Discover the Best Bill Book Template Word for NPOs

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[Music] hello everyone and welcome to score Fairfield County's live webinar on how to do a lean canvas for businesses and nonprofit organizations I'm Bob Hogan the webinar coordinator today and a business mentor here at score Fairfield County and I'm going to be your host our presenter today is bill schloss more I'm bill in just a minute but first some brief information about score scores a national organization with over 11,000 volunteers across the country we are part of the Small Business Administration's of the federal government here locally in Fairfield County we have over 130 volunteers with a wide range of industry process and subject matter expertise and we offer three primary value-added services to small business owners the first is free one-on-one counseling which can be face-to-face telephone email or Skype and you can access that counseling by hitting the request a mentor link on our website Fairfield County score.org or using the link that you see on the screen right now where it says find a mentor the second service we offer is our educational workshops and webinars like this and we offer about 150 during the year or roughly 3 a week and lastly we offer extensive resources on our website including access to subject matter experts that can be at your disposal our next webinar will be on Tuesday May the 7th and the topic is leading with a growth mindset with Joyce Schroeder presenting and you can find more specifics again on our website at Fairfield County score.org we have set aside time for Q&A at the end of today's presentation so if you have a question please use the chat window at any time during the presentation and it's located on the lower left-hand side of your screen in addition I know bill will also today be asking some questions so if you could maybe respond to some of those using the chat feature that would be great we will end our plea today at 1 o'clock to respect your time the session is being recorded and a link to the recording including these slide materials will be available on our website Fairfield County score.org within the next couple of it's now my pleasure to introduce our speaker bill sloth has been investing in managing buying and selling startups and emerging businesses for over 25 years he spent 20 years as an investment banker working with a wide range of companies in various industries across the globe he's been involved with numerous IPOs and enjoys the thrill of a deal bill is a CPA by profession and holds an MBA in marketing from New York University my pleasure now to turned over to bill bill all yours thank you Bob good afternoon to some and the others that might be eating lunch but I'm going to run you through why and how to use a lean business canvas and before is in red because once you we go through this you're going to see why it's a very helpful tool before you dig too deep into your business plan or nonprofit plan we have included nonprofits in this so if anybody's out there we wanted to include that opportunity to let me begin by just telling you what we're going to do it's always extremely important to know your audience you're going to hear that theme throughout my presentation but I'd like to dig into the audience here a little bit just understand who we're dealing with I'll get to that first then we will how do you score and essentially name I'll leave you thinking about that for a moment introduction to the lean canvas instead of a business canvas we bring it down to the lean canvas because we want to have nonprofits understand they can use this approach as well the difference I'll explain between a lean canvas and a full business or nonprofit mission plan what I'm going to ask you to do as I go through this is we're going to break down an actual lean business canvas so we can have you consider the different steps then we'll go to the QA so let's get started by well there's something of me that's the investment banker type look but now I wear casual stuff as Mike said as Bob said I've spent 25 years helping small businesses and for wanted move now into what drives the audience let me just get forward here for nonprofits and for-profits I'm asking this question and I would really appreciate for those on the line if you can just give me an idea of where you are with the stage of the business it would be helpful so we I break it down in three parts validating an idea or a mission that's type 1 type 2 would be you're in business but you're just under a year old and type 3 is existing in your over a year old so I'd appreciate a quick just response 1 2 or 3 so we can see what type of audience we're dealing with thank you let me move forward here how do I score is an important piece of this is the lean business canvas you're going to find is meant to be a one page visible visual business mission plan and here's what's important obviously score fabulous organization we the business plan which is a path to profits cash flow and growth is a full document this lean canvas is going to lead directly into the preparation of that I take a third step because again score has these resources and we point out stay educating and embrace innovation that means is using the score approach in the training cash flow expense management sales and marketing risk management employment management and then I just say we cycle back around and do this over and over so let's get started to dig into a little air I don't like to start my presentation until I talk about which is very exciting and I think you'll know it 21st century digital technology has clearly the playing field for us all especially small midsize companies there's so much opportunity there I just like to point it out because with this lean business canvas that was produced many years ago it even makes it more powerful because of the testing you can do when I talk about the collaborative economy it's just the new era of digital technology has bought in a whole new connection of Commerce Capital careers and what I really like to see and it's very helpful to businesses you move in a cause getting involved with the cause and we have some other programs at score that touch on these areas I look this morning I just wanted to point out so everybody understands their idea no matter how large small