Tag Archives: Mentor

Return of the P-Word

p-word profitability profitThe headlines have been rough for growth startups in recent months (insert link about WeWork).

It has been particularly challenging for growth startups and their investors looking to take their company public. For what were once the darlings of the investment, tech and media worlds, suddenly the music has started to slow, if not stopped (see Postmates).

In some ways, we’ve now reached a peak when you have a twitter battle between a prominent investor and a professor on the merits of these companies’ existence and prospects of survival. It turned ugly (or entertaining depending on your seats) when they started to make wagers online to show “skin in the game”.

No, this post isn’t a takedown of VCs, WeWork, or any other VC-backed growth company.

What is rising from these debates is something more subtle and important – a discussion about how businesses are grown and their pathway to profitability or the “P-word”. (Sorry, I know many were expecting me to say pricing, but we’ll get to that)

Let’s go over how we got here and what to consider when thinking about the profitability question for your business.

To read the full article visit the HelloAdvisr blog.

EDWARD LEE
Founder & CEO
HelloAdvisr

Ed Lee is a pricing and go-to-market specialist and trusted adviser to leading companies and brands. He is the founder of HelloAdvisr, a Los Angeles-based growth consultancy helping companies and leadership teams build and implement profit growth strategies.

Ed specializes in international and national marketing and pricing strategies, discount optimization, and salesforce management across retail/ecommerce, marketplace and platform businesses. Previously, Ed held leadership roles with LG Electronics and Simon-Kucher & Partners, a global management consulting firm and world’s leading expert in pricing.

Ed is regularly invited to speak on pricing strategy at leading universities and institutions including the University of Southern California (USC), UC San Diego and General Assembly as well as startup/tech organizations such as LA Cleantech Incubator (LACI) and Wayra (London, UK). Ed received an MBA from Oxford University, MSc from the London School of Economics and a BA from the UC, San Diego.

How a Company Not Using PR Consultants Can Best Handle Its Own Public Relations

Public RelationsIn strategizing effective communications, what you say is as important as what you don’t say. The message must be strategically planned to achieve the purpose you desire, to target the markets you want to saturate. What you communicate is the most important. Your approach is more valuable than your contacts in achieving positive results.

Once you have made a commitment to an ongoing public relations campaign, compile a list of all the techniques available and avenues open to your type of business. Then prioritize them. They may include:

  1. Active participation in trade associations, Chambers of Commerce, or other business organizations;
  2. Exhibition at conventions and trade shows;
  3. Speaking engagements;
  4. Sponsorship of major events or planning your own;
  5. Press conferences and press previews;
  6. Placement of by-lined articles in key publications;
  7. Preparation of new product and/or personnel releases for trade publications;
  8. Capitalizing on a trend or newsworthy occurrence (or creating one) to target major business or general-interest magazines as well as major metropolitan daily and local weekly suburban newspapers, and radio and television news and talk shows;
  9. Submitting PSAs to radio and television to garner “free” air time;
  10. Design and implementation of a financial and investor relations program;
  11. Development of a direct mail campaign and other collateral (brochures, etc.) materials;
  12. Having and maintaining a website;
  13. Social media campaign; and
  14. Government relations, i.e. lobbying.

Keep all of these avenues in mind as you contemplate and prioritize the possibilities. And, to borrow a phrase from one motivational speaker, “plan your work, then work your plan.”

Now that you’ve determined what you are going to do, who is going to do it?

Some of the most effective early-stage public relations campaigns I’m aware of have been handled by the president’s assistant or secretary. He or she is someone who knows the company, its customers and goals and has regular access to you. And, if that person is also articulate and writes well, it is logical for some public relations activities to be added to his or her job description. In fact, this may be the only way a new business can afford a public relations effort early on. However, it is important to realize that with limited staff available only part time for communications tasks, the targeted outlets and the anticipated outcome must be minimized. Implementing a public relations campaign requires an extraordinary amount of time. Gear your expectations accordingly. And, in a situation such as the above, prioritization is particularly critical. Then too, assuming your assistant or secretary has no professional public relations background, he or she will need to acquire some media “savvy.” This includes:

  1. Developing a broad-based knowledge of business hot topics;
  2. Framing a story in terms of the trend it represents;
  3. Understanding both the targeted outlet and your market;
  4. Knowing how to pitch the piece in several different ways;
  5. Offering exclusives;
    6. Being aware of conflicts;
  6. Persevering, even after several rejections, while accepting “no” gracefully;
  7. Providing other story resources;
  8. Following AP style and double-checking facts, phone numbers, etc;
  9. Knowing what is and what is not generally accepted practice;
  10. Following through on commitments in a timely fashion; and
  11. Establishing a reputation for credibility and honesty and much more.

