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I've recently been criticized for thinking more than one step ahead in business matters. One comment was that I am pessimistic, because I was taking into account if something goes wrong, but I think it's smart to be prepared. For example, if i sold my house and the deal falls through, then I will do this. Another was dealing with negotiations. I want to ask a bit more than I think I can get, then allow for them to counter or accept. I was told, I was thinking too much.
I'm not worried about these specific cases. But I'm wondering if many people aren't comfortable with strategy and thinking of "if this, then that" kind of thinking ahead. Do you think my style of thinking is beneficial in business dealings? I think it is, but I'm a little puzzled why some people don't want me to think more than one step ahead.
You're playing chess with those who can't move beyond checkers. Carry on.
that's funny. i was thinking about chess too. i don't play, but it's a good analogy. another analogy is programming. you have to think of all of the steps and what ifs.
I've recently been criticized for thinking more than one step ahead in business matters. One comment was that I am pessimistic, because I was taking into account if something goes wrong, but I think it's smart to be prepared. For example, if i sold my house and the deal falls through, then I will do this. Another was dealing with negotiations. I want to ask a bit more than I think I can get, then allow for them to counter or accept. I was told, I was thinking too much.
I'm not worried about these specific cases. But I'm wondering if many people aren't comfortable with strategy and thinking of "if this, then that" kind of thinking ahead. Do you think my style of thinking is beneficial in business dealings? I think it is, but I'm a little puzzled why some people don't want me to think more than one step ahead.
Who is telling you all this? Hopefully not your competition or your buyer's agent. It is good to have contingency plans and have a strategy - business is a game. Leaders employ good strategy. Just don't overthink all possible strategies to the point where it is hampering your ability to make effective and timely decisions.
Who is telling you all this? Hopefully not your competition or your buyer's agent. It is good to have contingency plans and have a strategy - business is a game. Leaders employ good strategy. Just don't overthink all possible strategies to the point where it is hampering your ability to make effective and timely decisions.
One person was my neighbor. He was just giving unsolicited advice. The other was my real estate agent, but that all worked out, simply because it's a strong sellers market. She's not that experienced. It wasn't my choice to hire her, but that's a long story and no harm was done.
I am working on a business plan, which would be in the same line of business I've been in for 10 yrs. I found someone to consult with, who is very well known and has decades of experience in the industry. I've only had a free15 min conversation with him so far. His rate is $275/hr, but well worth it. He already saved me $1500 and answered a few questions. I agree with you about over thinking. Over thinking may be due to trying to do too many things without enough experience. That's why I'm consulting with an expert and will hire people in areas that are my weakness. I think that focusing on what I'm best at and hiring experts in areas that I'm not good at, is a good strategy.
One person was my neighbor. He was just giving unsolicited advice. The other was my real estate agent, but that all worked out, simply because it's a strong sellers market. She's not that experienced. It wasn't my choice to hire her, but that's a long story and no harm was done.
I am working on a business plan, which would be in the same line of business I've been in for 10 yrs. I found someone to consult with, who is very well known and has decades of experience in the industry. I've only had a free15 min conversation with him so far. His rate is $275/hr, but well worth it. He already saved me $1500 and answered a few questions. I agree with you about over thinking. Over thinking may be due to trying to do too many things without enough experience. That's why I'm consulting with an expert and will hire people in areas that are my weakness. I think that focusing on what I'm best at and hiring experts in areas that I'm not good at, is a good strategy.
Just don't overpay for advice... Everyone tries to oversell their "expertise." I did it when I was a consultant. Places like the SBA, your local Chamber of Commerce, trade associations, local colleges, etc. can offer some pretty good low-cost (even free) advice and sometimes offer mentorship from experienced, retired business execs/owners. I can't tell you the number of people I have met who have joined pricey "executive clubs" that were completely useless. There are obviously a lot of scams out there. There are, of course, also plenty of areas where, depending on your time/background, it is a very good use of money to hire the right service (legal, accounting, payroll, corporate/web design, etc.), but always do background checks and negotiate the price.
Just don't overpay for advice... Everyone tries to oversell their "expertise." I did it when I was a consultant. Places like the SBA, your local Chamber of Commerce, trade associations, local colleges, etc. can offer some pretty good low-cost (even free) advice and sometimes offer mentorship from experienced, retired business execs/owners. I can't tell you the number of people I have met who have joined pricey "executive clubs" that were completely useless. There are obviously a lot of scams out there. There are, of course, also plenty of areas where, depending on your time/background, it is a very good use of money to hire the right service (legal, accounting, payroll, corporate/web design, etc.), but always do background checks and negotiate the price.
