What are the five key things you need to have setup correctly in your business?
In your Startup business there are five key things that you are going to need to run really well and have under control. Those five things are finances, innovation, operations, marketing, and human resources. They are the key to every single business, especially a startup that is going to grow!
Two things that you should already have under control if you’re going to get anywhere in your startup are:
As a startup founder you are starting something you know a lot about and you’re passionate about, that’s the operations of the startup. It’s more than likely that you are going to be innovative and understand how innovation works, how to iterate your product and improve your product or your service.
The other three that are going to be difficult and problematic for most founders are:
- Human resources
You need to research well and make sure that you get the best people outsourced and sign them up as part of your team, because you want to concentrate on operations and innovations in a startup.
With marketing, go and find the best people possible to market your product. You may have some flare yourself, however, it’s extremely complex these days. There’s a number of channels in marketing and you need to research and find the best people. Try to get trusted people and try to get innovative platforms and cloud-based help for marketing.
An extremely difficult area to deal with is human resources. You will need to have support in human resources. That’s industrial relations, contracts, and the management of people. You or your co-founder better be good at it, because human resources is a major part of your growth. Get the right people in to help!
The final area we’re all a big part of, obviously is finances! We see a lot of people go off and start tinkering with Excel spreadsheets and try playing around with accounting software which is definitely not the thing to do!
So, what are you doing when you’re running your finances?
You’ve got money in the bank account, you need to spend it, need to make payments out to suppliers and your people. You need everything recorded, and recorded accurately. If you’ve got a Captable, you’ve got some money in from venture capitalists, you need to get that recorded properly as well. That is an area which you really want to get outsourced by trusted and good people, like us! We have fantastic people to help you here at Cotchy!
Make sure that you’ve got those five areas covered as a startup founder, because what we seen happen a lot, is the startup founder gets half a million bucks in and they are suddenly thrown into marketing, finances, and human resources, three areas that often they don’t know a lot about. They go off and do some of it themselves but it takes them away from their operations and their innovation, which is the key to their business!
Always make sure that you do your research and get help for those three, marketing, finances, and human resources.
Cotchy, we love the finance side of startup businesses!
If you have any questions, chat to the team at Cotchy today!
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