Tag Archives: Business

Cost Benefit of Being a Student Athlete

The Cost/Benefit of Being a Student Athlete by Evan Shirreffs

Picture walking out of your dorm room at 5am on a Friday morning with a jug of water in one hand and a granola bar in the other. With sleep still in your eyes you’re wondering, “what will the workout be like today? Intense conditioning or a grueling squat day?”

Then, as you reach the door to the parking lot, you encounter a few students stumbling around, standing in their outfits from the evening before. One of them lost their student ID at some point during the night in between shots of liquor and their failed attempt at chasing after that one cute girl from Calculus class. Lucky for them, here you come to the rescue before they pass out in the bushes.

During my first few weeks on campus as a football player at the University of Miami, this moment put into perspective what the following few years would encompass.

Sooner or later, every student-athlete has experienced a similar moment that made them realize the depths of dedication it takes to play a sport in college. To say it is a job is honestly an understatement. Do not even get me started with compensation, but the pure will it even takes to commit to such a rigorous lifestyle is much more demanding than any job could ever be, and that’s coupled with much less reward.

What job is so physically taxing that by the end of an early morning lift session, you need to take a nap before most of your colleagues are even awake? What job gives you twice as much “optional” work as mandatory work, yet expects all of it to still get done despite the repeated statements that, “school comes before football?” If this was truly the case, then why would my only free time to study be after hours in the library with the thought of that early morning practice distracting my efforts to learn the importance of a balance sheet, or developing a business model for a business world that I have only heard of in theory and not yet experienced?

Learning class material was never the issue for me. It’s a bit easier to go into an exam with a general concept of what will be on it, and BS an answer that will satisfy your professor. If you BS your preparation for football however, you will be exposed by your opponent. And he will let you know about it before you even get to the sideline to get ripped by your coaches and teammates as well. As a quarterback, I need to know everything that all the other ten guys on the field are doing. The amount of focus it takes to go through hours of daily practice, meetings, and film is something that is quite difficult to understand until you must do it. No other position is like that; few positions in business are like that either.

Yet with all the challenges involved, the cool thing about committing to something like this lifestyle is the absence of regret, and the feeling of satisfaction that comes from doing everything in your power to succeed, even if the venture results in failure. In a society so focused on perfection, it is hard to see the value in failure. Football has taught me that success is never possible without failure.

I have lost battles for starting jobs, had coaches that did not believe in my style of play, I missed games because of injuries, not performed when my number was called, but none of that is what defines me. Failure not only showed me that I was not as badass as I thought by beating me down during some of the toughest moments of my life, but it gave me the opportunity to overcome obstacles during those times that makes success so much sweeter.

Failure gives you the chance to learn how to respond when things are not going your way. It humbles you when you most need it. This has been the single most impactful lesson learned from football. When you accept that the outcome you are working so hard for may not be attainable, you learn to fall in love with the grind and process of even giving yourself the opportunity to reach the result you are striving for.

As I sit behind my computer screen gathering my thoughts on my final collegiate football season to come, and my eventual “transfer” into the real world of business, I cannot help but smile at the opportunities ahead. I have no idea what the future holds, but I know that nothing I face in life will be as hard as the days of being a student-athlete. I understand that there is so much to still be learned, but there is no doubt in my mind that I will be successful in whatever career path I take. In all honesty, I just fear not finding that one thing in the real world that I am as passionate about as football. But I know that when I find it, I will make a difference in this world.

-Evan Shirreffs

What is 10X Tom Schaefer Jr.

What is 10X?

If you’re an entrepreneur, a sales professional, work within your city’s start-up ecosystem, or are a follower of one of the dozens of personal/professional growth coaches, chances are you’ve seen or heard of “10X”.  This has become a hot term in the last half-decade, and I wanted to break down my interpretation of what this means, and how it’s meant to be applied to your efforts.  It started as a way to describe the “best” engineers who are 10 times as productive as their “worst” counterparts in the field of software development.  The term has been appropriated, perhaps most famously by Grant Cardone in his book “The 10X Rule”, as an understanding of the levels of effort and thinking required to break out of the average results and truly succeed.