The next step is to add an experienced full-time public relations staff person or persons, retain an outside agency, or both.

A number of factors should be considered in the equation. Here are several possible scenarios:

  1. If trade publications are the only media important to you, one professional who has specialized in your industry and knows the editors are your best bet. Then too, his or her specialized knowledge will be useful in writing brochures, collateral material, and other content, etc.
  2. If penetrating one marketplace is critical to your success, whether it be the hospitality industry, the entrepreneur, etc. who has the proven expertise to do the job? This could be an individual or an agency.
  3. If a mix of trade and general-interest publications plus financial public relations and investor relations is required, is there any singular person who can provide the diverse support you need? And, if so, can you afford him or her?

About the Author
Devon Blaine is experienced in all facets of the communications industry. Formerly an actress, model, and stunt driver, she founded the agency in 1975. Besides designing communications campaigns that help businesses maximize their success, she has long been active in numerous entrepreneurial organizations, thus earning a reputation as “the entrepreneur’s entrepreneur.” She has incorporated the knowledge gained from these ventures into the philosophy of The Blaine Group. The agency has an award-winning track record in serving the public relations needs of fast-track emerging-growth companies and major corporations alike.

She was three times president of the Los Angeles Venture Association (LAVA), a founding board member and a past president of the Los Angeles chapter of (NAWBO) National Association of Women Business Owners. Devon also serves as a mentor for the Stubbs Alderton & Markiles Precelerator, the South Bay Entrepreneurial Center, and the Innovation Incubator at Cal State University Dominguez Hills.

About The Blaine Group, Inc.
The Blaine Group specializes in developing and implementing public relations campaigns and marketing strategies as comprehensive communications campaigns or as stand-alone entities.  The firm represents many authors and fast-track, emerging-growth companies.  It also handles investor relations and financial public relations activities for its publicly-traded clients.  The Blaine Group is located at 8665 Wilshire Blvd., Suite #301, Beverly Hills, CA 90211.  The telephone number is 310.360.1499 Visit www.blainegroupinc.com.

You’re Invited to a Preccelerator Workshop: Financial Modeling and Projections with Mark Wald

Preccelerator Workshop : Financial Modeling and Projections with Mark Wald

Raising money? Investors want to maximize their return and minimize their risk, so you need to demonstrate to investors that you understand business and your business model, that you know how to make money, and that you can be trusted. Learn how to build and understand your financial model so you can demonstrate credibility by presenting it to investors and win their confidence in you.

Tuesday, February 5th, 2019
12:00-1:30pm

 

MARK WALD

Managing Director
Supporting Strategies – Santa Monica

mwald@supportingstrategies.com
LinkedIn | Website

*CFO Consulting, Daily Accounting, Fundraising, Financial Modeling, Data Analytics

Mark is an innovative problem solver who values simplicity, efficiency, and collaboration between people and organizations, with strong experience in financial modeling and data analytics to inform and support quick decisions on complex issues. Specific experience developing, deploying, and supporting new technologies to thousands of retail locations using 3rd party logistics and service providers. Professional specialties: Financial strategy & fundraising, sourcing business opportunities, conserving resources, enabling people, satisfying customers, analyzing complex data.

Supporting Strategies is your complete outsourced Accounting & Finance Department, with Enterprise-level people, processes, and controls to meet the evolving accounting and operational support needs of both early-stage companies and fast-growing organizations. We employ grownups, not amateurs—our most junior staff have 15 years of experience working in an industry for the very same type of businesses that our clients operate and on average 20+ years of experience. We assign a dedicated team of resources to each client business to provide Enterprise-level ownership and competency of all accounting and finance functions which enables our entrepreneurial client companies to quickly and efficiently scale while relying on sophisticated insights and business intelligence.

Don’t fly blind…connect with Mark for a few minutes to validate your business model assumptions and formulate a solid plan for your back office operations and management reporting infrastructure.

Location
SAM Preccelerator
1316 3rd Street Promenade, Suite 107
Santa Monica, CA 90401

Parking
Parking Structure #4, Entrance on 2nd Street

We hope to see you there!

 

*You must register with your name & email to attend this event.