they think it is you never know what could happen I looked at my start engine which is a crowdfunding organization and you see things like generation genius they have it's like Netflix or the classroom or is another one popped up these all been funded or over $400,000 here's a good one lettuce networks eat local growth grow food live sustainability so I just want to share let's make that use of the digital technology which you can learn through a number of the score workshops in going after your business time super powerful so reaching your goals if only there was a way to test the viability of your idea or mission before going all-in there's the message I'm a CPA I use a lot of different numbers don't like to spend money when I don't have to and this is what I'm after for you before you dive all in let's see mainly if there's some way we can develop at the heart of the reason of products and missions is one core reason for failure but how can we find out what that failure might be without going into too much detail or spending a lot of money the lean business or mission canvas is a one-page visual plan that really breaks your ideas and mission and key into nine basic building blocks it's driven off adapted from Alex Oswald there's business model canvas something build a good book to read but even a more powerful book to read to get this understanding better would be how to optimize the Lean Startup methodology I bet a number of you out there have heard about this fabulous book to use and read before diving into your business so why start with a lean business canvas ing to decade old formers you write a business plan assemble a team introduce a product pitch to investors start selling art as you can and then somewhere along the line you're clearly going to run into some type of setback whether that's fatal or not while a sound business mission plan is essential to success a lean canvas makes the process less risky there is that word less risky it favors experimentation over elaborate planning customer beneficiary when you see that word in this presentation I'm referring to nonprofits does a beneficiary that's their customers beneficiary feedback over intuition iterative design over traditional big design up front so let me talk about the essence of the lean business canvas what we really want to do even though it's painful sometimes focusing on what's riskiest for your business versus what's easiest so an accountant like me likes to put together numbers but that's not going to be me sitting in an office really testing if my idea or current business needs to be revisited I'm going to run you through you can't dig the small type but we'll get into each of these segments with an actual example that I'll think you enjoy and I want you to consider it as well so there's the nine points we are going to touch on your customer segment this is in order is item one that will be well we'll get through the small print later the problem is number two very important to the puzzle will be your revenue streams number three the solution now the small box does mean something the bigger boxes are meant for deeper thought on what this is and you'll understand why after we get through an example number five your unique value proposition number six is your channels how you're going to get to your customers number seven measurement of success of what you are trying to achieve the key numbers both top down but number eight is your cost structure and number nine is unfair advantage and we're going to talk about that because that doesn't mean competitive advantage so let me take a little further look at if if you split this model in half you're going to see over on the left there's a lot more you have control over that's your product and service more control over this left side than you do to the right side because this we now get into the market your customers just want to point that out these slides will be available obviously but this is the lean business canvas for a non profit I included in there because there's a lot of opportunity you would see in the larger boxes the titles change just because of the difference in goals one of the most important pieces of this if I can stress is you want to be testing talking to as many customers beneficiaries as you can prior to digging deep into your plans so if we look at it during development we're searching for a model that works if the feedback which is is can be across friends and family anyone you run into competitors if the feedback is coming in different we want to pivot it right out of the gate before getting too deep once a model is proven the business are missing starts executing and building a formal organization each state of customer beneficiary again is a non-perfect is iterative and really what that is saying unfortunately a startup will probably fail several times before finding the right approach and that's okay that's learning but you want to learn early before you're sitting in an office by yourself developing a business plan now what I want to do it's going to I'm going to instruct you to do something which I believe be very helpful will be I'm going to break down what we feel Amazon's the small book shop look like back in 1994 if it was doing a lean business canvas I bet there was some version of it done but I really would like you to follow along and consider with your own business this situation so what we've provided is I'll give it a moment to come up on the screen if you can go to that URL US biz strong org backslash Score LC dot HTML I recommend you go to that because they'll be a forum there for you to start playing us while I go through an example great exercise I'd give a number of presentations in person on this so the webinar angle of it is a little bit different but I'm looking for you to really give some thought while I walk through this example and then we'd be very happy to send it to your current mentor or send it to one of us here and we can start working with it so I put that up there if you have any more questions about that you can send a feedback in the chat but click on either a non-profit or a for-profit model I'll give you a moment to do that because I do force people when I'm in a regular in-person workshop to start filling out their form it really makes for good interaction on the webinar it's a little bit different but