Every businessman knows being cost-effective is important. But you should never cut corners with these critical components!
Here are three things that companies involved in early stage financing definitely shouldn’t go cheap on.
- Assuming you’re not a strong financial accountant or CPA, when setting up your financial accounting system seek a professional. Excellent record keeping is a must. Developing a relationship with a professional will provide a continued source of feedback and could lead to connections for mentoring, banking relationships, early stage investors or Angels.
- Seek Legal advice from an experienced business attorney familiar with early stage companies. Or, find a firm capable of providing a host of legal services to assure your legal house is in order. Establishing corporate fitness from the onset will pay off when seeking funds from financial institutions and investors. Attorneys are often connected to a circle of experts that can aid in your business development.
- Hire a quality team! Surround yourself with people that will be capable of managing, teaching, coaching and inspiring others. It could cost a little more, but if early team members can buy into the vision then they might be willing to accept less now for the promise of an inspired future.
Having been a startup, I understand the lean phase. Talk to professionals and see how much they believe in your vision. Many times they are willing to work with you. This philosophy has worked for me!