The first component in The 10X Rule (get it here free, just pay shipping) takes a closer look at how we think about success, and how we set goals.  While we’re taught “slow and steady wins the race”, this puts our mindset in a place where average is OK.  However, average is a sliding scale.  If everyone is struggling, your struggles are justified.  We set smaller “realistic” goals, limiting our belief in what is possible.  I believe this way of thinking is rooted in the fear of failure, so we celebrate even the smallest victories.  Failure is necessary for growth.  As we fail, we learn what doesn’t work and improve our efforts for the next attempt.  Welcome failure, set audacious goals that are “10X” what you originally thought possible.  10 new clients a month instead of 1.  Raise $1 million for your start up instead of $100K.  Thinking in these magnitudes, even a “failure” of getting 3 new clients or raising $200K is still better than the original goals.

Now thinking at a higher level than before is great, but making them happen can seem daunting.  This is where the second part kicks in, and understanding the order of magnitude of your actions comes into play.  Break down what it takes to reach your goal.  Does it take 5 meetings to get that 1 client?  Schedule 50.  Does it take 10 calls to get 5 meetings?  Make 100 calls.  Don’t have 100 people to call?  Start building your network by sharing what you do with others and ask them if they know anyone that fits your ideal client profile (ICP).  Start somewhere and create the activity to get to the next step.

“But Tom, I’m a solopreneur and I’m already working 60 hour weeks, I can’t possibly work 600 hours a week, it’s impossible.”  or “Those numbers aren’t realistic, in my industry a 20% growth is considered a huge margin.”  Excuses are a justification of our fears.  We stay in a comfort zone to avoid failure.  Well a solopreneur can leverage tools like CRM to manage a sales and marketing strategy, making scalability much more attainable. A strong digital marketing campaign can grow an audience 100 times what was previously done with more traditional methods at a fraction of the price (and often at no cost at all).  The fear of failure is stopping more people from succeeding than the actual failures ever will.  Stop thinking small and start doing, because nothing ever happens overnight, and every great journey begins with a single step.

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Small Business Week 2019

WIMS Celebrates National Small Business Week 2019!

In honor of Small Business Week I’ve put together a collection of resources, information, articles, etc. for you to check out whether you’re currently an entrepreneur, if you’re considering becoming one, or if you simply want to support your local crazy roller coaster rider like myself. Also, to celebrate WIMS Consulting is offering a 20% on all services/projects for other small business owners. Just reach out and mention it during your consultation!

What is SBW?

From May 6th to May 11th, 2019, it’s National Small Business Week where the SBA (Small Business Association) recognizes outstanding entrepreneurs and small business owners from all across the 50 states and U.S. territories.

About: “Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America’s entrepreneurs and small business owners.

More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.

As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st century jobs, drive innovation, and increase America’s global competitiveness.”

 

For North Carolina Companies:

Charlotte Business Resources – it’s Small Business MONTH for the CBR and the city of Charlotte (thanks Mayor Vi Lyles)! Check out everything going on. They’re using #31DaysofBiz too if you want to follow along.

Check out NC IDEA, they’re expanding the long-standing NC IDEA SEED grant program by introducing a Micro-Grant Pilot Program to award micro-grants to deserving companies not yet positioned for their traditional $50K seed grants. “The NC IDEA SEED Micro-Grant Pilot Program will award project-based, micro-grants in the amount of $1K – $10K to young companies looking to validate and advance their idea; or if further along, validate scalability where a small amount of funding would make a significant impact. Grant recipients will also receive mentorship and assistance from NC IDEA, as well as access to its wide network of advisors, partners and investors.”

 

Other SBW2019 Resources Worth Checking Out:

Entrepreneur Magazine SBW2019 HQ

Entrepreneur Magazine SBW2018 HQ

Fundera Ultimate Guide for Small Business Owners

Amazon Business Small Business Week Page

They also created: The Small Business Office Playbook is a resource endorsed by the U.S. Chamber of Commerce as part of its commitment to continually support small businesses’ needs and growth opportunities.

Vista Print 33% off entire site with code SMALLBIZ

Goldman Sachs 10,000 Small Businesses Program

Top TedTalks for when you want to start a business.

