While the benefits of solar power are widely recognized, putting it into practice is another matter. Between getting the equipment and learning the ins and outs of operating it effectively, a lot of entrepreneurs see this as a barrier to entry. Finding the right partner who can assist with both aspects of bringing a solar project to fruition could be the key to your success.
The following will discuss some of the most effective ways to attract solar energy companies into joining your firm or organization.
Attracting Entrepreneurs
It is well established that entrepreneurs are attracted to, and invest in, firms that demonstrate the following:
- An understanding of the market – what are the customer needs and wants, and how are suppliers meeting these needs and wants
- A commitment to innovation – has the product or service been improved upon in the past and if so, how?
- A hunger to succeed – is the entrepreneur satisfied with the status quo and are they committed to changing it for the better
- A sense of trust – can the firm be trusted to perform as agreed
- The ability to communicate – can the entrepreneur and the firm effectively communicate and collaborate with each other
- The drive to achieve – does the entrepreneur demonstrate an ability to pursue goals, and are these goals clearly articulated
Based on these criteria, you can see that the ideal entrepreneur would possess the skill to analyze a problem and come up with a viable solution as well as the drive and determination to make the business a success. As an HR manager, it is your job to identify the skills and attributes that separate successful entrepreneurs from those who are merely looking for a way to make a quick buck.
One method of attracting entrepreneurs is to find a skilled problem solver who possesses the aforementioned qualities and can bring innovative thinking to your organization. By demonstrating that you, too, can be innovative, you will win over the hearts and minds of any would-be entrepreneur.
Attracting Investors
Equally important as attracting entrepreneurs is attracting investors. While you may believe that you have the solution to a problem, you must still prove to the world that you are a sound business. Investors put their money where their mouth is and will only fund a business they believe to be viable. To attract investors, you must first conduct a careful analysis of your company’s finances and then, present these to prospective investors in a transparent and honest manner. Doing business with any investor who has an aversion to haggling over financials is a waste of time – they will never be your friend, and you will never be able to obtain a loan from them. This is where having a good CPA comes in handy. They will be able to advise you on how to present your financials in the most favorable light and negotiate with the investors for the best possible terms.
Attracting Staff
An organization cannot survive without a healthy and productive workforce. Entrepreneurs who see your company as a short-term prospect are less likely to put in the effort required to make it a long-term successful business. To attract and retain quality staff you must offer a strong match between their goals and yours. Review your organization’s mission statement and vision statement to determine what the company stands for and how it intends to operate in the future. Then, craft a vision and mission statement that accurately reflects these and are conveyed with confidence and passion by the entire organization.
One way of doing this is by drawing up an organizational chart and filling it with the appropriate personas. Organizing a team of people around a common purpose and goal will instill trust and commitment to the task at hand. Having a chart that accurately represents the makeup of your team, shows the shareholders and potential investors how much effort has gone into forming this organization and thus, increases the odds of the business being successful.
The Role of The CPA
A Certified Public Accountant is someone who is qualified to perform an Accounting analysis on your behalf. They will be able to help you determine the financial health of your company and identify any cost-saving measures that could be implemented. A CPA will also be able to assist you in preparing your company’s annual report for external consumption. This report serves as your company’s annual income statement, detailing how much money you’ve earned and spent throughout the year. The following are the most vital sections of an income statement:
- Operating expenses – these are the costs of doing business and include things such as utilities and rent. The smaller your operating expenses are compared to your income, the more profit you’ll have left over. For example, if you’re paying $1,000 a month in rent and have $500 in income, you’ll have $500 in profit after all expenses.
- The balance sheet – this is a matter of assets vs Liabilities. Assets are what you have, including cash, buildings, and equipment; while liabilities are what you’re owed, such as rent, loans, and payroll. When taking into consideration these two sections of an income statement, it is possible to determine the profitability of any business or organization.
For the best results, hire a reputable CPA firm that is accustomed to doing business with small to mid-sized companies. They will be able to provide you with sound financial advice as well as assistance with preparing your company’s income statement. Additionally, getting a professional to do your accounting for you can prove to be both beneficial and cost-effective.
Final Takeaway
Bringing a solar project to fruition is a long and winding road, demanding attention to detail, creativity, and a fair amount of hard work. It is essential that you, the entrepreneur, have all of these qualities in abundance to make it a success. However, being able to solve a problem, attract investors, and bring on board a talented team are also vital if you’re going to make the journey worthwhile.