Bootstrapping Your Way to the Top

BootStrapping101

BootStrapping101

“These 10 Steps of Bootstrapping Allow Entrepreneurs to Effectively Build Shelter for Their Businesses!” 

In Common Ground Management’s Manual: “Welcome to the Jungle”, the first step to surviving entrepreneurship is “Finding Shelter.” The key components in finding shelter are Personal, Industry, Geography and Business. The goal of step 1, for an entrepreneur, is to create a stable foundation, for his or herself, and the business concept. In a recent article on fastcompany.com, written by Rodrigo Santibanez, he explains how the bootstrapping method is an efficient way to execute step 1, finding shelter, well.

Continue

50 Years and Counting

AF-Bfx-T

Wawa

Over the past few months, we have generated different case studies, to help decode Welcome to the Jungle: Business Survival Guide. These short articles helped to put the manual’s analogies and graphics into real-life context, which can apply to our readers’ own companies. As an overview, we wanted to pick a company, and there are plenty to choose from, that has used the 10 Steps to consistently reinvent and build, and that business is Wawa.  

Continue

Buy or Bury?

facebook-logo-preview

Facebook-Company-AcquisitionsThe last step in CGM’s business survival guide is “Staying Alive.” Reaching this last step means that a company has reached stability and has been able to overcome and withstand the challenges that have come before. This point of “comfort” brings upon its own stressors though, because the business is now in the eyes of the public. It is open to other competitors, and potential thieves.  At this point, a company needs to be able and willing to go one of two routes –

Continue

Honey to Grow

honeygrow (1)

Untitled design

While being a one-man show in a business is impressive and may have some great perks, such as no payroll or employee benefits to worry about, it poses a problem when that one person is no longer able to perform at the same quality or rate. This isn’t necessarily because of old age or fatigue. It could be as simple as wanting to take an extended vacation. As life-changing as having a baby.

Continue

Growth Over Profit

pexels-photo-248486

AMAZON-1200x537

 

For new and old companies, breaking even from initial investments and beginning to see a profit is a monumental step, but this is only the beginning of the money management. In step 7, Hoard for the Winter, we spoke about the importance of monitoring cash flow and retaining cash, for rainy days or to reinvest into the company. Step 8, Irrigation, is what we do with the excess cash, at the end of quarters and fiscal years, to grow the business.

Continue

5 Ways Cash Management Will Save You

pexels-photo-52678

pexels-photo-52678

Considering a company’s cash flow is its lifeline, it’s discouraging to see how often it’s mismanaged. In fact, according to Entrepreneur.com, 82% of startups and small business fail due to poor cash management practices. Per CGM’s Welcome to the Jungle survival guide, a company’s inability to execute step 7,  “Hoard for the Winter,” leaves its business vulnerable to variables such as low sales months, taxes, or just unexpected costs and emergencies.

Continue

CGM’s Core Value Chart

raccoon-banner (1)

Last time, we talked about business allies, and how to identify them based off their longevity and interest in mutual growth.  This week, we want to delve into this topic more, by involving how to identify scavengers as well.

A business scavenger is one who wants to leverage immediate or short-term gains from another individual or company. The key to distinguishing between strategic partnerships and weak relationships is to compare your core values to their the other party’s, to see if they align, based off of our 5-tier Core Value Chart, below:

value chart - CGM

The first step is to analyze yourself.  

Continue

Allies for Mutual Growth

bigstock-Win-Win-Puzzle-Concept-45150766-1030x687

uspo_press_v03_a1

Balancing the abundance of tasks necessary to keep a business going can be daunting. Sometimes, it’s related to a lack of time, but more commonly, it’s about the expertise or experience needed.  No business is perfect, but those who have successfully marked their tracks know exactly where their needs are.

One method of filling in these business gaps is to look out for potential allies. What does this mean, exactly? Business allies are those who value a relationship for long-term mutual growth.  

Continue

How to Duplicate Oneself

Missoula Montana Trip

workflow-operations-systemization-productivity-consulting_mims-business-consulting

Oftentimes, entrepreneurs get lost in the daily grind, focusing solely on the seemingly pertinent functions to keep their business afloat. The problem with this type of tunnel vision is  these owners are often missing one of the most important parts of running a successful business, “marking their tracks.” A systematization of  the procedures and practices that work and did not work, for future use.  This step of company systematization is what separates an entrepreneur from a business owner, and helps to automate reproduction of the business for scale.

Continue

Hunt Efficiently and Effectively

tradeshow

tradeshow-1

3 Steps to Getting the Most out of Your Conference Experience

Conferences, conventions and trade shows are fantastic forms of networking and marketing for startups and small businesses.  It provides entrepreneurs a way to widen their name recognition and give others a personal connection to their brand.  The downside is that between the signup fees and travel expenses, they can be quite costly, so prior to pulling out that credit card, follow our simple guide below to make the most out of them!

  1. Do your Research
    1. What type of audience are your trying to reach? Investors? Consumers? Potential like-minded entrepreneurs to network with or grow your team? This step is the most important of all.

Continue