I'm encouraging you to move there so the block one what we talked about customer segments and early adopters what you want to answer is who can help you who can you help excuse me identify three to four users you are envisioning turning to your solution looking for those customer identification and this is the first one for a reason to find the specific characteristics of your early adopters now what we're trying to do here there's a lot of users that could be out there but we're really going to try to take another step deeper and see is there some early adopters that we could find get feedback from not necessarily selling to right now but that feedback word is is critical to this whole process so let's consider Amazon Amazon when they first came into this business that's their audience those who buy books that's what their customer segment was when they thought more about early adopters avid book readers that are using the Internet and willing to make purchases online like to explore books so I do hope some of you are already on that site and starting to just give a quick thought to your customer segments for your existing business potential idea that you want to validate or maybe ribbiting a existing business towards a different segment of customers that's block 1 block 2 problem and the current alternatives we are trying to answer there the crucial problems faced by your customers and it's it's the need and that's one of the critical paces to start capture their frustration always recommend three I don't know why I don't have it on the side but three problems if you can't identify three that's some that presents a potential issue but yours don't have to be all three don't have to be unique some might be pains that just no one's reaching all the way through so let's go to our favorite Amazon situation what is the problem the market was currently running with I'm sorry there's actual first define one clear the wrecked competitor not yelling at anybody but I've been in the banking business for 25 years small merging businesses and I did really not enjoyment someone said there is no competitor don't think you have to have no competitor consider the other ways customers can address their problems what products or services exist as alternatives to what you're offering so don't get held up that if you see in the competitor and in fact I go back to the Internet it's a fabulous way to go start seeing what other people are doing in the past we couldn't we had to try to hunt down another business so the internet will provide a key but you can even see how they're operating but I stress that if you have no competitor god bless because we have Amazon who really hit it well so let's move into the Amazon situation what problem did they see out there bookstores are expensive bookstores have limited inventory it's hard to find books and get recommendations at bookstores actually pretty simple thinking in a way because if you walked into libraries they're powerful that's it that's all we had that was the problem they soar so adding to what they started to existing alternatives if you see what happens we end up with just the bookstores and you could if those famous things that used to come out the catalogs ended up in our mailboxes and that was really the only distribution methods they have so here you are problem existing alternatives again I hope you are trying to consider where you're heading with things you'll see how this all comes together block three in order as I said what are we touching on like one customers lock to their problems still customers lock three still with customers what would they be willing to pay for or in a non profit situation what might a beneficiary provide money to the mission so what monetary sources will fuel your idea your company how will you generate income a pricing model for your products or services and then highlight other sources of revenue remember I told you was a one page of his business plan visual of your business plan but you'll have quite a few notes to this that will be beneficiary but we want to just get these main thoughts out so when we look at Amazon what were they thinking how are they going to generate revenue book sales pretty obvious one shipping was a huge one when they came out something very unique so through shipping was a big profit Center for Amazon when I mentioned this for the non profit this mission achievement would be the funding sources of the block 3 revenue stream block for the solution what is your solution to the customers problems present the defining elements of your product or service remember that product or service it doesn't necessarily have to be a fancy widget could be a service that you have evolved became a subject matter expert and move forward with that what makes it the go to answer for problem so you're you're actually trying now to say ok why they coming to me let's move into our example with Amazon what solutions did they want to provide a website that sells all books available web based customer reviews technically look at that as a simple sentence but huge huge opportunity for them because if you consider getting customer reviews in the older days it was really maybe the desk that was sitting at the library so can you get web-based reviews a lot of people ship direct from distributors another very cost-effective method to increase your profits but shipping direct from distributors didn't force a large inventory in a store that you had to go locally and they could have all the books available efficient warehouse is a key part of that and Amazon today is probably one of your best fulfillment sources in the world and I also DBA he orb it to say if any of you are considering some type of distribution method consider using their type of fulfillment centers because this way you don't have to load up with a lot of overhead and there is opportunity for that I just wanted to mention block five the unique value proposition we hear about this and it's the elevator pitch score has some great workshops on that and the high level concept so this is your elevator pitch this message should explain what you do how you do it different and why you are worth buying in a sentence or two max so what let's move down to Amazon what was their unique value proposition what is your promise to customers sorry about that I backed up I'm