Viral Videos! Balance on a Ball!
Published January 28, 2012 | 
Team Altman Awesome Viral Video! Balance on a Ball… FAIL!
Okay, so when you start viewing this video, it’s pretty obvious what’s going to take place, or is it. You find yourself thinking maybe this will turn out well, and we’ll see a really amazing stunt of someone balancing a ball on a beam… but, as it turns out… NOT! Or more like… FAIL! What’s funny is that even when you know a fail’s going to happen… when it does… you still flinch from just imagining the PAIN of Failure or just plain pain!
As always enjoy, and share Balance on a Ball… FAIL!
Lean Business Planning and Industry Profiles and Analysis
Published January 27, 2012 | Success is directly connected with action. That’s why successful people seem to always keep moving. They make mistakes, but they don’t quit. Instead they move to correct any mistakes and turn them into success.
An Industry Analysis is simply the analysis of conditions within a specific industry at a particular point in time. Now this can include the behavior and relations between competition, suppliers, and customers. So the understanding of the different factors that are constantly at work affecting the industry (i.e. market, political, economic etc.) is an extremely critical component of effective lean strategic planning for any company, and requires a comprehensive effort.
Why it’s Important
Industry Analyses bring an understanding of the industry’s big picture to you and your readers. The identification of the mixture of threats and opportunities your business faces at any time, ultimately helps determine strategies and processes to create highly-competitive advantages. The better prepared you are when you enter the market can put you farther down the road to achieving established objectives and goals.
What’s in it?
There are always several factors that can affect the industry which may include government regulations, environmental issues, as well as market conditions and economic circumstances, any of which can have a direct affect on your chances of starting a successful business in the industry.
The size of your industry by both revenue and number of firms.
Industry growth trends, units sold, or the employment situation.
Identifiable growth or declining trends in your industry are important.
Discuss any important historical trends in previous years.
Trends forecast if available for the coming years. Be sure and include supporting research.
Identify critical barriers of entry for your industry.
Future growth in number of companies expected to enter your industry.
The cost of government regulations that may affect your industry and business, and is your industry highly regulated, or not.
Provide a broad explanation of the common methods of distribution for products and services in your industry.
Let’s examine a few of the most common mistakes sometimes found in the industry analysis section of a business plan.
Not demonstrating a solid understanding of how your industry functions. Your experience is important, so don’t let the information indicate a lack of experience.
Appear seemingly unaware about the companies that form your industry. It’s critical to understand and address your market including businesses that may be your direct competition.
Lacking understanding about where and how your business fits into the distribution channel of your industry. Poor understanding of distribution channels is fraught with potential inefficiencies and can be extremely costly.
Appear to carelessly omit growth trends, revenue size, and significant statistics for your industry. Never omit information and industry data that should automatically be included to present a complete picture of what to expect and effectively plan for in the market.
Product and Service Description Make Customers Purchase
Published January 26, 2012 | A dynamic lean business planning system shortens the road to the ultimate goal through the maximization of process efficiencies and their ceaseless evolution.
Products and services are the lifeblood of your business, and therefore stand to reason, one of the most significantly important elements of your business plan. Think of it as your best chance to clearly explain your products/services including the identification of their most important features and benefits, and don’t forget to discuss specific needs and problems in the market they directly address.
It goes without saying the level of importance that your products and services be highly-noticeable when compared to your competitors. Effective writing will provide you the clear advantage that’s essential.
Product overview is obviously important if you are selling a product, your reader will most assuredly want to know what the product is, exactly what it does, and certainly its features and benefits, important to the buying decision process. Strongly consider including pictures and images, especially if you feel they would help the reader get a clearer picture and better understanding of your product.
Discuss characteristics including its size, shape, color, cost, quality, design, capabilities, and applicable technological life-span and any patent, trademark or copyright protection. A brief explanation of the production process, any materials required, and the type of labor required.
Service overview is important if you offer your customers a service including a clear concise explanation about what that service is, how it works, and what specific problems the service in particular addresses in the marketplace. The area your operations will cover? Just what makes your service so different and unique? Are there any materials or equipment requirements to begin operations? What are the days and hours for regular business operations?
Clearly and succinctly explain the complete steps of your service process, and the many important benefits you offer your clients, especially benefits unique to your business. You should write this section from the customer or client perspective, to be sure enough information is included to satisfy an outsider’s driving need to fully and completely understand your service, and most importantly without boring them with trivial detail, after trivial detail.
As with everything else, there are mistakes you want to avoid while writing and preparing the Product and Service descriptions. Let’s examine a few we find in the product and service description section.
Failing to identify and clearly describe the benefits of the product or service, and instead focusing on only the features. A feature is a feature, so be sure and explain what the benefits of the features are and why it’s important to purchase the product or service.
Descriptive language that is too technical goes way over most reader’s heads, especially with too many industry specific words or phrases that confuse or loose readers. Be sure and write in common descriptive language that is easily understood by the most readers. Sometimes pictures and images work well.
Never mentioning the specific problems the product/service addresses and how that problem is resolved. Don’t forget the reader is looking for what makes the product/service special and needs to know exactly problems are solved and needs fulfilled.
Assuming anything, but especially that an improved product/service will easily “sell itself” with no problem. Never assume anything, particularly that products/services sell themselves. Far from it, buyers in the market have to be told they need to take action to purchase, and why.
Descriptions and terms that is too broad and general for the product/service. The rule is to be focused, clear, and concise with the descriptive language and specific terminology.
Failure to include important product evaluation or analysis prepared for you by third-parties. It’s difficult to understand how important product evaluations can be either forgotten or ignored, but it happens. Third-party evaluations and analysis add value to the product and credibility to the lean business planning process, don’t forget to include.
Underestimating or misunderstanding the extreme importance of taking steps to protect your product/service. Intellectual property protection is critical to the core products and services offered with exclusivity by many businesses, without which would have never been able to even startup, let alone be successful.
The Company Description and First Impressions
Published January 25, 2012 | If thinking well is wise, and it is, planning well with a clear vision is even wiser, but making the vision reality is the wisest and greatest of all.
The company description section is most reader’s first experience with learning about your business, and should outline your company’s basic background information, along with the business concept. You should explain in broad terms about yourself and what it is that you do. The description also needs to cover the history of your company, how you were able to reach the point where you are, in addition to the direction you intend to go in the future. There are several areas to consider including in your company description.
The Legal Description includes details about the formation of the business, such as where and when it was incorporated if so, a brief description of what line of business or industry it is in, along with a short overview the products or services your company has to offer. If there is significance to the physical location, briefly explain any advantages and benefits to your reader.
History of the company should be wide-ranging and succinct overview of the history of your business. Details should be organized into a timeline or narrative format, and be sure to include any achievements and noteworthy milestones. Include a good explanation of the reason for starting the business, with the main influential force behind its launch, and a brief look at your product/service mix and any changes over time. 
It can also be good to include historical data such as sales, profits, units sold, number of employees, and any other key facts to build a rationale for your business.
Current Status provides a “snapshot” view of the position of your company today. The view may include locations, products or services being sold now, the number of employees currently, and the level of success the business presently enjoys. Focus attention on your current strengths, as well as your weaknesses in an honest and candid way. Clearly understand investors know that every business has weak points, and by acknowledging your weaknesses and outlining steps to combat them, you demonstrate essential business maturity.
Future Goals provides your reader an idea of the directional heading your company is on. Accomplishments targeted over the next 1, 3, 5 or even 10 years, and how they are related goals to the investment you seek. Any investor needs to understand not only why you need their money, but what you intend to do with it as well. Also, the tone of explaining the complete or inclusive approach to achieve growth and realize profit goals should be presented with language that is not only optimistic, but realistic at the same time. 
It’s always quite easy to make projections about the future of your company while looking through rose colored glasses, but it’s much more difficult to make them even close to being believable.
