Posted by: Leura Craig
Posted on 12/20/2022
When challenges arise for early-stage startups, VCs often advise founders to hire or build their way out of trouble. But with limited funds, people and time, early-stage founders must be strategic in their problem-solving. So, while the weight of your neverending to-do list may make hiring and building seem appealing, we recommend reaching for a quicker, more efficient tool first: optimize, optimize, optimize!
Like a good Swiss army knife, optimizing should be every founder’s go-to tool. By optimizing what’s on hand first, founders can quickly cut deadweight and adapt to changing conditions on the go without wasting time or capital. Instead, try the 5 following optimizations before sinking time and money into more intensive solutions.
Now, this is not to say that adding new team members is a bad move—it’s just not a quick one. Plus, after the months you spend on recruitment, interviews, and onboarding, there is no guarantee that your newest team member(s) will be the silver bullet you’d hoped for. Similarly, building new-and-improved versions of your solution will eventually be vital to scaling your company, but it’s all about timing. It’s a resource-intensive process that will quickly burn the finite funding and resources currently at your disposal. When it comes to choosing the right moment, be sure you feel confident that it’s feeding your NSM directly.
So, before you jump to hiring or building, reach for your optimization Swiss army knife. Founders who make a habit of optimizing what’s on hand first will stay agile and preserve resources to outlast the competition.
Leura is a former founder and experienced investor who previously bootstrapped two startups as the founding CEO.
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