still going zero in on the heart of your service or product and highlight what stands out about you these slides will be available so you can answer these questions back on the what is your promise to customers important a minute you make a promise you need to be able to deliver but great questions to answer before you dive in when possible it's good to make it relatable what I mean by that is we are X for y so let's use an example we are everyw and b for vent space or we are Starbucks of frozen yogurt I told you about a start engine funding called Generation genus that popped up this morning on my email they raised $400,000 and their tagline is it's like Netflix for the classroom I didn't look deeper into it but it was that's their tagline Amazon unique value proposition earth's largest bookstore that's out there as straightforward as you can be and the high-level concept for them was the supermarket of bookstores online these can be this simple the fewer words that you can understand the better to get this going block six channels what this refers to is how are you getting to your customers or back to customers or beneficiaries for a non-profit how will you interact with your customers inform them of your developments and services here across the board is other tools and resources that I know score offers for these various things social media platforms promotion events or even word-of-mouth type approaches how are you going to get to your customer let's switch to Amazon consider most effective ways Amazon went direct to its customers through the website email was when email first was odd it's a lot more difficult these days to get through on email but there are so many more social platforms techniques to now approach and get customer attraction block 8 course structure we're almost finished but you can see blockades now move in to an area that accountants sort of love to talk about others find it difficult because they have to develop some numbers again score has a number of resources that can assist with that but cost structure well the costs too long lunch and maintain the business consider each stage of your startup or the next stage iterative what that means is don't rush to get all excited how long what if what's going to happen a year from now take it in steps takes 90 days what are you going to need then move it I like to do it in actually 90 day increments depending on if you're going to be looking for financing you might have to extend that but I want you to just consider on the shorter term so Amazon customer acquisition costs development and distribution cost these are items I'm giving you examples re came up top again but these are examples of costs that there's tools actually on scores website to identify the fixed costs that may be involved cost structure for Amazon developers and website operations it's definitely part of their scenario customer service staff and a center critical because you're now dealing online not in-person with people they've a big piece of their business logistics fulfillment space start and costs they become one of the most effective as I mentioned before fulfillment features to the point they're they're delivering by drone and number of unique ways obviously the books were a cost of their sale that's the course structure that Amazon was dealing with let me go back to the basics one for a non-profit this would be referred to as the budget I want to just go back to the basic path of success there's an equation for a business we add block three which was your revenue that obviously needs to be bigger than block eight which was your costs and ultimately that will drive success but I want to stress and I like to do on the webinars is don't get overly worried that you're not going to have revenue immediately things have to develop but one of the messages you're getting here is the sooner you can figure out that certain moves might not generate the revenue you expected the better before you dump a lot of money into it but I do like to say people up to where I might not have revenue right out of the gate that is okay depending if you just plan for that runway of need of capital now we're finishing up with the unfair advantage a lot of people start jumping in and saying oh this is that competitive advantage where you beat other people by this we mean why can't your proposition can't excuse me why can't your proposition be easily copied it's more what I'm looking for not necessarily what competitive advantage you have this is okay why would it take someone a little longer to build what you built come up with the idea that you have as an unfair advantage in the space that we considered for Amazon they have an unlimited selection of books with great prices and customer service that's a powerful tool once adopted and complete for anybody to get into the market so we've gone through the nine a non profit it would be for buying support now went through the nine steps I hope you see that we have um there's the format I do hope and I hope we end up getting some of them that you've been working off your own or just taking notes about what yours might look at look like because there's nothing better then even after having just this one page filled out with some bullet points sitting down with someone you know and saying this is where I'm heading what do you think if anything you organize yourself and then you start gathering input so I move back over to just mention once you have that developed I would strategically start picking pieces of the score educational programs and tools to further your next step which what is your next step we don't want you to clearly don't speed through this try to answer it as concisely as possible after this you don't have a business but you have assumptions that you think is what will be successful now the next step before you launch will be to validate test the assumptions again that is what this lean canvas is leading towards how do you validate and test you seek input from everyone you can sometimes we recommend you seek Pete input from some people that aren't your key potential clients because then you get a taste of what some people are thinking however input feedback don't end up in a room by yourself just thinking about what might work I've been there plenty of time so I'm not knocking it once you feel comfortable with your