Christian Lassonde and Sarah Marion share the basics of keeping track of Series A capital.
Sourced through Scoop.it from: betakit.com
You’ve persuaded investors, now you’re lost on your next move. Here are a few steps to take.
- Plan: You must profit, not only spend. So, instead of simply saying you will spend so and so in the next six months, plan how you could spend so and so to make so and so in those months.
- Be Flexible: Times change, so do situations. In your planning, you will reach points where you must adapt. Ensure that the way you plan and your mindset enable you to do that. Without flexibility, you will bore your investors, because you’ll be stuck in a 2017 mindset when 2018 hits.
- Be Scrupulous in Your Money Management: You should never even think of wasting a cent. Why would you? Other than that, at times there may be items you think are essential to the running of your business which are not. For example, you may think that everyone in your office needs a computer, but how much work does each person do with those computers? You would need to assess, especially if you’re on a tight budget, those most in need (those who provide the most to the company) should receive top priority.
This is not all, but only some of the things you need to do to keep your investors, profit, and commercialize your science.