Consider These 9 New Ideas For Small Business Week PR (Forbes)

Why National Small Business Week Matters Now More Than Ever (Business.com)

Small Business Week 2018: Need money to get started? We’ve got you. (USA Today)

43 Reasons You Should Support Small And Independent Businesses (Forbes)

Project Management

Introducing the WIMS Consulting Project Management Service Line

The WIMS Consulting project management service line was born out of our own need to allocate the time and resources to make sure and improve this area of our business. A core business tenant is that the best business models solve real problems that you can relate to and those that make a significant impact on your life. Getting the project management process built and implemented is working wonders for our business, and we realized it would likely do the same for yours.

Agile, Scrum, Kanban, Gantt. Excel, Google Sheets, Trello, Jira, Smart Sheets, Asana, SharePoint, Bitrix, BaseCamp, Zoho Project Management. We scoured the web, read countless white papers, articles, watched webinars and seminars, and researched the heck out of this problem until we found the best approach that works. We didn’t just look for the best methodology, but also the best software stack too. Because just like CRM programs (which we intertwine this with in our case) you can have the best understanding of the principles and software in the world, but if you don’t actually use and implement the program correctly it will still fail.

Many people conduct project management intuitively, or by using a combination of Outlook, post-it notes, and to-do lists. Others at least have upgraded to a Trello board or Smart Sheet subscription. It’s time to level up and incorporate a robust project management strategy as a core part of your company’s operations.

While we primarily built this for us, we quickly realized how replicable it is for our clients too. The value it brings to your overall business is profound. It helps improve communication, holds everyone accountable, ensures you’re focused and prioritizing the right things. All of which are crucial as you work to grow and scale. We spend a lot of time helping our clients get more business and increase revenue, now we’re also focusing on helping them to keep that business in a long-term and sustainable way. We’d love the opportunity to assist your company with making it happen. Reach out when you’re ready!

Project Management Offering

WIMS Consulting can act as your long-term outsourced project manager, or on an ad-hoc project basis as they arise. Our solutions are customized and flexible based on the client’s specific needs. Whether you have a system in place that needs some minor tweaks, or if you want to start over from scratch we can help. If you want to migrate to a new software platform, we got you covered.

Our primary objective is assisting you with improving your critical decision-making processes, streamlining your operations by enhancing efficiency, improving accountability, encouraging clear communication, and ultimately increasing your ROI.

Our Process

The WIMS project management service line is centered around the mission and goals of the client. To begin, we conduct an informational interview, or discovery call, where we take a deep dive into the organization’s operations to get a better understanding of the existing project management systems and policies in place (if there are any). During this due diligence phase, we learn what the client thinks is working, what isn’t, identify bottlenecks, and learn as much as we can.

This initial conversation will help frame the service and solutions proposed through having a candid conversation to understand where the organization is at and where it desires to go. When this method was undertaken internally, we included some of the questions included below.

Project Management Audit

We provide an audit of your organization’s existing internal processes. After this due diligence phase, we then take the time to thoroughly review and assess. Once this is complete, we come back to you with recommendations and next steps that we believe would lead to the most appropriate project management system for your organization. Before implementation however we will review it together to make a cohesive decision that includes the buy-in and commitment from both of our organizations.

Sample Questions:
1.    Describe your current project management/day-to-day operations process. What are three main points that stand out?
2.    Who is involved in the project planning process? Include all key stakeholders/administrators/decision makers, etc.
3.    What software (if any) are you using?
4.    What type of budget and resources do you have to solve this problem?
5.    Have you ever lost a project or not bid on one because of your current internal project management process? Have any other negative experiences occurred because of it?

Of course this is just a high level overview of what is ultimately a complex process. We’d love the opportunity to connect with you and your organization to learn more about your specific project management/operational needs and how we can assist.

 

Marketing Sales Automation Tech Stack

The Best Marketing and Sales Automation Tech Stack for B2B Businesses

Just about every company in America would publicly emphasize that they’re committed to revenue growth (this is more important than ever now). Yet simultaneously its common to try to cut corners and get cheap when it comes time to invest in tried and true resources that help them realize that goal. Further, these resources will easily pay for themselves and more by leading to significant ROI both monetarily and via efficiencies.

In 2019 I can’t believe companies still need to be convinced that they need things like CRM programs and marketing automation but here we are.

And let’s get one thing out of the way before going any further. No, having a free HubSpot account doesn’t count as investing in a CRM program. It may be slightly better than a Google Spreadsheet (yes some solely use that as their “CRM”) but it’s still a lame attempt at best (that’s not to knock them, they have a fine platform if you’re willing to pay the fees to upgrade it).

