Brewed From Within

Escorting Execution

After a few early moves, developing a business plan is a hearty exercise. Business plans are less pivotal than scholars may preach, but developing a business plan does force you to pick through the specifics of any business. The detailed planning can pave a path toward sustainability and help you articulate opportunities to potential co-founders, new hires, outsourced talent, investors, and early adopters.

The first version of a business plan does not need to be long, but it should include a handful of key elements:

    1. Executive Summary
    2. Company Description
    3. Market Analysis
    4. Products & Services
    5. Marketing & Sales
    6. Operations
    7. Financials
    8. Appendix

One size does not fit all, and earlier moves like canvasing and wireframing will lighten the load as you flesh out details. To determine how particularized your business plan needs to be, consider who will be reviewing this dynamic document. Learn more and explore different templates online, then craft something you’re proud of.

Even without an audience, creating a business plan is rarely a waste of time. They can also become a required asset when you’re raising financial capital. Situations where you’ll likely need a business plan include grant applications, bank loans, and pitch competitions. Entrepreneurial support organizations (ESOs) may request a business plan to warrant professional services as well.

As you build a business plan, use clarifying frameworks, concise content, and mark areas that may need to more frequent updates. This makes the document interesting, more digestible, and easier to maintain.

As you update this dynamic document, consider how your business plan supports other related resources that collectively paint the picture of your company. Sharp business plans integrate with a cool one-pager, slide decks that ignite verbal presentations, a pitch deck with similar content brought to life with enhanced visuals, and ongoing investor updates. This shapes a forwardable investor pack geared to keep your ideas from slipping toward someday.

By Ben McDougal, ago

Not to Lose

Whether it was traveling with the teams my dad coached as a kid, playing club soccer at an early age, monopolizing my time in high school, playing all through college, or being the focus of my first entrepreneurial venture, soccer was a part of my identity for over 20 years. I’ve since shifted toward the more secret exercise of golf, but memories remain, and sports have so many playful metaphors.

Sports and other organized activities help us push to be our best, and the sense of belonging is the real magic.

No matter the sport, it can be easy to get ahead before slipping into a dangerous trap. Instead of staying sharp by maintaining the offensive pressure that earned an early advantage, it’s natural to start playing not to lose.

In soccer, this often means a team sinks back into an overly defensive formation. Less variety invites frantic desperation, and the added pressure often leads to the opposing squad scoring an equalizing goal. Even if the need for another goal shifts your team back into a more balanced attack, the momentum has shifted.

When applied to business, getting ahead and then playing not to lose can be seen all over the map. For instance, snagging a few early adopters, then assuming customer discovery is over. Hiring new talent, then just hoping everyone can work together. Launching a new product with existing customers, then not supporting them through the chasm of change. Securing product-market fit, then avoiding innovation due to a misguided sense of risk. Finding generous mentors, then forgetting to nurture relationships. Those are just a few ways we get ahead, then play to lose, but many leaders are lulled into this trap.

Tactics to stay ahead differ based on situational factors, but when in doubt, trust that uncertainty is certain. Be strategic to avoid recklessness, then maintain pressure and stay on the offensive by leaning into the pain.

As you find fresh ways to serve customers, continue celebrating milestones and stay ahead with more initiative to keep playing beyond the fear of losing.

By Ben McDougal, ago

Breakout Valuation

Breakout valuations are achieved when a business is valued based on how it makes people feel and its future potential, not just on what it’s done in the past.

The nine components of a breakout valuation are confidence, vision, curiosity, people, communications, cash management, financial forecasting, capital strategy, and business design. Whether or not you sell your company, owners who optimize in these areas position themselves for a breakout valuation.

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This is an adaptation of Breakout Valuation by Patrick E. Donohue. Patrick is the Breakout Growth Investor—a founder, valuation expert, and capital strategist who helps us build magnetic vision, unlock financial clarity, and create lasting value.

While you’re running a company, breakout valuations make everything easier. It attracts talented employees and quality customers. This expands your market position, makes financial capital less expensive, and invites vendors to extend better terms based on your surging trajectory.

Knowing what your ownership of the business is worth helps you make important financial decisions and becomes increasingly important as a business matures.

If a business grows to the point where it becomes valuable to acquire, academic and finance professionals attempt to make valuation objective, but the complexity of each transaction makes valuation subjective in the end.

Along with all the objective data, valuation is highly influenced by the environment, relationship, and personal views of the participants in a transaction.

