📋B-I Triangle as a Checklist for Business

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This simple checklist can be used to bring some reality to what may be required to bring the product to market.

The B-I Triangle is essential to success.

The B and I refer to the Business Owner and Investor quadrants of the CASHFLOW Quadrant.

If one or more of these jobs are not being done, or are being done poorly, the business may fail, struggle or fail to grow.

This does not mean you have to be an expert at each level. This does mean as an entrepreneur, you do not have just one job, you have five jobs. So spend a little time learning a little about each level.

No one can be an expert at everything. After assessing the jobs, you may bring someone that has the skills that you lack and make a team. That person can be an equity participant in (part of) your business, an employee, or an advisor.

In planning your business, you bring together a TEAM that covers all five jobs to ensure a strong B-I Triangle.

1. Product.

A product/service that you intend to give for the market.

2. Legal.

This can be your rights in the products through patents, copyrights, trademarks, tight and strong agreements with your suppliers and partners & licensing.

Also, choosing the right entity structure for your business.

Spending the time and money to set up your business and protecting your assets in the beginning is crucial and save you from much cost which may come later.

3. Systems.

Creating the production, ordering, inventory, sales fulfillment, customer service, and accounting systems to make the business operate smoothly and to position the company for growth.

Also, finding strategic partners who already have the systems in place in certain markets to support you so you don\'t have to re-create those same systems.

4. Communications.

Keeping in communication with your customer, partners and the public.

- Through different means: websites, clubs, events, special promotions,...

- In public relations and promotions, making sure that you are in the public eye as much as possible.

- With your partners and/or strategic alliance partners.

- Through trademarks and brand recognition. Trademarks tie the company\'s reputation and the goodwill with its customers to its products and services.

5. Cash flow.

Highly recommended to do it with a qualified accountant but to give some insights:

- Spending no money until you know where new revenues would come from to pay for the expense.

- Prioritizing the business (taking your business into strong level of cash flow before you demand personal benefits.)

A SUCCESSFUL BUSINESS IS CREATED BEFORE THERE IS A BUSINESS.

📚Robert Kiyosaki_Before You Quit Your Job