In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly toward helping you grow.
“A startup’s ability to invest in itself [helps] accelerate growth,” Lanng said. “In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily in order to grow quickly.”
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Always think ahead – While agility is an important quality for a startup, you can’t fly by the seat of your pants when you’re running a business. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves.
“Set the foundation in place, water it and watch it grow,” Davis said. “If you do the foundational work, when you experience growth, it won’t be that difficult to adjust, since the hard part is already done.”
Thinking ahead is broad advice but it can be as simple as reviewing all ongoing contracts, like comparing rates with the best credit card processing providers and seeing if you can negotiate a better deal.