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Posted by on Oct 21, 2009 in Business Development | 0 comments

Where’s the Rice and What Happened to my Profits?

The taco meat was almost ready to drain, the dishes were nearly done, and rice is almost ready to add to the soup. The soup is almost boiling over and wait… where’s the rice? Now the tomato soup is splattering all over the stove and my hands are covered in soap and the thought of the meat grease catching on fire is wracking my brain, and where’s the rice?

As a naturally frantic, harebrained cook, this was a typical night in the kitchen. I never did end up finding the rice (though I know I had bought a bag earlier that week) and my taco dinner was more like greasy meat and shells.

Many brands fail to launch because they are like me in the kitchen—disorganized, unprepared and last minute. Had I been responsible in the kitchen, I could have picked up another bag of rice before beginning the soup, doing the dishes, baking the shells and cooking the meat.

Conceptually thinking about your business, from a high-level to the detail, is essential before starting it. A great exercise in conceptualizing your company is a business plan. Doing the market research, identifying a market advantage and target audience to create a compelling market deliverable can help you first, figure out if it is worth pursuing and if it is, a business plan can help you fine tune the details.

It’s better to realize you don’t have the rice now so you can either tweak your current recipe or find a completely new one.

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