Knowing how investors and lenders use objective valuation tactics is crucial. But understanding the potential value of the business, articulating it to potential partners, and having them buy into the vision will arm you with an advantage to get what  you want: a breakout valuation.

 

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What are we doing today to support our goals for tomorrow?

Breakout valuations are not aspirational.
They emerge from what you are doing right now.

Be clear with your mission and vision. Know your numbers and how everything comes together through a shared mindset, communication, and workflow. 

The pursuit toward a breakout-valuation compounds, requiring attention today and every day moving forward. This steady focus aggregates a deep level of understanding and builds confidence. When the day comes to part with some or all of your business, the assurance from a breakout valuation will maximize the payout or support the poise to walk away.

Alright, grab the gondola.
Let’s head back up the mountain.

By Ben McDougal, ago

Feng Shui

Peace awaits those who appreciate all that is without worrying about all that is not. That said, things will not just fall into place. It takes initiative, consistency, awareness, and sacrifice to find your own equanimity.

Similar to how we decorate our environment to harmonize with nature, we can connect elements of our career portfolio to feel the benefits of feng shui.

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It’s not a rainy day. It’s free water.

The world is loud, and endless distractions make us feel frantic when there’s so much to do. Being present along with a quiet appreciation of understated beauty keeps us centered. As mindfulness becomes part of our practice, it’s easier to slow down just enough to ensure we don’t miss life along the way.

The places we visit, the people we’re with, and the art we ship all connect through us. Over a lifetime, we become a destination for others, and this becomes our gift.

When there’s passion, humor, diversity, intellectual humility, and harmony within our own environment, the impact of our gifts are lasting and the way we invest time with others will add up in the end.

By Ben McDougal, ago

Tenured & Tired

Recognize, connect, and support those who consistently delight those they serve over a prolonged period of time. Rewarding such an initiative makes sense, but at what point does the comfort of a rewarded role devolve into a willingness to sail into the sunset?

When starters run into the aloof, misaligned energy can lead to a standoff. Time is the ultimate release, but what if progress is needed now? Every situation is different because of the complexity of an environment and the people/organizations involved, but here are tactics that seem to work no matter the circumstance.

The first uses social currency. It requires a change maker to set their ego aside, and instead, celebrate all that’s been achieved by the accomplished, yet tired gatekeeper. Use respect, kindness, and appreciation to form a bond. Relationships that feel less transactional often create leniency toward new ideas. When a crack in the wall of inactivity is created, be glue that maintains the integrity of the existing system. For example, “I’m too busy” is a common qualm, so lean into that pain by offering to execute on the idea that has sparked mutual interest. It’s important to be realistic in these moments, because when promises are made, credibility is on the line. As you not only light a path toward progress, but also champion change by evolving ideas into reality, trust is gained and your ability to continue making a ruckus increases. Want to extend your leash further? Take responsibility for failures, but give all the credit away when success is achieved.

If a larger organization is involved, another interesting tactic invites the tenured leader to level up the team by activating a colleague. This provides a new hire the chance to get involved within the entrepreneurial ecosystem, while the organization is seen as engaged within their community. It’s hard for some to understand that time spent in the wild is often more valuable than clocking time in the office, but if the organization allows this person to show up without limitation, everyone wins. The new community member feels the innovative energy and brings more intrapreneurial vibes into the organization, while the community benefits by having another trusted organization in the mix.

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“The way we make things better is by caring enough about those we serve to imagine the story that they need to hear.” -Seth Godin

If you’re reading this, you may be tenured, but it’s unlikely you’re tired. That said, we’ve all found ourselves in a motivational rut or lacking a clear sense of purpose. Along with a few solid sleeps, when I feel the urge to settle, it helps to have fun, build into other areas of your career portfolio, take a few days to rest if necessary, and then get back into the startup community. This creates opportunities to #GiveFirst, ask for help, or get extra curious about the creative work of others. Soon you’ll find new opportunities to collaborate.

New connections that emerge can bring you out of the motivational rut. They can boost your care meter and will add fresh personality to your work. Along with sparking fresh direction(s), you’ll be motivated by others and soon find new ways to be generous with your art. If you’re still thirsty for motivation after tapping into the entrepreneurial ecosystem, I’m here for you as well. Together, we can refuel the idea machine to avoid wasting any more time with being tenured, but tired. Sleep when you’re dead, my friends. Let’s keep building.

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“There will come a time when you believe everything is finished. That will be the beginning.” -Louis L’Amour

By Ben McDougal, ago