lean canvas now it's time to really dive into that business plan that we all know about and start testing it as you go about as you go through the journey so I bring back up on the screen the location to go but we'll have it available to you so since we gave you that earlier I just wanted to be have it on the end at the end of this you will be more confident about where you're heading a lot of people don't know what they're doing and they have some bullet points in a book I really do believe I've seen it I've worked with it it's a fabulous place to start before you again start digging too deep by yourself or start spending money that this will lead you towards a better expenditure and in the end is live had people thank me and the end you really want your pocketbook to thank you so I'm going to since I have some time because people might be saying oh why'd you have to be a big company do you have to to implement something like this I am going to take a few minutes which I think I can bomb and add some of the exhibits here which will be available to you but let's look at a few examples of actual canvases so I particularly made them I don't know what unique ideas out there I look forward to hearing about them but here's one that we did for a tomato food truck and you will have you print about it will read everything here but it's some please do get in and start take a look at this and use it as an example other examples we have done floating in here are this was a design software business so few people are thinking about application software some apps this was a bit of a flavor of that we've included a music business and the last one I think we included was tree saves and environmental business great resource again big to go to so that we can pull them down start seeing what other people do but you can see while simple these businesses are you don't have to be the next Amazon if you are great but I want you to realize this can be done for anything that you're thinking before you do too much writing last item included is an example of a non profit and I guess where I really want to end up would be this was one related to orphans and children I've seen it work and I recommend it's always both a personal and professional reward when you're building something it is really good to associate with some type of cause something you believe in these days relating to a cause helps with your reputation and I know so we have some program related to cause type marketing so I'm Bob just about done with the presentation and I'll turn it back to you I'm looking at some of the questions on we have a couple well what time hey well um we'll just stuff first of all thanks Bill and we will use the remaining time for Q&A here and we'll take as many as we can up to till one o'clock as I mentioned earlier you can submit your questions in the chat feature there and so we'll give you a minute or two to do that feel free to ask questions either directly on the presentation or anything in the kind of business planning area bill certainly has the expertise to address those kinds of concerns or if you're in the nonprofit sector have specific questions on nonprofit in a lean canvas we welcome those as well so we'll give people a minute or two to to do that and actually we do have a first question the bill that says do you also incorporate agile principles and she is someone that does definitely read some books at first I don't and this dick is an expanded model but at first I really don't get into we when you look at that type of stuff that starts to drift more in my opinion into the manufacturing areas and that's where the ultimate I know who asked that question must have read the Lean Startup and that's what they talked about but I don't incorporate the agile for this type of audience may be much larger business that's working for okay great thanks some other questions that people may have please feel free to submit them in the chat feature there in the lower left as I as he's looking more at the questions I just want to re-emphasize this is one of those items that I think will be good for you to go fill out your form and submit it to either your current councilor submit it right from the forum and we'll start get going going on and taking a look at this and you can start fine-tuning I've had plenty of meetings and I really know I could help some of the people show up without the piece of paper and when they come back with their their lean canvas they're excited they're excited to talk about it because they have something on paper so hold that we have yeah so we have a question here of free bill that says some do you find out the complexity of a business plan helps to clarify and simplify for the lien canvas great question I was hoping it came out in the presentation and really was on that first slide this is not at all a replacement for the business plan my first slide actually said do a lean canvas before your killer business plan that killer business plan is going to drive everything so this starts to streamline it but does not do away with the business plans so it clearly in the end what we found it helps you move into that business plan without the fear that a lot of people do because they see so many sections so I do believe it's really simplifies and clarifies items that lead to your business plan while we're waiting for some other questions though it um you've suggested that people there's resources at score but are there other sources that people could talk to to help them out with identifying their competition and things like that that to help kind of fill in the lean canvas I mentioned before and I've never had I've done competitive analysis over the last getting too old but that the Internet is just such a powerful tool now not sure how sophisticated different people are in the audience but I throw out there there is every business is identified by what's called an si si code they have to put something and if you just google it and then start looking through that it will help you identify where you might fit once you find that you do a google of that si si code you can start seeing your competition but I see no problem at all working with I found even calling up competition see how they operate get some answers the walking in I've had a couple of small businesses people developing sweat suits and putting