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5 Missteps and Remedies for Building a Consumer Packaged Goods Brand from Ground Zero

Michael Houlihan & Bonnie Harvey — Sun, 18 Jul 2021 15:44:04 +0000

Misstep #1: private label

You need capital so you provide your product to a retailer as their house, control, or own brand. Now you are a commodity supplier. Now you are no longer building your brand. Now they have you over the barrel since you can (and will!) be replaced for a few pennies less. But yes, it helps your cash flow …for a while.

Instead, build a brand. The reason retailers don’t like brands is because they have power outside their stores. If the brand is hot enough, the retailers have to keep them in stock because their customers are demanding them. And that’s what your acquirer wants.

To read the complete article, please visit The Business Journals

Who We Are

Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.

Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.

They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.

Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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Entrepreneur – Outsource Everything but Accounting, Quality Control and Sales

Michael Houlihan & Bonnie Harvey — Mon, 08 Oct 2018 17:06:53 +0000

It’s no secret that most startups are undercapitalized. They need every penny just to stay in business long enough to produce a positive cash flow. Even those that have achieved seed financing usually find out in short order that they need a much longer runway to give sales a chance to take off.

Most investors want to see some revenue before they will take a risk on you. So it’s critical, especially in the pre-rev startup phase, to strip your company down to its bare essentials, be resourceful, and discover and use your hidden assets. If you can’t lengthen the runway, you can at least lighten the plane!

As professional speakers in the world of entrepreneurship, we hear hundreds of business ideas every year. The proponents are passionate and convinced that they have a marketable solution. This may be true, but the market usually requires more time than they have planned to accept their solution.

To read the complete article, please visit Entrepreneur

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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To Succeed in Business, Delegation is Not a Choice, It’s a Requirement!

Michael Houlihan & Bonnie Harvey — Thu, 13 Sep 2018 17:00:28 +0000

We like to say, “Do what you do best, and delegate the rest!” That sort of flies in the face of, “If you want it done right, do it yourself!” Is there a middle ground that gives you the time you need to focus on moving the company forward using your best skill sets without being disappointed by the performance of those upon whom you rely?

One of the biggest reasons for failure we see as advisors to small and medium-sized businesses is owners trying to do everything themselves. This keeps them from scaling and also keeps the company from doing its best. When owners try to do everything themselves, they think they’re saving money. Or, they think they’re saving the job from an undesirable outcome. But actually, they’re stretching themselves too thin and reaching beyond their skill set.

Our job as advisors is to identify the skills they need to delegate to move the company forward. We face two major challenges. One is that the owners tend to think they can do everything themselves – to the point that they actually hurt their own businesses by exhausting their limited skill sets. Another is that the owners simply don’t know how to delegate.

Most owners have great concepts they thoroughly believe in. It’s why they took the big risk, quit their job, and bet everything on a successful outcome. It’s why they work 17 hours a day, six days a week, without a vacation. But are they good people managers? Not necessarily.

Yes, they’re the owner and they think they’re the boss. They’ve certainly done all the hiring up to the point where they have achieved a positive cash flow. But now that they’re expanding, they need to bring on a full staff. Now, who will do the hiring, the training, and the holding people accountable?

Most owners take it for granted that they know how to hire and direct people to get the job done. The idea that at some point in the growth of the organization, they need a professional to do this work may be the last thing that crosses their mind. But we think it should be the first.

As businesses develop through the four stages of startup, build up, build out, and enterprise, they require very different management skill sets. If an owner can take the business through the treacherous startup phase and get a few big clients in the build-up phase, why can’t the same owner take it to the buildout phase where the business scales and expands? This is the phase when most businesses fail. They typically fail because owners underestimate the amount of work that’s necessary to properly service all their new clients and accounts.

This is where delegation becomes absolutely critical. This is where the business requires a serious professional who understands the challenges ahead, knows what to look for in terms of new hires, has the ability to define and communicate the deliverables, and establishes a system of accountability to see that the job is done, and done right!

For most successful businesses, this person is not the owner. It’s difficult for owners who’ve taken “their baby” so far to give up a certain level of control in order to see it climb to the next level. It certainly was for us, and in retrospect, that view actually held our business back for several years. It wasn’t until we bit the bullet and put professionals in charge that we began to see the growth we always knew would eventually happen.

Don’t get us wrong, we made several false starts. But with every disappointing trial, we learned more about what we could delegate and what we should not. We still had the final say on hires but we allowed our managers to develop their own accountability plans – which we also approved.

The key to successful delegation for us was in the accountability plan. Basically, answer the following questions: What will get done? Who will do it? Are they qualified? When will it get done? How often are the status reports? What will they contain? And when is the deadline?