So think of the company description as the “who, what, why, where, when and how” of your company, with the focus always on the most important highlights of your business.
You should avoid common mistakes that we find in the company section including:
Far too much detailed information included about your business. Remember, to hit only the most important facts to paint an accurate picture of the company.
Any narrative you include in the description that would lead an investor to consider it your “personal opinion.” Always be sure to stay with the facts and keep narrative that may be interpreted as your personal opinion out of any plan language.
Any appearance that visually indicates you have no business history or business purpose is never a good thing. Both history and business purpose are vital signs and representative of the character and experience of the business. This is not a time to be exceedingly humble about your company, so don’t leave anything out or shortchange your business.
Leaving out important business and legal details is never good. The accomplishment of certain legal steps and information in the life of a business is important to show the level of understanding an investor wants to see before reaching a positive investment decision.
Writing the section in an unorganized or confusing manner should be avoided. Preparing anything in an unorganized and confused manner results in an unorganized and confused mess, and can be avoided by being properly prepared right from the start of the planning process.
The Impact of the Mission and Vision Statements
Published January 24, 2012 | Don’t ever be content with waiting and seeing what will happen, but determine the mission and develop the vision to make the right things happen.
Your mission and vision statements not only set the tone for your business plan, but for lean planning purposes, your company as well. They should clearly define the road or path your business follows, and then act as the most important guiding principles by which your company functions.
Any reader should be able to clearly understand after reviewing your mission and vision statements exactly what you and your business are all about. What your company stands for, what its core beliefs are, along with, what it is by your efforts and resources you intend to achieve.
It’s quite easy to understand that “economy of words” is always critical to remember. This doesn’t necessarily mean that they should be short at the expense of maximized effectiveness, but that each carefully chosen word, be both commanding and significantly meaningful. The words should be clear, concise, compelling, and make it quite obvious, precisely what your company is attempting to do.
There are certainly Major Differences between the Mission and Vision statements
Your MISSION defines what you and your business stand for, and it should not be change or ever be achievable. That may sound silly, absurd and unreasonable, but understand the objective is for your mission to always be just a little out of your reach. It’s what you are always striving to reach, but never quite attain. The mission statement should be a clear and succinct representation of your enterprise’s very purpose for existence.
Your VISION on the other hand, is exactly what you intend to become or accomplish. Think of it as your dream with a deadline, it should be challenging, yet achievable. A well-written mission statement should always demonstrate that you truly understand your business, have clearly defined your unique-focus, and therefore can put into words and clearly express your objectives in a concise way to both yourself and others.
Let’s examine some of the “don’ts” that are important to avoid when writing your Mission or Vision Statement.
Don’t restate a description of your business. It’s what the business stands for and why it exists.
Don’t be boring. It should compellingly resonate.
Don’t make it lengthy by getting lost in the sheer volume of words. It’s important to keep it concise, clear, and short and snappy.
Don’t pretend emotion. Allow your passion to be genuine and unrehearsed.
Don’t include it, if you don’t believe it. Remember, your readers aren’t naive and will know if your belief is not present.
Don’t claim to be something you aren’t. You should intend to do exactly what you say you are going to do in your vision statement.
Don’t forget your team. Be sure you get input from everyone that’s part of your team.
The following Mission and Vision Statements of both Microsoft and The Coca-Cola Company are great examples of clear, concise and highly-effective statements.
“At Microsoft, our mission and values are to help people and businesses throughout the world to realize their full potential.”
“Our vision is to create innovative technology that is accessible to everyone and that adapts to each person’s needs. Accessible technology eliminates barriers for people with disabilities and it enables individuals to take full advantage of their capabilities.”
—Bill Gates, Chairman, Microsoft Corporation
Our Mission
“Our Roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions.
- To refresh the world…
- To inspire moments of optimism and happiness…
- To create value and make a difference.
Our Vision
Our vision serves as the framework for our Roadmap and guides every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth.”