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What is the importance of researching your competition and managing your financials? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on how to create a compelling and concise business plan that will help you save money and grow your business.
Brandon dives into creating elevator pitches, problem-solving, market opportunities, go-to-market plans, financials, and more. Discover the importance of understanding your competition in order to succeed in business and find out about the different sources and tools available for researching and analyzing competitors such as SWOT analysis, Magic Quadrant, SEC filings, etc.
Tune in now and hear Brandon talk about various funding options, including venture capital or angel investments, getting a loan, or trading stocks!
[00:22] The Back Of The Napkin To Business Plan
- Mike welcomes back his guest, Brandon White!
- Today’s topic is, “Competition and Financials”
- The focus on competition to avoid getting blindsided
[02:40] Identifying And Understanding Your Competition
- Competition can be used as a motivator to help you grow and push your products
- Collaboration with forward-thinking competitors to help each other out
- Software company doing 500 million in revenue shows it is possible
- SWOT analysis to break apart competition
[08:35] Breaking Down Revenue Lines And Optimizing Your Net Profit
- Identify who your competition is and where they are in the market
- Cash is king and understanding your revenue lines and expenses is key
- Marketing should be included to understand how much money you’ll make from marketing
- Figure out funding options beyond venture capitalists or angel investors
[16:45] Closing Segment
- Brandon talks about various funding options when creating a business plan and growing your business!
- Final Words
Key Quotes
“Identify who your competition is, where they are in the market, which is where you really are going. You may think they're competition and they're not even competition.” – Brandon White
Connect with Brandon through his:
Website: https://brandoncwhite.com/
LinkedIn: https://www.linkedin.com/in/brandonwhite/
YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw
Instagram: https://www.instagram.com/brandoncwhite/?hl=en
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
Small Business Tax Savings Podcast