One of the most common questions I get asked by early stage founders: Should I hire a VP of Sales first or sales reps first? The capital raising environment is fundamentally altered and don't assume easy availability of more funds (nor at higher valuations) going forward If your total capital needs in any 5-year period are greater than the sum of your cumulative gross profits during that same 5-year period, question the viability of your business and quickly readjustĨ. Develop pricing models for your products/services alongside your customers that put a portion of your revenue at risk for hitting performance deliverablesħ. Use this opportunity to demonstrate market and thought leadership and a total commitment to solving the most pressing problems of your customers - put yourself in their shoesĦ. Critically evaluate your management team and don't delay making changes, great people are available and recruitableĥ. Show a compelling and clearly attributable ROI to your customers of greater than 3-to-1 over a payback period of no more than 18 months to demonstrate you have an enduring businessĤ. Demonstrate a profitable and replicable component of your business as soon as possible, whether it's in a specific geography or just a single customer to prove your company's value propositionģ. Take this near-extinction moment to thoroughly revisit and understand your cash burn and readjust plans accordingly - get into the details and own itĢ.
The key essential lessons for venture-backed companies #VentureCapital to be learned from the current banking crisis and accelerating economic downturn:ġ.
Do what she enjoys, whatever the conventions are. She doesn’t like fuss on days like Mother’s Day.įine. I haven’t always reacted this way especially as we ‘negotiate’ our responsibilities in looking after a severely disabled child.īut I’ve learned that a little more attention to what the person (in this case Mrs L) really wants pays dividends. ‘A friend has invited me to the cinema’ she said as I took off my coat. Later on, I got back from a full day of activities with young Lancefield. She’s been learning to play from scratch over the last year and has made incredible progress (overcoming far too many chauvinistic ‘we’ve been playing 20 years at this club’, ‘are you good enough?’ attitudes along the way). Yesterday, Mrs L had the opportunity to join a new social club at tennis at the last minute.
It’s taken me far too long to figure this one out, personally at least. Do you give what the person wants or what you think they should want?
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