August 24, 2011
Congrats to CEO Mickey Levitan and the entire team at Indianapolis-based Courseload for the national press that they are getting. It's great to be combing the latest issue of Inc. magazine and find a client featured! To see more about Courseload, check out the mention on page 36 of the September issue of Inc. magazine or go straight to the source and visit the company website.
Milestone's Management Accounting practice has been very pleased to work with Courseload. If you are running a growing a business and need assistance with developing a business plan, writing a marketing plan, building financial projections, or managing your accounting needs with a part-time CFO or part-time Controller, Milestone's experienced business consultants can help you through the process.
July 20, 2011
Every organization has values, whether stated explicitly or not. But after working for or with an organization or person for a short period of time, you start to understand what their values are. After using a loose set of terms to describe our values at Milestone since our inception in 2003, we felt it was time to get them down on paper. In fact, overdue.
We first started with our employees by asking them what values they felt Milestone stood for and exhibited daily. We also asked them what they would like for us to demonstrate in the future. We also gathered some input from our clients and referral sources to make sure that perception and reality were on the same page.
Here's how we would sum up the Values for our firm:
Entrepreneurial spirit: We have a deep respect and admiration for entrepreneurs. After all, we’re entrepreneurs ourselves. So, like the business leaders we work with, we are innovative, forward- thinking, and dedicated to creative problem-solving. We don’t accept limits.
Customer focused: We are committed to do our best - for our clients, for each other, and for our business. With each client and project, we demonstrate this commitment by going the extra mile in everything we do, providing value that exceeds expectations, and helping one another realize our goals and potential.
Results oriented: We strive to be effective, to make a difference. It’s why we’re here. At the end of the day, we take pride in knowing that our insights and hard work have helped advance our customers’ success.
Character matters: Who we are is just as important as what we achieve. We approach every client and every situation with honesty, integrity and a firm code of ethics.
Balanced lifestyles: We are passionate about our clients and the value we create for them, but that’s not the whole story. We also value and respect our own personal goals for growth and development. We believe the more well-rounded, engaged and, well, “balanced” we are, the better we’re able to help our clients and each other.
We have a commitment to live these values out daily. We hope that by doing so, we'll create an environment that is healthy and growing for our clients, employees and shareholders.
June 28, 2011
I had a great discussion with a local bank officer over lunch this week. We were discussing the state of lending and the availability of bank financing for businesses. There have been many articles written about the difficulty surrounding the banking industry over the last three years. It's become very clear that the crisis began in the housing industry and has affected every other industry as a result of the fallout.
A common theme we hear from lenders is that the Feds are constantly scrutinizing their portfolios and forcing the banks to write their credits down to a lower quality level, many times putting large portions of their customers and deals into classified assets or a workout group.
But that's not really new news. The really interesting part of the conversation came with the details of why the banks were forced to write down loans. In some cases, loans have been rated the lowest point before being considered "classified" by the banks but were forced to be downgraded into classified due to a lack of information in the bank's files.
"So you're telling me that owners could have kept their companies out of workout if they had been providing financial data and company updates," I asked. His response was a definite, "Yes." We stress this all the time to our corporate finance clients. When the bank requests information, make sure you provide it to them, make it complete, and provide it on time.
Too often, business owners think their work with the bank is done once they've provide business and/or strategic plans, financial projections, and company historical data to secure the loan. But that's where the work is just getting started. Whether requested or not, CEO's should treat their lender as a partner and provide them with frequent information and updates.
Most CEO's that we talk to haven't shirked this responsibility intentionally. It's just a task that doesn't get attention until it becomes the most pressing thing on the list. The reality is, though, that growing companies are going to need additional funding and will need a strong relationship with their lenders to get the deals done.
Having someone providing part-time CFO or outsourced consulting services to address these needs specifically, could enhance the company's relationship with lenders and investors, improve the chances of getting financing, and speed the company's growth by having resources available when needed. If this is something that you need assistance with, see one of the partners in our Indianapolis consulting firm and we would be happy to work with you to manage this aspect of your business.
May 26, 2011
Almost any business today, new or old, has a web presence. From lawn mowing services to car dealerships to candy stores, it seems everyone has a web site. If you’re in the planning stages of a new business, you’re likely consumed with executing your business plan and getting the business off the ground. If you run an existing business, you’re in the thick of keeping customers happy and the business profitable.
A website shouldn’t be that hard to get going… after all, your neighbor’s nephew is really good with computers and has been creating websites since he was in grade school. Or there is a web development company locally that has done lots of websites for other small- to medium-size companies. One of them can create a brand new website or jazz up the existing one, right?
Well…maybe. There are lots of web development tools that make creating a basic website very easy. But your business needs something more than a basic website. It needs to capture the essence of what sets you apart from your competitors. It needs to clearly communicate how you do business differently from your competitors. How do you do that? By planning and defining the website BEFORE your super star coders start building or modifying it.