My business and what I do specifically, is product design and manufacturing. I will be selling wholesale to stores. I've done this on a small scale for about 10 years, but also selling retail over the internet. The best place for my products is through traditional retail stores, so am developing the same product but to be made in higher volume.
I am hiring someone to teach me what I need to know about selling to stores. Pretty much everyone who owns a store in this product category knows who he is. He publishes a blue book, which most stores use for pricing. I don't have a lot of experience selling wholesale, so he is going to answer my questions and review parts of my business plan. I'm familiar with some free advice services, such as score. I'll look into that too, for more general info, such as hiring and managing employees. I have used a consultant years ago, which was a 3 day private class for $1,500. It was worth every penny, because he had just developed some new manufacturing methods he was willing to teach me.
I'm also going to hire a copywriter with branding experience to edit website content. I'll hire a website designer, photographer and a sales rep. All of the above would cost about 5k, not including the sales rep which would be paid by commission. The cost to start the business will be at about 40k. I used to do most things myself and I think it doesn't get the best results. I am going to be keeping my old business, while building the new business, but the new business has much much higher profit potential.
My business and what I do specifically, is product design and manufacturing. I will be selling wholesale to stores. I've done this on a small scale for about 10 years, but also selling retail over the internet. The best place for my products is through traditional retail stores, so am developing the same product but to be made in higher volume.
I am hiring someone to teach me what I need to know about selling to stores. Pretty much everyone who owns a store in this product category knows who he is. He publishes a blue book, which most stores use for pricing. I don't have a lot of experience selling wholesale, so he is going to answer my questions and review parts of my business plan. I'm familiar with some free advice services, such as score. I'll look into that too, for more general info, such as hiring and managing employees. I have used a consultant years ago, which was a 3 day private class for $1,500. It was worth every penny, because he had just developed some new manufacturing methods he was willing to teach me.
I'm also going to hire a copywriter with branding experience to edit website content. I'll hire a website designer, photographer and a sales rep. All of the above would cost about 5k, not including the sales rep which would be paid by commission. The cost to start the business will be at about 40k. I used to do most things myself and I think it doesn't get the best results. I am going to be keeping my old business, while building the new business, but the new business has much much higher profit potential.
Sounds like a reasonable plan.... I agree with hiring someone with branding experience at company startup. When I started, I paid a professional to develop our brand, logo, website and I'm so glad I did. Our logo, in particular, is very good. Really contributes to our corporate identity. Does your consultant publish your product pricing in his bluebook? Or will you create a separate leave-behind catalog/price sheet for that?
Anyhow, good luck with your new venture... Sounds promising.
Sounds like a reasonable plan.... I agree with hiring someone with branding experience at company startup. When I started, I paid a professional to develop our brand, logo, website and I'm so glad I did. Our logo, in particular, is very good. Really contributes to our corporate identity. Does your consultant publish your product pricing in his bluebook? Or will you create a separate leave-behind catalog/price sheet for that?
Anyhow, good luck with your new venture... Sounds promising.
thanks, it think it will work out.
The blue book is for repairs and custom work done by retail stores. It's sort of like what auto mechanics use (i think) but i would just be selling products wholesale. Stores would display my products, their customers would say what options they want and the store would order it from me. It's just a traditional style business. I wouldn't set the retail price, but it's typically twice wholesale. The wholesale price formula is ((materials x 2) + (hours x $80)) x 1.1. The consultant knows the retail side, so i can ask him questions like "what is the retail markup", "how much do sales reps make?" "what terms should I have?"
The blue book is for repairs and custom work done by retail stores. It's sort of like what auto mechanics use (i think) but i would just be selling products wholesale. Stores would display my products, their customers would say what options they want and the store would order it from me. It's just a traditional style business. I wouldn't set the retail price, but it's typically twice wholesale. The wholesale price formula is ((materials x 2) + (hours x $80)) x 1.1. The consultant knows the retail side, so i can ask him questions like "what is the retail markup", "how much do sales reps make?" "what terms should I have?"
So are you the manufacturer? Manufacturer's rep? What about manufacturing costs? Will you get a line of credit?
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