Fortunately, there is an upside whether you have a CRM and marketing automation system or not. Regardless if you have none, a poor/dysfunctional one, or even one that’s working decently well, now is a great time to make it even better. Take the time, make the investment, and ensure it’s a priority to get dialed in and implemented now to lead to massive dividends later.

Anything worth doing is worth doing right, so I’ve put together a list of the best tech stack in the game to work synergistically and seamlessly whether you’re a solo entrepreneur or a $100 million company with hundreds of employees.

To set the ground rules this piece is predominantly focused on marketing and sales automation. There are plenty of additional angles to take to assist with ERP, HR/recruiting, etc. (if there’s interest I’ll gladly do a follow up post). Also, there are a variety of effective approaches and platforms to pull this off so in some cases I’ll include secondary and tertiary options. If your favorite tool is omitted it doesn’t mean I’m not a fan, just trying to make this easier in a world with a vast amount of options to avoid analysis paralysis. I’m not going to let that be your excuse not to take action and execute.

Ok here we go.

Communication

This is obvious, but your base starts with communication, so email, mobile device, etc. Personally, my preference is overwhelmingly an Outlook and iOS base. However, Gmail/Google Suite or Android are just fine. I use both Outlook/Gmail and both accounts are connected/integrated with my CRM. If you’re working in teams, adding Slack to the mix is worthwhile as well. Price: $5-$10 per user per month.

CRM

This is really the major component that ties everything together and is the key to making everything else in your business work. If you’ve read anything I’ve written about CRM’s you know my #1 preference right now is Zoho One. It does so freaking much for your company for the price that it’s absurd. Their tagline is: “The Operating System for Your Business” and it’s 100% true. There are literally 40 applications that go along with it that could easily eliminate much of what you’re using right now. But if you love your other platforms and want to keep them it also integrates with them all.

A few steps allows you to sync and keep track of all your communication with clients and prospects, ensure you follow up with leads who fill out contact forms or simply visit your website (yes it includes a heat map and website analytics) and so much more. I also use it for project management.

Almost on equal footing (albeit it comes with a much higher price tag) is Salesforce, followed by HubSpot. These are both great platforms, they just cost a whole lot more to license and don’t come with the extra bells and whistles that Zoho One does. Price: $30-$40 per user per month.

Social Media

This section will be brief, your company has got to have at least the following accounts: LinkedIn, Instagram, Facebook, and Twitter. If you want to add others to the mix more power to you, but this is the base. I use Zoho to manage, automate, and track my posting (which is included) but you could easily use Hootsuite too. Price: Free (Zoho) – $30 per user per month for Hootsuite.

Email Marketing

Another quick section: you need to be incorporating email campaigns into your marketing activities. Email isn’t dead, that’s a lie (neither is direct mail, but that’s for another time). This is one where you could get away with Zoho to manage it, yet I stubbornly have stuck with MailChimp. I love the platform, the company, and what it stands for and have remained loyal. You can start with a free account for under 2,000 contacts, I have more in my list, so I pay a monthly fee (the fee staggers based on your amount of contacts). Constant Contact is a fine option too. Both integrate with Zoho. Price: Free (Zoho) – $30 per month and up for MailChimp.

Contract/Proposal Management

If your company is like mine, you crank out a lot of proposals and contracts on a regular basis. While we customize each one there is still plenty of overlap and recurring content that we leverage often. Standardizing as much as possible with templates creates a HUGE advantage. It allows us to crank out much more in less time. Business is a numbers game, i.e. more activity leads to more volume, which leads to more sales and revenue. So being able to get more proposals and contracts out in a timelier fashion is going to make a tangible impact on your business alone. For this I use/recommend IntellyDoc. Adding this to your tech stack is going to make a major impact on your business. Price: Free (Freemium Model) – $150+ per month depending on your company’s situation.

Payment Processing

Not that your company is closing all this new business you’ve got to collect, right? I have an account set up with PayPal, Square, Stripe, Venmo, Zelle, Coinbase, and Gold Money to collect fees from clients. I recommend having them all nothing else in your business matters if you don’t collect the fees you charge. They all connect to your bank, which should connect to your bookkeeping platform, which then connects back to the CRM to tie in deal flow tracking and to assist with financial forecasting, etc. Price: Free aside from a percentage per transaction.

Bookkeeping

QuickBooks gets all the love, but I’ve been using Wave and it’s really great too (you’re probably sick of hearing this by now but Zoho has an application that comes with your Zoho One account too). QB integrates with Zoho, Wave doesn’t which is a minor annoyance, but I created a work flow to work around that.

Other recommendations:

Scheduling: Acuity is awesome to assist with scheduling meetings, demos, calls, etc. by allowing folks to see open times on your calendar and book appointments. They have a freemium model.

Ecommerce: Shopify.

Sport Business Spotlight

The world is fascinated with sports. Interest in sports spurs massive economic and cultural influences that can be felt at regional and national levels. During the Olympics, it seems as if the world is collectively holding its breath waiting to see how the world’s greatest athletes perform on the top stage. The World Cup takes the hopes and aspirations of countries and puts them on the back of a national soccer team. These global sporting events do not just attract fans but also catch the attention of marketing departments of Multinational corporations. In the United States, the media and advertising hype surrounding the Super Bowl becomes an annual winter tradition where the moves made by league executives and marketing companies is just as important and dramatic as the play on the football field in early February.

 

The business angle of sports is far reaching and goes well beyond the field of play. From sports contracts, licensing agreements, and major development around stadiums the world of sports has a major economic impact. Sports is an industry that is extremely visible and in the 24-hour news cycle the ability of influencer athletes has only grown and will continue to grow in coming years.

 

The world of sports is massive with impacts ranging from local spending at stadiums to global campaigns behind some of the largest products in the world. Sports is so much more than what is seen through the athletic fields of competition. The business side of the sports world influences everything from developing new stadiums to the wide world of sports broadcasting. Above all else sports is a major economic player that is here to stay.

 

Sports teams and annual sporting events often serve as the platforms of regional tourism and identity. For many people the first thought they have about Kentucky is of big hats, mint juleps, and the early May running of the Kentucky Derby. The state of Kentucky uses horse racing to symbolize the values and attitudes which the state wants to share on the national and international stage to draw in tourists year-round. Large sporting events draw in many tourists and can attract international interest.

 

Many regional and city governments are forced to make difficult decisions about stadium financing and put the tax payers on the hook to finance renovation and development of new stadiums. The money and role of public financing behind stadiums raises many questions about access, affordability, and what role the government should have in financing projects. Sports do provide a boost for the economy, but a deeper dive is needed to understand the complexities behind the economic impact sports provide and accountability must be taken on behalf of tax payers who subsidize these large projects.

 

The world of sports combines so many different businesses and is as unique as the difference between major sports. From the huge influence sports media has, as one of the key broadcasts followed by people in today’s fragmented media landscape to the team executives who run the operations behind top teams the influence of sports is massive and goes far beyond the results from the playing field.

 

Sports will continue to garner interest around the globe and large amounts of money from sponsors and consumers alike. The sports industry sits at an intersection of public interest, politics, and business making it a vital aspect of identity and culture for a region.

WIMS Client Spotlight Robin Branstrom Fine Art

WIMS Client Spotlight: Robin Branstrom Fine Art

Robin Branstrom has been an art consultant for over eight years, working with both individual collectors and business clients. She was formerly a partner in Robin & Robbins Art Consultants before forming Robin Branstrom Fine Art. Her company primarily operates out of North Carolina (Charlotte and Wilmington) and South Florida (based in Palm Beach) however she often travels around the country for projects (she’s particularly found of New York of course).

Robin Branstrom Fine Art works with both individuals and their private collections, as well as in the corporate section, curating collections for commercial properties and businesses looking to add some culture to their office spaces. She also works with interior designers to find the perfect piece for their client. Events are another specialty of the company, whether they have a fundraising/nonprofit aspect or simply spicing up a corporate networker, adding fine art to the mix is always a hit.

Often times it takes a special eye to find a perfectly curated piece that cohesively fits with their new décor. From Site Review to Installation, Robin Branstrom Fine Art connects the client with high caliber art that suits their living space which often involves the following steps:

Evaluation

We schedule an initial consultation to discuss your project. Our aim is to understand your business, and your budget.

Site Review

We visit the site or review architectural drawings to get a clear understanding of the space and identify potential art locations.

