Business Development Services1

Who’s on your team?

Session 9

Business Development Services2

Define common skills needed by every business

Explore and identify the skills needed in your business

Assess your own skills Plan for skill gaps

Session objectives

Business Development Services3

“The business needs someone who can… “The business needs someone who is…

What skills does the business need?

Business Development Services4

In early days, business owners do much of the work themselves

Many are shocked by skills they need Many aren’t prepared Can cause owners to put off

(procrastinate) important jobs Can cause stress & burnout

Business skills – the reality

Business Development Services5

It’s impossible to be an expert in all the skills your business needs.

For your feasibility plan, you need to show you’ve considered all the skills your business needs

And…who can bring these skills to your business

The truth…

Business Development Services6

As a business owner, you’ll have to think about the skills your business needs, not just the skills you have

Skills your business needs

Business Development Services7

Help you identify skills needed for your business

Measure your own skills in these areas Build a plan for any skill gaps – or areas

where you may need help

In-class activities to…

Business Development Services8

In sales, you have direct contact with the customer (trade show, individual meetings, calls, etc).

Sales people need marketing so that they have the tools (messaging and materials) to communicate benefits, UVP, etc. to potential customers.

Sales & Marketing

Business Development Services9

Some business owners pay someone to help with finance and administration at start-up, and then do the monthly tasks themselves.

Some do most of the administrative tasks, but pay someone to do all the financial work (but you still need to understand financial statements & analysis)

Some businesses hire employees to handle financial and administrative work.

Some have trusted advisors

Getting help with finance & administration

Business Development Services10

Owners/partners Employees Contractors Advisors

Bringing needed skills into your business

Business Development Services11

Describe responsibilities, skills and experience of owners/partners

Include résumés Cost: salary Monthly costs (yearly for year 2 and 3)

Owners/partners

Business Development Services12

Number and job titles Job descriptions if possible Salary/hourly wages MERCs (CPP, EI, Worker’s Compensation,

vacation pay) Costs:

Include all monthly costs for employees (wages and MERCs) (yearly for year 2 and 3)

Employees

Business Development Services13

Common for: bookkeeping, accounting, legal, marketing, etc.

Need a contract – no MERCs Cost:

Hourly, daily rates, project-based (e.g. website)

Start-up and monthly costs (yearly for year 2 and 3)

Contractors

Business Development Services14

Give you important advice. Examples: SEED Business Consultant Banker/lender Accountant Insurance professional Professional associations

Other advisors