7startup Educational Videos: Startup Finances Best Practices
The focus of today’s video is Startup Finances Best Practices. In this video, we’ll explore six common financial pitfalls that startups should be aware of and take steps to avoid.
- Neglecting to Track & Understand Key Metrics – What are the most important key financial metrics you should be following? What do they mean? Find out here.
- Not Having a Clear Understanding of Cash Flow & Runway – Calculating your burn rate and the runway is pretty straightforward, but monitoring it regularly is the key to success. Here, we walk you through the best way to do this.
- Underestimating the Cost of Hiring Employees – In general, all costs change over time, and this is something that needs to be accounted for. Learn the best way to go about planning for these types of scenarios here.
- Outsourcing Financial Responsibilities Without Proper Oversight – If you’re thinking about outsourcing financial responsibilities, be sure to do a proper review of what they bring back to you. Oversight from a founder is crucial for these situations.
- Scaling Too Quickly Before Finding Product-Market Fit – During the process of finding the product-market fit, costs should be kept as low as possible. What’s the best way to do this? Tune in & we’ll tell you.
- Letting Runway Get Too Low Before Attempting to Raise More Funds – A lack of current runway can make raising funds more difficult, as investors may see this as poor financial planning. So when is the best time to raise another round? Find out here.
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Amit has 18 years of experience in the industry and an MBA. He supports entrepreneurs with every aspect of their business including concept and product development, investor presentations, and fundraising. Amit & 7startup assist startups in the pre due-diligence process and help connect them to our vast network of investors. Reach out to us today and see if we’re a fit!
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We know that no two founders are the same, and neither are their startups. Therefore we curate our startup advisory guidance to each founder, getting to know them on a personal level before tailoring our fundraising strategy and workshops. Above all, we will always embed investor psychology for a winning valuation, financial narrative, pitch deck, and investment-grade financials.