Presentation

We provide a broad selection of art options: paintings, prints, sculpture, works on paper, textiles and photography… as your project requires.

Selection

We work closely with you and your design team to select the art and specify the placement.

Framing

We offer numerous framing, matting and glass options to protect and present your art.

Installation and Lighting

We will expertly and securely install your art with an eye for detail and suggest the correct lumens to bring out the best in your collection.

Documentation

Upon request, we can provide documentation for your collection, including photo images, media descriptions and valuation.

 

Robin Branstrom Fine Art is continuing to grow and evolve its focus and services. Check out https://www.robinbranstromfineart.com for more information about Robin and her company and to follow along in their journey.

Business Bootcamp: Entrepreneur

Weekend Business Bootcamp: An Entrepreneurial Prompt

If you’ve been thinking about starting a business, whether as a full-time entrepreneur or as a side hustle, consider this your challenge, you call to action, the catalyst you may have been waiting for.

Maybe you’ve been procrastinating for seven weeks (or 1 year and 7 weeks) since making an entrepreneurial new year resolution. Or you’ve just been overwhelmed and stuck in a never-ending analysis paralysis loop. Perhaps you can’t find the perfect idea that best suits you and your skill set (yes, “imposter syndrome” is real and a dream killer). Either way, the best and only cure for any of the above is to take action and get started.

So, wherever you’re at in the process, I’ve pulled together some resources to act as your quick start guide, leveraging advice from experts across the internet, to help you kick things off and be ready to launch your business by Monday (no joke, it really can be done and isn’t as hard as you’d think).

Here are as many ideas as you can handle, along with some success stories for additional inspiration. After you settle on THE big idea, we move onto the initial steps to kick things off, including running some numbers and what you need to do to make it legit.

 

10 of the Highest-Paying Gig Economy Jobs of 2019

Artificial Intelligence/Deep Learning – $115.06/hour, Blockchain Architecture – $87.05/hour, Robotics – $77.46/hour, Ethical Hacking – $66.33/hour, Cryptocurrency – $65.37/hour, Amazon Web Services Lambda Coding – $51/hour, Virtual Reality – $50.18/hour, React.js Developers – $40.75/hour, Final Cut Pro Editors – $37.12/hour, Instagram Marketing – $31.23/hour”

The 20 Hottest Job Skills in 2019 That Will Get You Hired (Editor’s Note: This list doesn’t just make sense for a job, but as an Entrepreneur as well)

  • “A majority of the 20 hottest skills in the US job market are tech-related, according to a new list from freelancing platform Upwork.
  • In-demand tech skills are changing rapidly: 75 percent of the tech trends leading to job opportunities are new to the list.
  • Demand for mobile optimization, the rise in cybercrime and increasing investment in big data solutions are driving corporate hiring.”

Need a Business Idea? Here Are 55

100 Businesses You Can Start with Less Than $100

15 Businesses You Can Start for $10,000 or Less

“Daycare, Lawn Care Specialist, Court Transcript Proofreader, Bookkeeper, Real Estate Agent, Freelance Writer, Natural Childbirth Educator, Retail Arbitrageur, Blogger, Photographer/Videographer, Virtual Assistant, Info Product Salesperson, Dog Walker/Sitter, Personal Trainer, Estate Sale Manager”

7 Realistic Ways to Make Money Online

“Leverage the app economy, Use existing websites, Sell your own stuff, Sell as an affiliate, Start a blog, Email marketing, Webinars trainings”

9 Ways These People Make Money at Home with Nothing but Their Laptops

 

After you decide what business(es) you want to launch the next step is to read this article from Tim Ferriss and follow through on the exercises. How to Create a Million-Dollar Business This Weekend

Next, review this one: A Simple 6-Step Process to Starting a Small Business, and follow it up with How to Start a Small Business Online: “Seven tried and true steps for attracting visitors to your small business’ site — and getting them to buy.”

 

After you get through your weekend grind session and you’ve taken one of the hardest steps in becoming an entrepreneur, give me a call on Monday and let’s start building your website, marketing plan, and get you some clients. By this time next week, you’ll truly have something to celebrate. TGIF!