in unique organic food walk into these stores and start asking you never know some of the stores up by us over here in Fairfield County you never know if you might find a partner to join with you great thank you any other you want to make any other comments of Billy looks like we don't have any more questions at the present time but anything that you want to reinforce or go over maybe before we close things up and adjust at the opening I had mentioned the digital technology revolution and I'm a big proponent of it that's where I my specialized in the internet interactive marketing but boy for small emerging biz these days it's a such a cost-effective tool and I touched on each of those areas and I encourage you to consider how it might help what I catch Don was clearly helping small businesses with commerce highly recommend if people are looking for funding you explore the whole social concept of funding which is very unique from my days I guess I'll go back to the older days when you had an investment banker come in and he'd prepare a plan for you then he'd go out and look for investors and the investors in general were the group's investors now what social collaboration crowdfunding you might have heard but there's other new ones coming up does it really in my opinion aligns investors directly with your business plan I've even seen people have their customers get involved because what could be better than stimulating the business the other item is careers careers are now using digital tech you can further your careers could be learning or it could be just networking I highly recommend that so Bob I drifted back more into the digital area because I want to encourage everyone to use that we talked about the lean canvas here using the lean canvas which they didn't have when it came out with all the resources now at him with digital tech you're going to be able to get feedback I use as an example I'll see how much time we have I've had one client that offered ended up on up a portal talking about his idea he ended up getting someone in Asia as a very unique distribution partner for him that his idea was great but to build the distribution platform it would have cost him quite a quite a bit of money and time this interaction because of a site on the Internet ended up catapulting this gentleman too we'll be able to distribute all over Europe but used as excuse me Asia but use that as another stepping stool to come back to the US so yeah no great great examples we have a couple more questions and any we want to make want to go back to the example of the the nonprofit canvass and the question is for for-profit businesses are easily fit into the template for product the product made is sold however nonprofits the product is not a product to sell but survival is dependent on fundraising and how do we use the template for nonprofits so maybe you could just talk a little bit about how to use the template there for nonprofits and maybe particularly the fundraising aspect of it great question I'm gonna set myself up in a way because the lean business camp has never talked about it was called that that we've shifted this to lean canvas it never really talked about nonprofits and it's a great question but as I move I'm going to try to flip back to this I well I can probably I'd love to get back is there any way quick to get back to the slide on what a non-profit if you go whoever this question came from it looks like Martha to the nonprofit area of this site you're going to see a different different tool I'm just backspacing so give me a moment cuz I love the fact that nonprofits are actually starting to realize they should be using this because it can be helpful I'll be with you in a minute I'm almost there okay so we'll take a little peek at this because I do want to if you are out speaking with someone that is a non-profit encourage them to do this you see in the red you start looking at the same circles they're actually in the same spots so where you mentioned about let's go over to that first one beneficiaries versus customers at your people as a non-profit we move down to the third and there's what you're looking for what your mission is actually raising capital and its impact factors so there I didn't use the word revenue that's your area that you're going to have the unique area for raising money buy-in and support is up in the number nine column because that's what you're going to need behind your mission and over an eight which is cost is a little bit different you only have a budget you're not building a product so I encourage you to flip through the slide and and I would love to look at something that someone's trying to use this for a non-profit CLIs it's now built for it I hope that helped the answer okay we have another one from marina can you talk a little bit about proof of a concept let me try to think about an example when we talk about use the word proof of concept which is great I I generally will use something similar which would be your validation of your concept and when I talk about that I really am just looking for feedback going out there and talking to customers now frankly some people say and I've seen people waste a lot of money by developing something poor girl that I got to a little later she went out and purchased a hundred very cool bathing suits that she prepared but she went out and purchased it before and had all that inventory and ended up trying to give it away what I'm trying to say there is you don't have to have a product in your hand you have a lean business canvas in your hand I'm telling you you're going to be able to before you have to show some your someone a full product you're going to start proving if your concept works I'm not trying to yell at anybody but you're going to have to pivot and that's what I'm trying to encourage you you're going to have to get that feedback because you need to fine-tune the business before you dive deep so when I say proof-of-concept validation and I tried to keep the stress anyone that could be a customer family members tend to be a little more they say everything sounds great so just branch out further than that okay thanks we still have time for a couple more questions if people would like to again have any questions on any materials that bill has covered you can submit them in the bottom left-hand corner in the in