“Entrepreneurs quickly come to understand that every action a startup takes is an investment. Whether integrating software, conducting research, hiring people or, if they’re successful enough, making third party acquisitions, every move made is either time or money spent with an aim to grow the company.
To thrive in the current startup marketplace, entrepreneurs need to understand the value in creating and innovating but also, consistently investing strategically in areas that complement their technology and accelerate their growth,” wrote Cameron Chell special to The Globe and Mail on April 17, 2015.
Chell continued, “Planning isn’t a dirty word. Startups are renowned for flying by the seat of their pants. Having a defined and structured plan and the discipline to follow it through might seem to too rigid and conformist for entities which are assumed to be all about agility. It shouldn’t.
Having discipline, a strategic plan and a laser-like focus on what problem a company is solving ultimately allows gaps to be far more obvious when they appear. In my experience, a startup cannot successfully recognize a need to pivot, a need to bolster specific resources, or a need to add to its technology pool when it is being purely reactionary. Without a considered focus, a sound strategy, and the discipline to reassess a plan regularly, investment decisions are solely based on the need to fix issues as they arise.”
Read the full article here.
Raymond Matt, CFP, CLU, TEP, CHS
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