Posted by Early Growth
December 6, 2012 | 5-minute read (850 words)
As we hurtle towards the end of another year, I find myself taking stock of how much Early Growth Financial Services has accomplished this year—and what I’d like to accomplish in 2013.
All thoughtful entrepreneurs should approach the end of the year with plans to move their business forward for the upcoming year. While I’m in the business of supporting entrepreneurs by providing a full suite of financial services, I also happen to be an entrepreneur myself, looking to build and maintain my own business...
Sure, some people save their resolution making until New Year’s Eve (or the morning after), but I like to be more proactive—after all, you don’t become a successful entrepreneur by sitting back and waiting—so in the spirit of the season and entrepreneurial sharing, I’d like to share with you my major business resolutions for 2013. Perhaps my goals will help you to develop your own list of business resolutions for the year ahead.
1. Expand our business outside of our traditional customer base. The majority of Early Growth Financial Services’ clients are venture-backed tech companies like Ouya, IndieGogo, GoodReads. We do have some clients in other areas, but I want to diversify our offerings even further, reaching out to more traditional businesses. Our team of CFOs, senior accountants, accountants, and bookkeepers are more than capable of branching out in this direction—the work itself is not the challenge. But there’s a lot to think through in terms of our business operations to effect this change. For example, we’ll need to rethink our service offerings and their associated costs. We’ll also need to take a different tack for marketing to reach out to this new clientele and promote our new services.
For information about Early Growth Financial Services’ financial service offerings, contact us.
2. Begin to develop a national footprint. EGFS is currently a regional player with a strong focus in the Bay Area. In 2012 we already began to branch out, opening a new office in Southern California where we are starting to have a strong presence in LA. In 2013, I want to begin to build a national organization. There are many steps we need to take to make this happen. First, we will need to leverage channel relationships and create strategic marketing campaigns. There’s also a big question of how we can effectively do business development in new markets. And, not to be overlooked, there’s also the staffing issue: we will need to staff up to support these new markets, finding the same level of financial professionals to maintain our reputation and guarantee our high-level of financial support.
3. Expand our business development efforts. This is more of a personal management challenge. I need to learn how to effectively do business development outside of myself. Historically, I handle all business development for EGFS. As we continue to grow, this is not sustainable. I need someone who understands early-stage company accounting/finance needs and can effectively do business development. Thus far, I have been unable to develop this talent internally and acquiring someone with this expertise is likely cost-prohibitive. I have been having an incredibly hard time finding business development support and am hoping to gain some insights in 2013 and find the solutions which have, so far, eluded me.
4. Hand off the day-to-day work. This is another personal management problem I’m facing. I still find myself project managing too many of the organization’s core administrative tasks. In 2013, I’m looking to have my senior team members manage and own their own projects and processes. I need to find the balance of maintaining quality and brand control for EGFS without micro-managing the work that can be effectively managed without my daily oversight.
So there you have it! As you can see, we have our work cut out for us at Early Growth Financial Services for next year ... and I wouldn’t have it any other way. Part of the thrill of running your own company are these ongoing challenges—and the opportunity to face them down and conquer them, all in the name of building something bigger and better.
And what are your business resolutions for 2013??
Let us know, in comments below, what’s on your plate for 2013 and how you plan to approach these challenges or contact Early Growth Financial Services for help setting—or achieving—your financial, HR, or corporate governance resolutions.
David Ehrenberg is the CEO of Early Growth Financial Services which offers a complete suite of services from high-level financial strategy to day-to-day transactions that can easily be outsourced without impacting business operations. Early Growth Financial Services provides CFO consulting services which include assistance with budgeting, financial forecasts, fund-raising, accounting and treasury oversight, and general business analysis. They also provide accounting consulting services at the transactional level including assistance with accounts payable, accounts receivables, monthly close, basic treasury transactions, general ledger support, and tax preparation.