WIMS Client Spotlight: IntellyDoc (AI Contract Management/Automation for Lawyers)

Meet IntellyDoc (website/platform is going live this week): The platform designed specifically for lawyers that serves all your end-to-end contract management needs, and will soon leverage artificial intelligence (AI) technology as well. IntellyDoc easily solves every lawyer’s greatest problem – time management.

You can manage your contracts – from start to finish – without having to leave the IntellyDoc platform. IntellyDoc empowers you to leverage and take back the greatest commodity in the practice of law – your time. Which means you’ll draft contracts, automate document review and approvals (including e-signature functionality), gain critical insight with contract analytics, and close deals faster and more efficiently than ever before.

On the IntellyDoc platform, you get access to the following powerful capabilities:

  1. Smart Contract Template Design
  2. Automated Contract Review
  3. Custom Workflows
  4. Collaboration
  5. E-Signatures
  6. Data Analytics/Reporting and Extraction

The Real Benefits of IntellyDoc:

  • Less email tra­ffic
  • Less legal grid-lock and pressure
  • Less time in the weeds
  • More time to practice high value, meaningful work
  • More efficient workflows
  • More metrics to inform decisions & ensure compliance.

Here’s how it works:

  • Create, review, negotiate, execute, and store a document without leaving the cloud-based platform.
  • The built-in, smart workflows automate document review and approval, enhancing speed and accuracy of your workload.
  • Collaborate securely within the platform to edit and track changes, manage several versions of documents, and execute documents with electronic signatures.
  • Gain powerful insight into your contract repository with real-time reporting and analytics.

Why it works:

  • Our simple set up with on-going, hands-on support means zero installation rigmarole but on-boarding training support is here, if needed.
  • The platform supports various file types you interact with daily on Macs or PCs including: doc, docx, and pdf.
  • The secure and compliant cloud-based approach delivers metrics and transparency.

The website is being finalized this week, but if you’re interested in learning more about the platform, please email sales@intellydoc.com or click here to schedule your demo today.

Seed Round Capital

Notes on Raising Seed Round Capital

Throughout the past year I’ve helped lead a couple of seed round funding for company’s that I’m a co-founder of. While I’ve assisted and consulted many startups prior to that with raising money, doing it from this perspective was quite different. I won’t admit to knowing absolutely everything, but I’ve certainly learned a few things along the way that are worth sharing if you’re in a similar situation or considering it.

Seed round funding takes significantly longer than you think it will, even if you’re just going after “friends and family”. Start reaching out to potential investors at least 6-9 months before you think you’ll need the funds as it can easily take that long to close the deal and collect the check.

How are you going to structure your company, and the investment? Delaware C-Corp’s are a common favorite structure and get a ton of attention, but you don’t necessarily need to structure it that way. Do you want to offer a convertible note or do a straight equity investment (or equity crowd funding – which is a whole other game)? There are pros and cons to each of these decisions, so it really just comes down to preference and seeking expert counsel.

Get serious about documentation as there’s a ton of it required. These deals are a negation, so anticipate there to be red lining for edits on a term sheet contract, additional concessions will be asked for, etc. Secure an attorney to assist you with this side of things. While you can start with a template, always get approval from a professional before executing the deal and finalizing documentation. It will help you later.

Your valuation is likely too optimistic. But even then, a valuation is always subjective. Your true valuation is essentially what you can convince someone your company’s worth. Remember no business plan or pitch book in the history of the world was 100% accurate with their projections. Make sure your work comes across as thoughtful and realistic however to show the potential investor that you did the work and aren’t just flying by the seat of your pants.

A “yes” isn’t really a yes until the money has been transferred. Don’t count your chickens and start deploying capital until you have received it. You can get a yes (or what you perceive to be a yes) on a deal but then when it comes time to complete a wire transfer the investor can get a little gun shy. Things happen, whether they get push back from their spouse, the market takes a downturn, or perhaps it’s some other random unexpected occurrence, a deal isn’t truly closed until you have the money in hand.

Collecting the funds isn’t where it ends, rather it’s just the beginning. After you receive the investment capital, then you have to execute the vision, deliver on what you said you were going to, provide further documentation along the way, communicate progress regularly, and ideally turn a profit so you can return the capital back along with a sizable return on their investment. Not sure which is the hard part? They all are.

What are some of the things you’ve learned along the way? There are so many others to consider. I always love hearing, and learning from, a good case study about your personal experience raising funds if you’re willing to share.