It’s still going to be a white-knuckle ride for the first few years of delegation. It terrifies most business owners to give up control! But you’re going to get better at it. And what if the person you’re relying on doesn’t perform? You can always use our favorite four-letter word, “NEXT!”

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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The 4 Core Competencies of the Barefoot Startup

Michael Houlihan & Bonnie Harvey — Thu, 09 Nov 2017 18:00:07 +0000

If you managed to survive the entrepreneurial process from ideation to monetization and you were asked to boil it all down into core competencies, what would you say? How would you even begin?

We faced this exact challenge. Our employees, business associates and clients all kept saying that we should break our journey down into its essential parts and expand upon those parts. So, for a year we kept tossing around ideas, thinking about how we could get these concepts across to startups.

Focusing on why so many startups failed seemed to be a good place to start. Did they all have something in common? What were the areas that most of the “failures” failed to master? Surprisingly, they all lacked competency in one or more of 4 key areas. So, we decided to focus on those areas and prioritize them in The Barefoot Startup’s GPS (Guiding Principles for Success). Here’s a brief summary:

Monetization Strategy. Crazy as it sounds, many startups never ask the fundamental question, “Why am I doing this anyway?” Is it a lifestyle? Is it a legacy? Or is it to monetize on brand equity? If you’re setting your course on an eventual acquisition, merger, or public offering, the steps you take at the beginning of your journey will be critical to your survival. They will determine your expansion plans and the steps you take to maximize your brand equity. This choice means that your goods or services must be scalable, and your business can run without you. It means that your files reflect your acquirer’s due diligence. And it also means that you know and establish the metrics and milestones you need to become an acquisition target or, as we say, “Get your peanut in front of the elephant!”
Cash Flow Management. The goal here is to reduce your need for capital. Do you know how identify and utilize your “hidden” assets. Ideally, your buyer’s will pay you before you need to pay for your supplies and overhead, and this is possible. But for most of us, we need to juggle! And we need to spend every dime on the bills before we pay ourselves. This is why outsourcing, reducing overhead, and pay-as-you go are so critical. This is why income and cost projections are so essential. You need to establish revenue, even if its small, before you ask for investors’ money. Do you know how to establish strategic alliances with your suppliers and your buyers, to reduce your need for capital?
Personnel Management. The goal is to reduce turnover, the #1 hidden cost of doing business, and to engage and empower your people. How you find good people and build great people are covered in our video. We believe it is essential to overkill on orientation from day one to demonstrate where the money really comes from, including all the hands, hoops and twists it has to go through to get to them. Paying for performance encourages better performance. Paying by the hour encourages longer hours, not necessarily resulting in productivity. Nurturing a culture of permission, encouraging innovation, and giving public acknowledgement for a job well done are absolutely vital to building a productive and supportive team. Sharing challenges with the entire staff on a know-the-need, rather than a need-to-know basis will unlock your personnel assets to solve problems on the fly.
Distribution management. Do you know how to get your product or service to the market, and more importantly, keep it there? Distribution is everything from supply chain management to sales. Sales is not just to your end user, but to your own people, your B2B customer, their B2C customer and eventually to their (and your) end-user. Understanding and delivering what each person in the chain requires can make the difference between access to market and being shut out. Not understanding the true cost of sales is the biggest single reason for startup failure. Start small, make your mistakes in a small place, learn from them, and get your act together before you take your show on the road. Don’t scale fast to fail fast!

Are you interested? We know that these 4 core competencies, so often overlooked, are so important that we spend an entire hour on each one in our online video course, The Barefoot Startup’s GPS (Guiding Principles for Success). Check it out.

#BarefootStartup

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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How to Know When it’s the Right Time to Quit Your Day Job

Michael Houlihan & Bonnie Harvey — Fri, 08 Sep 2017 21:34:54 +0000

Whether you’re thinking about starting a business, you’ve already taken the plunge but are still pre-revenue, or your new business is struggling to make ends meet, one of the most important questions you need an answer to is, “When can I quit my job?”

You know that the time you devote to your job is taking you away from the attention your startup needs. The longer you keep your job, the longer it takes your startup to achieve positive cash flow.

On the other hand, you need the income from your job just to cover food, clothing and shelter, never mind the capital that is required for the startup itself. It’s quite a dilemma.

To read the complete article, please visit The Business Journals

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

The post How to Know When it’s the Right Time to Quit Your Day Job appeared first on The Barefoot Spirit.

Think You Need a VC to Start Your Business? Try the Barefoot Spirit Instead!

