Budding entrepreneurs launch a start-up with the aim of making it big. But they should keep certain things in mind while making a fresh start and should try to make minimum mistakes as it might turn out costly for their new venture.
Hire good people
It’s difficult to grow significantly without hiring great people. You should be clear that hiring is your top most priority and that too quality people. You should expect every member of our team to reach out to their networks, share open positions and help you to grow.
Avoid Swiss Army Knives
Startups with under $20 million in annual recurring revenue (ARR) operate in beast mode. Everyone typically does a little bit of everything. So when you’re hiring, you’re looking for Swiss Army knives, people who can jump in and get lots of different jobs done. But as you grow, you should look for dedicated specialists.
Strategize Your Revenue Operating Model
As early as possible, the whole revenue team should align around an operating model. You don’t want sales and marketing to come up with their own operating models as it would prove disastrous.
The revenue operating model works backward into pipeline quotas. And together, teams can track their sales velocity formula (win rates, average selling price and cycle times) and net retention. Having this one shared model will allow your teams to work together to find areas you’re doing well in and where you can improve.
Build An Efficient Outbound Motion
When you reach a certain level of growth, you need to be able to capture demand very efficiently and effectively. For that, you should create hyper-effective outbound motion.
One of the things that is really important is Business Development Representatives (BDRs) that play a very important role in the growth.
At this stage of growth, you should set your BDRs up to be laser-focused on behavior-based signals and the ideal customer profile, and you should implement rigor and process around these priorities so they can use their time as efficiently as possible.
Think Bigger Than You Are
No matter how big you currently are, a key component of growth is to think and act like you’re the next size up — maybe even two or three sizes up. If you’re a $20 million company, get in the headspace of a $100 million company. If you’re a $100 million company, think and act like you’re at $300 million. This mindset can lead you to make big, difference-making plays that help you stand out and break out of the noise.
Being part of a high-growth company is exciting and invigorating — and also a little scary at times. As you reach this next phase of your company’s growth, remember that you need to grow and learn as an individual, too. The most dangerous thing we can do is get to a place where we think we’ve got it all figured out. So stay curious, keep thinking big and buckle up — you’re in for quite a ride.
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