You’ll need to think about the following:
- What is the purpose of the web site? Is it just to disseminate information? Or are you trying to sell a service that they must order by picking up the phone? Or can they the product directly from the site?
- Who is the audience for the site? Are they sophisticated and savvy users or are they more likely to be occasional computers users?
- What does the site need to do and how should it work? These are called the “Requirements”.
The first two items above can be described in six to ten bullet points, but the Requirements will take some time. You’ll need to consider the following areas:
- Website administration
- Options/Features
- User Experience
- Interfaces
- Reporting and Analytics
When creating the Requirements, having a business analyst/consultant who is not affiliated with the web development provider can be an advantage. He or she brings an unbiased, independent view and can focus on what is truly best for the company rather than what might work best for the skill sets within the web development company. Milestone Advisors, LLC can provide just this type of resource. Our Technology Practice consultants are experienced in all aspects of business analysis.
A key issue to remember: The Requirements need to be measurable and provide a basis for testing the final product. In future blog posts, we’ll discuss how to write effective and measurable requirements for a website. For more details, see the
Milestone website or contact us at: info@milestoneadvisors.net.
May 23, 2011
This week's Indianapolis Business Journal features an article about frozen yogurt shops and Milestone client, Huddles Frozen Yogurt. Here are some excerpts from the article:
Casey Foyt was pregnant when she opened the frozen yogurt store Huddles at 86th Street and the Monon Trail in June 2010.
“That was our big joke: It was the ultimate craving,” she said.
Laugh and the world laughs with you, apparently: Frozen yogurt businesses are sprouting up all over the Indianapolis area, with owners hoping to cash in on the public’s appetite for what they perceive as a healthy treat.
Casey Foyt is the owner of Huddles yogurt shop in Nora, one of a host of new frozen-treat spots peppering the local landscape.
The brands in the frozen yogurt market are coming at consumers with two big pushes. The first is the self-service concept, which lets consumers dispense as little or as much as they want and create their own mix of flavors and toppings. Pile the crumbled Oreos on multiple flavors if you want, add a splash of fresh fruit and nuts to one kind of frozen yogurt or find some other combination. You’re the boss. (Typical cost: 45 cents an ounce.)
Yogulatte and Huddles are among the stores that use this approach.
“People have come in and said, ‘Oh, I’ve never seen this concept before,’” Huddles’ Foyt said. “It’s fun to see people falling in love with it.”
The second push is health. At Orange Leaf, a sign lists the calorie and fat count for each flavor. The centerpiece of each table at Huddles is a sheet boasting that frozen yogurt boosts your immunity, lowers your cholesterol, builds strong bones, promotes digestion and is a great source of protein.
That aspect of the business will only become more prominent. Sapp’s Froyo store will sell Activia, the Dannon brand containing a probiotic culture that it claims works to help regulate your digestive system.
Congratulations to Casey and her team! And watch for the opening of their second store in Carmel coming soon!
Milestone's Business Strategy group has been very pleased to work with Huddles. If you are starting a business and need assistance with a business plan, writing a marketing plan, building financial projections, or developing a product launch plan, Milestone's experienced business consultants can help you through the process.
May 11, 2011
Glenn Dunlap has spent his entire professional career working in and with entrepreneurial, high-growth companies. As a seasoned business advisor and small business executive, Glenn consults daily with entrepreneurs on strategic and business planning, building financial projections, determining the appropriate capital structure and raising capital.
For three years prior to starting Milestone, Glenn was a business advisor for Concord Partners. There he provided business advice and part-time CFO services to emerging market companies. He has also served as the Director of Small Business Development Centers in Columbus and Indianapolis, Indiana consulting with hundreds of companies on developing their formation, early-stage, and growth strategies. Glenn was also the Operations Manager of a high-growth, family-owned metal stamping and light assembly business in Columbus, Indiana.
In 2006, Dunlap also launched Big League Tours, a tour operations business that provides unique, high-end tours to all of the Major League Baseball stadiums. The company hosts tours to customers from all across North America. Dunlap started the business out of a passion for the sport and the enjoyment of traveling to baseball venues.
Throughout his career, both as a consultant and adjunct faculty member, Dunlap has delivered training sessions and classes on business planning, financial modeling, entrepreneurial finance, understanding the capital environments, and finding capital for early-stage companies.
Dunlap is a 1991 graduate of Ball State University with a major in Entrepreneurship and Small Business Management and a minor in Music Theory.
Board / Civic Involvement
- Ball State University Entrepreneurship Program Board Member
-
Lynx Capital Corporation, Loan Committee Member
- Premier Capital Corporation Board Member
- Venture Club of Indiana, Board Member and Past President, Co-founder of Venture Idol Competition
Glenn lives with his wife, Betheny, and their three children in Indianapolis.
