The first few months of a company’s life are an absolute grind. The goal is survival. You must execute your business concept and generate enough revenue to stay afloat. Your burn rate dictates your determinable life. “Running lean” is the simplest way to live longer as a business. Cutting expenses does the same thing to your bottom line as increasing revenue.
Countless productivity tools exist in the marketplace, many of which are free. Test your business processes on the free and cheap software. Meet your basic needs and identify extra features that would be helpful in your specific use case. When the pain finally exceeds the pain to change, month to month contracts provide flexibility to react to the changing needs of growth.
Keep A Low Overhead
Frivolous spending will kill even a medium-sized business. Identify the ROI of every dollar spent outside of required operating expenses. Marked expenditures that benefit the team or can be a selling point equal money well spent.
But don’t celebrate just to celebrate. A brand new company throwing a lavish event typically doesn’t have the right mindset to succeed. But when the time comes, celebrate wins and smell the roses. Whether it’s a new client or a funding round, let your team know their hard work is paying off and rejoice the success.
Focus yourself and your team on the task at hand, and everything will fall into place. As they say, “hard work pays off”. Getting distracted by the excitement and freedom of the startup world can sometimes be poisonous. Focus your energy, build a great team, and the perks of success will fall into place at the right time.