Michael Houlihan & Bonnie Harvey — Thu, 27 Jul 2017 17:00:59 +0000

These days it seems like most people believe that you can’t start a business without some sort of venture capital financing. Shark Tank, Silicon Valley, and most of the business publications underscore this popular premise. In fact, the business plan is now viewed as an application for venture financing. The idea seems to be, come up with an idea and get it financed, and you are golden.

But you’re not. Far from it! Now you have given up equity to raise capital that you can spend in ways that may not be necessary or effective. Now you have given yourself the false sense of security that because your plan got financing, it must be right. Now that you have secured a “runway” and “burn rate,” you attract service suppliers interested in grabbing some of that capital. They want to sell you goods and services you don’t necessarily need, including staff, facilities, and other overhead with monthly bills hungry for your money. Have you made adequate sales to justify those expenditures?

So, now you have funded your company without thoroughly understanding the sales or growth process, especially the most often overlook and underestimated expense: the cost of sales. Do you even know what it costs to make sales? And what it costs to service what you sell? Now you can get into trouble because the only funds you have are from financing …and you are burning through that at an alarming rate. Pretty soon, you go back for a second and third round of financing and you give up more of your equity.

We have heard many startup founders say, “We had to close down because we couldn’t raise additional capital.” But that’s not the real reason! They simply didn’t have sufficient revenue to achieve a positive cash flow given their hasty commitment to overhead. In other words, they focused on production and administration instead of sales.

There’s a good reason why VC’s look for returns that are ten to twenty-five times their investment. They are losing on nine to twenty-four of their investments.

On the other hand, the startup using the Barefoot Spirit focuses on achieving a positive cash flow much sooner. It’s not as sensational as the promise of “six digits in six months,” but it is solidly based on sustainability. It’s not the glamorous rocket to the top, but it is a practical way to discover the true cost of sales before you get over-extended or commit yourself to regular monthly bills you just can’t sustain. It’s not an instant success that’s crushing it on a national scale, but it is a slow, step-by-step process that is deliberately small in scale to allow you to get the real market education you need to make sensible growth decisions and preserve your equity.

The Barefoot Spirit is an attitude and a philosophy that puts you in the other guy’s shoes at every turn. From your own people to your vendors, from your supplies to your bankers, from your distributers to your retailers – learn what they want. This is how you discover your strategic allies, be more resourceful, and save time and money. This is how you can grow your business on a positive cash flow!

The Barefoot Spirit has proof that you can do it without VC money. And you may even do it better.

In the coming months, we will be describing and advocating the Barefoot Spirit approach to starting a business. Isn’t it about time we got back to basics?

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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The 3 Core Competencies Entrepreneurs Must Master to Succeed

Michael Houlihan & Bonnie Harvey — Thu, 30 Mar 2017 17:00:04 +0000

We see too many entrepreneurs falling in love with their products and kidding themselves into believing that their idea itself is all they need to make them a screaming success. Warehouses are filled with great commercial products that never got to store shelves. Founders of promising start-ups wind up working for their investors, or worse, close their doors. All hopes are dashed and they are back living with mom. Why? Because they failed to master the three core competencies of any successful business.

Cash Flow Management. You’ve got to pay your bills! And when you can’t? You have obvious two choices. Go out of business, or raise more capital. But that comes with a price; diluted stock or loss of control. So many companies try to get financing to pay for staff without sales. They may be financed and even refinanced before they make enough sales to support their overhead. In other words, they are top heavy and reliant on multiple rounds of new investment to stay afloat. One different solution is to make sales a priority, sell in a small territory, service the heck out of it, and use the proceeds to finance growth. Another solution is to identify and forge strategic alliances with your vendors and your buyers. Vendors who trust you will extend your credit and terms to help you make ends meet, especially when they believe their business will grow if you succeed. Buyers will pay in cash for volume discounts which also help you pay the bills.
Personnel Management. You’ve got to get some help! And it ain’t easy! Probably the most important skill successful entrepreneurs have learned in their years of experience is how to hire the right people. But even if you hire well, you still have to train, incentivize, and encourage your people to do their best. It’s a tall order, but absolutely necessary. Just discovering and implementing a productive compensation system can take years of trial and error. We suggest you start with bonuses for sales, growth, and profitability. Get everybody to agree on exactly what the metrics are and how their jobs can contribute. Then offer a quarterly bonus to everyone, regardless of their job, to put them all on the same team. This builds a positive company culture.
Distribution Management. You’ve got to get your product to market! This requires satisfying several levels of distribution before it gets to your ultimate customer. This is perhaps the most important skill set new product producers overlook. They tend to focus on production and think, if their product is good enough and priced right, it will sell. But you will run into distributers who want to know what the strategic advantage is of carrying your product. Their sales managers want to know how you will help them make their numbers. Their salespeople want to know what the incentive is. The retailer wants to know how fast it turns, and his clerk wants to know why he should stock it on the shelf. Nobody but your end-user customer cares about quality or price. Everyone has their own requirements and you’d better satisfy them or you simply won’t make it to market. Distribution is more important that your product because nobody can buy it if it isn’t there!