May 11, 2011
I have a confession. Even as I sit here and write this blog post, I'm really tired of 90 some percent of what I see and hear on or about social media. There's a whole new marketing niche that has been created in the last couple of years, but for what? At times I find myself vascillating from wanting to bail from every element of "social" to wanting to invest in it all the more. Why is it that way?
Part of my frustration is caused by inexperienced marketers who are peddling "social" as the end-all solution for every business. I've participated in some meetings recently where no consideration was given to the target market before suggesting that "social" was the way to market the business.
Maybe I'm being too critical. After all, the adage of "If all you have in your toolbox is a hammer, everything looks like a nail" applies to practically every industry. So "social" salespeople aren't alone in their myopic approach.
However, the responsibility lies with the CEO and CMO who are writing the marketing plan to determine if/how "social" fits into the overall marketing strategy. The marketing plan process involves more research than a 30 minute discussion to learn just a little about the company and to immediately jump to "social" as the best or only solution.
What makes the planning process all the more challenging, is that you are often faced with too many people selling you tactics without the knowledge or experience to develop the complete marekting strategies. Rarely will you be working with someone who is looking at your business at that level. If you are faced with sorting out tactics on your own, it may be time to consult with a part time CMO, like those at our Indianapolis consulting firm, Milestone Advisors, to assist you with the planning and execution process.
April 28, 2011
The mergers & acquisitions market has been fairly quiet over the last couple of years. That's largely due to the fact that bank financing, the cheapest form of capital in a corporate finance deal, has been so hard to secure. However, bank financing is becoming more available for businesses with healthy cash flow and balance sheets, particularly if they are investing in the growth of their company.
An area of growth that CEO's should be considering is acquisitions. The Austin Business Journal reported this week that the national median sale prices for businesses have dropped significantly over the last couple of years. A business that cost $190,000 in 2008 would only cost $150,000 today.
So as you are looking at your long-term, strategic plan, what areas of your business could be bolstered by an acquisition? Maybe purchasing a business allows you to break into a new geographic territory sooner than you thought. Or you might seek a company that has complementary products or services to your core business. An organization assessment might show that you are weak in an area such as research and development. A strategic acquisition could fill holes in your organization that could take you to the next level.
With many companies left in a weakened position, an improving economy, and willing finance partners, now could be the perfect time for you to execute an acquisition to send your company on an even higher trajectory.
April 28, 2011
There are only a handful of shows on TV that I would consider educational and entertaining. I would definitely have to place NBC's Shark Tank into that category. Our family has really enjoyed watching it together.
Keep in mind that my kids have grown up surrounded by entrepreneurial activity. They see the work that I do with entrepreneurs everyday. In fact, they've been able to go to with me to many client offices and see the inner-workings of a startup venture. Most of my friends are entrepreneurs, too. So they hear us discussing strategic plans, business plans, angel and VC funding, bank financing and many other topics related to high-growth companies.
Of course, living with a dad who owns a couple of companies has also given them an education. They see the late nights, weekends, and hard work that goes along with business ownership.
So watching Shark Tank has been an extension of those conversations and observations with them. We typically treat them like case studies. We pause the show to talk about the pitch that the entrepreneur has made and first critique that portion.
We then talk about the market opportunity. How big could this company become? Or, what could an investor potentially expect as a return if investing in the business?
We also discuss "the deal". What did the entrepreneur ask for and what is being offered by the sharks? Great lessons in valuation, control, ownership, and entrepreneurial return.
While I'm sure that things have been dramatized for TV, the questions asked by the sharks are the kinds of questions that will be asked of entrepreneurs who are seeking capital from outsiders. The show should be used in classrooms across America to help prepare a future generation of entrepreneurs!
February 22, 2011
I recently traded in my Blackberry Storm for an iPhone 4. I have been a faithful and long time user of the Blackberry. The time came for a change given the slow and clunky use of the Blackberry for use beyond the phone or email.
It has been an interesting few weeks as I enjoy the many features and capabilities of the iPhone versus Blackberry. A few things have surprised me with regard to the iPhone and things that I appreciated about the Blackberry platform. One is that I miss having the indicator light that informed me I had a new email, urgent message, text, or missed call. This made it easy to recognize new items without having to slide to unlock & enter a pass-code.
I have also missed the ability to change the tone played on the phone base on the email mailbox (I have 3 different email accounts) and only want to know if I have an email from one of them. The feature may exist to change the tone played by priority or mailbox, but I have not found this feature.
One last area that appears to be annoying is the tone played in my ear when I am on a call and receive a text, email, or another call. The Blackberry provided options to customize to avoid having a tone the same volume as the caller.
OK... please understand I like the iPhone. I especially appreciate the iPhone for the applications and web search, but these minor feature improvements would make the experience even better. Maybe these are already on an Apple product road-map or strategic product plan.
I would appreciate your views on recent cellular technology.