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A Start-Ups Vision Statement is VERY Important — Glen Wakeman

Vision is your aspiration for your company. It communicates to all of your constituents (employees, customers, investors) where you are headed. It helps everyone to better understand what you believe success should look like. It isn’t a strategy or a value statement. It’s basically an expression of what you want company to be when it’s all grown up. It isn’t easy to articulate your vision because it feels so personal that it can come out as a jumble of ideas. A structured and thoughtful process can really help. Just ask yourself:

Is it vivid?
Clarity is an essential component of a vision statement. If it takes longer than a sentence to describe, you need to work a bit harder on it. Your goal is to enable others to see what you see; by making your vision statement clear, you make it compelling.

A Glen Wakeman Interview on Startup Management
A Glen Wakeman Interview on Startup Management
How you Manage your startup matters!

Status is the current condition of the activity you are managing. Having an accurate read on the status of your key items is no easy task. It is always helpful to be from Missouri (show me) when it comes to assessing the status of key priorities. Useful questions include:

Is it completely done or partially done?
Make sure you know what the other person really means when you ask if something is done and they say yes. In your mind you are picturing a completed task and perhaps they actually meant almost. …

Expenses are the costs to your business as a consequence of money spent. Some are directly related to your products and some are not. The indirect expenses are also called overhead because there is no direct relationship between the expense and a customer benefit. Managing your expense line if the most controllable way of limiting your risks. It is wise to challenge yourself before you make every expenditure:

A Glen Wakeman Interview on Financial Leadership
A Glen Wakeman Interview on Financial Leadership
Expenses and Financial Management are important to the success of any business including startups.

Is the timing right for that expenditure?
You don’t need everything day 1. You probably couldn’t afford it anyway and it’s not a good business practice to hold huge inventories of things that aren’t being used. …

Budgeting — A Glen Wakeman Interview
Budgeting — A Glen Wakeman Interview
Liquidity are the resources available to you pay your bills.

Liquidity are the resources available to you pay your bills. Usually it’s cash; it always needs to be something you can easily convert to cash. Liquidity risk is the number one issue to manage and the lack of liquidity is the number one reason why start-ups fail. If you want to have an ongoing enterprise and you should be conservative and minimize your risks. Some typical risks to consider include:

Underestimating Cash Out Flows
Always leave yourself a cushion for just in case events. You may need a little more marketing investment, better computers, more staff. …

Glen Wakeman Interview on Risk Management

Risk is a possibility of the loss of something valuable. It can be many things like a threat you don’t understand, uncertainty about your market, or a disruption to your core business. Risk can be qualitative: your plans are incomplete and therefore you don’t see dangers where you should. Or risks can be quantitative where your financial performance is substantially different than your estimates. It’s vital that you risk assess your plans and make adjustments as necessary. Consider:

Did you base your plan on facts or are you just guessing?
There is a big difference between risk taking and gambling. In risk taking, you have considered the potential consequences of your choices and can anticipate contingency actions. In gambling, you are guessing and don’t have real control of the potential outcome. If you want to build a business and take risks, use data to drive your decisions. Don’t guess if you don’t have to and these days there are a significant number of tools available to help you get data. …

A Glen Wakeman Interview on Management
A Glen Wakeman Interview on Management
Management — A Glen Wakeman Interview

Management is the coordination of activities to achieve a goal. It can include the synchronization, blending together, integration, or organization of resources. It is incumbent upon the manager to provide direction, control processes and feedback to the various constituencies that make up the resources of the company. Management differs from leadership in that management is mostly concerned with execution of strategies and tasks and their overall effectiveness, versus leadership’s orientation of vision and inspiration. Effective management processes help convert ideas into companies. As you think about your company, you should consider:

Do You Have Clear Milestones To Measure Your Progress Against?
Know what success looks like, and at what intervals, before you get started. It doesn’t need to be overly formal or detailed but you should be able to lay out a simple roadmap that give you and everyone else a map to follow to find the treasure.. Know where you are going and adjust your course as you need to. …

The 100 day plan is a tool that helps organize, describe, and assign responsibilities for your most important tasks. …

Effective Delegation follows a 3 step process:
Expectation Setting, Transferring Ownership, and Iteration

Delegation 101 — Glen Wakeman Image
Delegation 101 — Glen Wakeman Image
Be Sure and Set Expectations

Expectation Setting
Start with an up-front and candid discussion about the problem you are trying to solve. Make sure it is clear, and then discuss what success should look like. …

Conflict resolution, through text or email, can be tempting because it avoids the awkwardness of human interaction. But If you have an awkward message to deliver, have the courage to say it face to face. Don’t hide behind your keyboard. You will create more conflict by trying to avoid conflict. Here’s a simple process you can follow:

A Glen Wakeman Interview on Conflict Resolution
A Glen Wakeman Interview on Conflict Resolution

Seek The Person Out
Make the effort to take the first step toward resolution by initiating the conversation. …


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