the leap and go for it. Believe in yourself but remember to take the time and continue learning and adapting. Rome wasn't built in a day. The ups and downs are inevitable, so logical thinking and strategic processes will help you to succeed. Do not let your emotions get the better of you. Focus on the short and long-term goals and act with intent.

Rebecca Bossick, Founder, One Body LDN

Disrupt and Be Strategic

Don’t be afraid to disrupt. Creating a business, especially one that aims to make impactful change on a global stage, will ruffle some feathers and you will have to draw some lines in the sand so don’t be afraid to speak up and make sure you fully prepare for what owning a business entails. Have a financial model so you have a clear picture of what you can do with your business, where you may come up short, and where you may be overextending. Money is one of the most important things as an entrepreneur so making strategic financial moves is key to longevity and scalable success. Also, understand what the market requires of your brand. Do your homework and figure out where you need to be distribution or connections and figure out partnerships with companies who have similar missions - don’t just throw spaghetti to the wall and see what sticks. Be strategic and always work toward your bottom line.

Heather K. Terry, Founder,GoodSAM

Prioritize Profitability

Focus on your most profitable tasks first, even if it feels like there are more pressing things to do. Making money that you can use to hire a business coach or work with a professional marketing team is an early investment in your business that could mean the difference between a sustainable and enjoyable business, and one that brings burnout and stress.

Melissa Barker, Founder, Women Entrepreneurs Inc.