the chat feature wait what we have is some businesses that one two or three we actually have malls of different types the number threes that are generally your further business I see mail as a number three is an existing business that I bet he's thinking of seeing what he can add to I'll call it spice up the business powerful tool to just start with this what were you thinking through that could add to it starts starts identifying for you what competitors are out there using your own customers I guess well I have the time I'll mention this when you are acquiring customers very expensive these days I encourage highly and there's some stats is plenty of them talk about the cost of acquiring customers versus retaining customers it costs five times more to acquire customers so once you have a customer retain them through service but also you want to explore more opportunity to lifetime value they call it out of that customer and I just wanted to stress these as I start popping into my head Bob while we're going through these of mayo I see is the number three he may have a large list of or she may have a large list of clients that they've touched it's time to dig into those clients why go chase some more and but before you dig in target via this type of approach what my really trigger a desire to purchase more from you or continue a relationship with you or restart a relationship with you any a comments for category twos the people have just been in business for a year or so we have so the year or so guys got their business going tough time you make it a year very proud but during that year you're going to have to pivot it'd be interesting to identify if you have already won I used the word pivot if you have already changed some things great to think back right now of what you change because if you change something that meant there was a need that was you technically didn't see or one of your items wasn't what you think it will do so for those people in that two category been going at it for a little bit not just validating things please take a look backwards a little bit as well as see what's coming because I bet you did a few things different from that first day you were in the validation mode so I guess I'm just mentioning go back see what you changed this lean business canvas should not stop you should just as my first slide said keep revisiting it's a continuous type process without ever replacing the business plan it's just a great tool to start with okay one more on nonprofits on what's from arena what's the most frequent mistake in planning out a nonprofit organization gotten and marina said and push it now uh-huh but let's let me think of our moment what's the most frequent mistake in planning at a non-profit okay I have worked with a number of nonprofits and finding beneficiaries we all have we all have a purpose that we'd like to be involved with and it's just the audience the most frequent mistake is probably thinking the audience is as large as we believe it is so again this is where research maybe through the internet see what other organizations have your mission I love with a purpose every business I believe should have a purpose to help the community and one item I talk about in terms of nonprofits or even your career development is you should always look at communities I use the word sometimes different than customers because communities could be communities of culture communities of interest these are target audiences communities of practice that would be people your peers and I know there's two others but I can't think of me right now so that is another way to look at almost customers what communities could you get involved with and obviously the purpose so to answer that little shorter it's make sure your mission that you're going after can attract I hate to say it as well someone asked can attract some money for you to pursue it but also has a large enough audience sorry one of the other big things is where community would be someone with some medical issues huge importance my father has Parkinson's and it's just unfortunate but we I want to do everything we can in that area okay we have maybe one last one here does the use of a business model facilitate a faster path to market than creating a business plan actually I'm going to answer that with the business plan is a must but when I say faster to market it's faster to identify potential obstacle or something that will freeze and I'll consider that yes a faster way to get to market because it's identifying something that you don't want to find out later which will hold up all I also just want to add leveraging the ability to spread your idea out through the world to get some testing is you won't want to send your whole business plan you want to tighten this up and depending on how what method you might want to do to use the word crowdfunding again because you're allowed to just really put it out there I do stress because I've been in the banking business though people worry that their idea is going to be copied I'm not saying it doesn't happen but don't hold it my recommendation hold it too close to your chest you want to get out there with your idea and the further you get the better so I guess this plan allows you to have that unique proposition that you can at least get out and someone like I said in in Asia could pick it up and be a great strategic partner okay thanks Bill think we're done for questions today and like to just remind everybody that there is going to be a recording of this webinar it'll be up in a few days and you'll be able to access not only the the recording but also the presentation materials that that bill used and it will be on our website Fairfield County score.org our next webinar will be on Tuesday May the 7th and the topic is leaving with a growth mindset with Joyce Schroeder presenting and again you can click one of the links if you're looking for free individual counseling click the link on the screen or you can visit our website and click request a mentor we'd also urge you to please fill out your evaluations that will be sent at the end of the webinar they helped us tremendously in in terms of future webinars and workshops so on behalf of score I'd like to thank you all for attending our live webinar and in closing a big thank you to bill for presenting today and have a nice day everyone