How can a tech company attract more investment?
How can a tech company avoid major growing pains post-funding?
And how can a tech company keep its “small, scrappy” culture even if it doubles in size?
It should document its processes. When the Founder/CEO and a small team of dedicated people are doing everything to design, develop, sell, implement, and support a new software/app, they don’t have to worry about things being done “right” or the culture changing because they handle it all. But as revenue increases and investors gain interest, it’s important for this small team to grow intelligently and efficiently.
Why would documenting processes help to attract more investment? Because it shows that this small, scrappy tech company is serious about growth and spending investors’ money wisely. It knows what’s important and knows how to continue its success as it transforms through massive change. It shows that they know how to grow efficiently and handle increased demand for their product.
After a round of funding, it’s important for the company to grow and invest with additional teammates who help to spread the gospel of this new market disruptor. However, the original small team doesn’t have the time or capacity to constantly make sure everything is being handled “the right way”. By documenting the processes for development, sales, implementation, and support, this company can ensure they deliver the same excellent level of service to new customers as they grow. And they can continue to deliver the same level of service to existing customers as new people handle support.
But how can documenting processes keep the culture intact? By aligning everyone around what’s important and making sure everyone is focused on the same thing. It also takes the pressure off more seasoned staff and provides an FAQ manual for new employees, giving them the independence to problem solve and not be micro-managed.
Documenting processes also gives companies a starting point for improvement. As they grow, it’s important to always keep striving for excellence, and changing for the better. By documenting their internal processes, it helps bring new employees up to speed faster and gives existing employees a starting point for improvement.
Does your company have change that needs to be implemented but lacks internal capacity and/or resources? Would your company benefit from a consultation to unlock its full potential? Contact Beck Insights (www.beckinsights.com) and we'll work together to determine the right solution for your business.