These 3 core competencies may vary from business to business, but they generally fall in to these basic proficiencies. Master them and your great idea will be much more likely to succeed.

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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The 4 Stages of Business Growth Face Their Own Challenges

Michael Houlihan & Bonnie Harvey — Thu, 02 Mar 2017 18:00:29 +0000

We like the way Jim Canfield of Renaissance Executive Forums defines the various stages of business growth. They provide a convenient classification that helps us recognize and appreciate the goals and challenges of each level of progression. Here we apply his staging definitions to the physical consumer product business:

Start Up. This is the exciting phase when your business concepts are launched. First you must get through the pre-launch by raising enough capital to prove your concept. Then you must design, build, test and hone your product and marketing plan. Then you enter the real market. Here you discover the misconceptions you had regarding what your customer really wants, and what that means to your product, package and pitch. The speed of this early course correction is critical. You must make many expensive changes at a time when you are racing the clock to achieve a positive cash flow. Most studies put the start-up success rate at less than 1 in 7. The goal of the start up phase is to prove your concept and achieve positive cash flow before running out of funds – or losing control of the company through subsequent rounds of financing.

Build Up. Now that you have beaten the odds and achieved a positive cash flow, you must identify and sell a few large customers. This will keep you going long enough to overcome the challenges of personnel management, cash flow management and distribution management. This is a dangerous time for most businesses because you may have all your eggs in a few baskets. Sure, you have secured a big buyer enabling you to pay your bills, but now you must service that buyer or get discontinued. This increases the cost of sales and now you are trapped. With volume purchases over time, you become dependent and then the big buyer can coerce you to lower your prices – or worse, temp you to give up on your brand equity by becoming a mere supplier of the big buyer’s house brand. If this big boy discontinues you, you are out of business. The goal of the Build Ups is to increase cash flow, maintain profitability, build brand equity and prevent discontinuance by your biggest buyer.

Build Out. Here is where you expand your branded product into other markets. This will help you diversify, thereby reducing your dependency on any single buyer. And it will give your brand the geographical recognition it needs to command the respect of future buyers. It also provides you with the commercial proof that your brand is in demand in other markets. However, now you must support those sales with local representatives, resulting in a dramatic increase in the cost of sales – which threatens your profitability. The goal of Build Outs is to expand slowly enough to afford the increased cost of sales while properly servicing multi-state buyers.

Enterprise. At last you have achieved a national brand. Now you can reduce your cost of goods by getting discounts for larger bulk purchases. Now you have brand recognition and can become an acquisition target. But now you can also suffer from the loss of the entrepreneurial spirit. Your non-sales divisions start to act like the sales division is somehow below them. Employee engagement and innovation can take a hit. Turnover can increase as “professionals” begin to use your business as a stepping stone in their careers. The thrill of those start-up days in the garage is gone. The goal of the Enterprise stage of business is to capitalize on efficiencies without losing entrepreneurial spirit.

If you make it this far, you have gained great insights into business, as well as our heart-felt respect!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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Inventors Must Demonstrate a Market Before They Get Paid for Their Idea

Michael Houlihan & Bonnie Harvey — Thu, 18 Aug 2016 17:00:33 +0000

We have met many inventors with great ideas who think they should get paid just for coming up with the idea. There’s a ton of patent attorneys out there who gladly take money to file a patent, ostensibly to license it to the big guy who can’t live without it. They’ll even write up licensing agreements for additional fees. Seems like a short cut to riches. You just invent something, get a patent, and license it to a company who pays you to use it. That’s what they want you to think so you will purchase their billable hours.

But is it really that simple? We don’t think the vast majority of successful inventors have it that easy. In fact, we think that to even negotiate a licensing deal, you are much better off with a history of sales. Ah there’s that dirty word again, the one everybody tries to avoid. “Sales!”

When you sell your invention as a product you demonstrate a market for it. It is that demonstration, and not the patent or the licensing papers, that gives your invention value. The patent shows the world your idea and perhaps prematurely. Now that its public, you invite unscrupulous imitators with big legal budgets to copy your idea and dare you to sue. Do you have enough money to defend the patent? Three years and $300,000 later you may actually win! But by then you may have gone broke fighting to protect your patent (and you may not have even sold a thing!).

