Paul Allen has some good advice:
advise CEOs to personally craft their company strategy. My favorite way to do this is not to write a 20 page document that no one will ever read, but simply to make a list of all the press release headlines they hope to issue during the next two years. What key announcements do they hope to make? Partnerships? Key Hires? Revenue Growth Announcements? Funding Events?
You can do this in a few hours.
One exercise Stephen Covey uses is to have you write your own obituary–what do you hope is said about you when you pass on?–and then you try to live your life accordingly.
Many startup CEOs do not have a well thought-out strategic plan. (It takes a ton of competitive and market research to know with certainty how you should proceed.) And many startup companies are very, very poor at telling their story through press releases.
In the internet era, you can consistently tell your story through press releases on your web site, without paying fees to PR agencies. As a startup you don’t need to pay $10,000 per month to have an agency write press releases and use their media contacts to get story placements. Unless of course you can afford this.
But for a few hundred dollars per month you can have releases written for your web site and for distribution on free press release services, including PRweb.com which gets indexed by Google News every day.
Press releases are useful for informing potential employees, business partners, customers, and investors about your company’s story. Usually when I want to learn about a company, I go to their web site and check their press releases. In a few minutes I can learn a great deal about them. If they don’t have any press releases, I assume they are a tiny player. Is that what you want people to think of your company?