Managing the demands of growth with limited resources is your key challenge.
Consider outsourcing vs. hiring to fill talent/skill needs in key business areas.
Juggle competing priorities and be ready for those priorities to change suddenly.
Whether you’re starting your company with little more than determination and duct tape or you’ve reached the Series A or Series B funding rounds, the early stages of a technology company are challenging. You have a lot to do and to prepare for as you hopefully continue to grow—but limited staff and funds to get it all done.
Cost-containment, efficiency and scalability are among your priorities at this stage. Specific considerations include the following:
At this earliest stage, companies may lack consistency in contract terms with customers, accounting policy and key processes. Prioritize developing consistency in terms of processes and systems as early as possible.
It may be tempting to focus on the least expensive solutions for your needs, such as using QuickBooks for finance functions. In some cases, that can be a wise choice at this stage, but don’t focus so much on costs that you lose sight of functionality. Invest as early as is feasible in scalable tech stacks or platforms that will support your future growth. The irony is that many tech companies skimp on tech spending early on to keep costs down, but that often ends up costing them more—in terms of time and money—later down the line when having to make sudden changes to systems and processes.
Some of the specific areas you might want to consider at this stage include:
