Successful businesses don’t become successful overnight, and all made their fair share of mistakes. Salesintel.io is no different.
The company’s founder and CEO, Manoj Ramnani, took the time to talk about some of these mistakes at SaaS Connect 2019. He offered eight lessons that businesses can learn from his own journey.
Are you doing business in the right place?
When companies struggle to get a foothold, it’s often because they have the “right idea, wrong place.” What’s right for San Francisco won’t survive in Washington, D.C., for example. The right ecosystem needs to exist to get the right partners.
Are you really ready to go to market?
Some businesses might feel pressured to go to market and start generating revenue right away. But this can lead to a scenario in which there isn’t enough data getting generated to inform product development. That’s why some businesses need to take their time before bringing their product to market.
Why are you raising this money?
Investors care about growth. If you’re getting a product to market just to try it out, you’re not going to get the growth that you need to keep investors and partnerships. They’ll get frustrated and wind up backing out if they feel they aren’t getting the results they want.
Does it scale?
Spending all of your money on the wrong things early on can lead to a struggle. It’s important to make your growth goals realistic so you can scale over time. If you set your goals too high at first, the chances increase of you crashing and burning.
Are you reaching the right investors?
People can be great, but not a great fit for your company. Make sure you’re working with investors who actually get what you’re trying to do and how you can best achieve it. This is how you have long-lasting success.
Does your board fit?
When done incorrectly, assembling a board can be like “giving a sword to a monkey” — destructive and fatal to your business. Picking the right people to sit on your board is just as important as picking the right investors.
Do you know your market?
If you aren’t doing your research into the markets surrounding you, you’ll miss out on huge opportunities. If you notice that other companies in your niche are flourishing while you’re struggling, take a look at the markets around you.
Are you recruiting the right partners?
Make sure the companies you’re partnering with are the right size for you. Too small, and they won’t have a lot to offer. Too large, and they won’t have the time to dedicate to you that you need. Try to find a happy medium.