We asked a well-established and highly principled patent attorney, “What is the best way to protect my new idea?” He answered, “Fill a warehouse full of them, be first to market, sell them in interstate commerce, and stay ahead of the imitators.” That way you will establish a documented business using your idea, develop a cash flow, and be in a better financial position to protect your idea. You will also discover if the idea is viable and thereby deserving of a big legal investment. We have found that businesses buy businesses, not ideas. So build a business around your idea is our advice.

Now we are back to how you get your idea to the shelf and keep it there. Sure, you can sell your idea in product form on line, but to really capitalize on your idea, you must sell a ton of product on line and relatively fast. This is why inventors should look at bricks and mortar stores with established customer bases to introduce their idea. Off-line, bricks and mortar sales can give you one big check from one big chain, and get your idea in many stores to be discovered quickly by tons of shoppers.

But aren’t bricks and mortar stores taking a big hit from online sales? Sure they are. And that’s why there are less of them. This means that it is harder to get in them. This means that bricks and mortar stores will have to offer more entertainment, convenience, and discovery to survive. Just the place for new ideas to debut!

On-line sales are a race to the bottom price-wise, but bricks and mortar stores can sell on the merits. Online sales are limited by delivery costs, while bricks and mortar stores make short, multi-product shopping trips convenient. Inventors need notion shoppers to discover their inventions even when they weren’t looking for it. Bricks and mortar stores encourages notion buying for new offerings.

Before you spend too much on a patent or a licensing agreement, demonstrate the market for your invention. Show your acquirer or licensee that your price is worth it. Develop the cash flow you need to protect it. And focus on retail sales. You’ll have a much better chance of getting paid for your idea!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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Don’t Throw the Baby (Boomers) Out with the Bath!

Michael Houlihan & Bonnie Harvey — Thu, 21 Jul 2016 17:00:41 +0000

Aging Baby Boomers with a lot to offer Millennials often lament, “We’re just too old to be taken seriously” by the Millennials. Sure, Boomers had to adopt technology as a second language and sure Millennials were born with an extra brain, the smartphone, in their hand. It is true Boomers are leaving Millennials a compromised environment, huge debt, and ongoing wars. And surely times and the economy have changed substantially since “their day.”

But there are many critical lessons Boomers have learned, mostly the hard way, that are timeless. These lessons are not “retro” but classic, and will be true for centuries to come. Millennials will have to learn these lessons themselves eventually, or, if they are smart, they can save themselves the time, money, and pain by learning from the Boomers while they are still around.

Why not get a big head start today and learn classic truisms that are understood by those with more experience in business and human behavior?

Part of the Boomers’ legacy is invaluable to Millennials trying to establish themselves in the business world. Millennial success is critical to the future economy. Here are three key areas where Millennials should seek advice from Boomers:

How to be Resourceful. Many Millennials think that you just come up with a business plan, get it funded, and voila! Instant millionaire! Any successful Boomer will tell you that the business plan takes an immediate back seat to the cash flow plan as soon as you open your doors! Also the idea that funding somehow allows a “burn rate” that presumably extends the runway long enough to achieve that positive cash flow is fraught with hubris and a quickly approaching cliff! Boomers who have made it will confess that they typically had to develop a positive cash flow quickly to survive.
How to Build Strategic Alliances. The concept that assumes that with enough money you can pay all your bills regardless of poor sales is also a classic fantasy, but somehow has become very popular. Successful Boomers will tell you that no matter how much money you have, you still need to develop strategic alliances. These are the businesses you will work with and depend upon for your essential goods and services. As you become successful, they become successful. There are ways to get your creditors to extend your credit, thereby reducing your need for cash, and successful Boomers know how it is done.
How to Create Sustainable Growth. So many Millennial businesses today go out of business because they didn’t get their act together before they took their show on the road. By the time they find out what is truly required to grow, they areout of money. Boomers who have faced this problem of growing too quickly will tell you to start small, make your mistakes in a small, manageable place, and make the fixes. They will advise Millennials that truly sustainable growth is knowing the real cost of sales.

Not every Baby Boomer has had the business experience and success to earn the credibility to be thought leaders in entrepreneurship. But the ones who have actually done it, and who are willing to take the time to share the lessons they’ve learned, are well worth listening to. They are giving the Millennials a legacy and a gift. Millennials can tell them about technology and Boomers can tell them how to use it best. Cool tools are great, but actually making money with them is better. Why not get the best of both generations working for you? Don’t throw the Baby Boomers out with the bath!

Who We Are

To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.

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