High on the agenda of your startup is likely growth—you may have found this article when searching specifically for startup growth strategies. You have many options in front of you, depending on what you have in mind: such as organic growth, an acquisition, going public, hiring up, introducing a new product or service, branching out into a new location, and more. The growth strategy you pursue will depend on current resources, the future prospects of the company, and what’s happening in the marketplace. When there is so much to consider, it makes sense to turn to experts who can walk you through the many options and help you assess what your startup’s next steps toward growth should be.
Exploring a Startup Expansion Strategy and Growth Strategy
Is your company ready for the extensive changes that come with adopting a new growth strategy? You may find as you explore your growth options that what your company needs is to step back and build a stronger foundation to be able to withstand the transformation ahead—whether that’s bringing in a new team or becoming a publicly traded entity subject to the scrutiny of securities regulators and investors.
In some cases, as an emerging growth company starts to take off and a growth strategy appears to be feasible in the near future, it may take steps to operate more efficiently and to get a better sense of what is really going on in the business. After all, going outside the company for funding opportunities will subject the company to a level of scrutiny that it may not be ready to handle. To prepare the company for such changes, growth strategy consulting efforts could start with a focus on an outsourced accounting team and introduce best practices and ways of operating more efficiently, such as an efficient monthly close process and an accounting system with a proven tech stack of applications that meet the company’s current state of growth. These applications include the core accounting system (e.g., QuickBooks, Xero, or NetSuite), invoicing, expenses, payroll, equity management, and cash management.
These are back-office updates that may seem removed from the larger, more strategic changes ahead, but it’s a necessity to get right, so that the company will be operating smoothly and efficiently as it scales.
Discussing Startup Growth Strategies
Your trusted advisors can also help you think through potential growth strategies. Discussing the state of the business, along with your hopes for it, with finance and accounting consulting experts can determine what level of support and guidance is needed immediately—often companies like yours have grown so quickly that what they need most are processes and systems that match their pace and complexity today. For example, we helped a VC-backed emerging growth company set up its finance function starting with the day-to-day operations and provided CFO expertise on a part-time basis as our time with the company progressed. The CEO did not want to move too quickly. In other cases, a more hands-on approach by the RoseRyan team has been warranted when a company wants to make big changes, quickly, with eyes toward an eventual IPO or acquisition.
The fact is many layers are necessary in the financial foundation, as companies work toward advancing to the next level. Companies that come to us needing help in these areas of finance may not everything just yet. They can access expertise, as needed.
- Finance operations: This includes the daily accounting needs, and may also include payroll and regulatory compliance. We can come up with a month-end close that works for your company and your team in addition to cash flow management. We can also, when the time comes, prepare your company for its financial audit and be the go-between with your external auditor.
- Strategic advisory: We can also bring more forward-looking concepts to the company, through strategic planning, forecasting models, and insights as you consider launching any new business. Our CFO consultants can present ideas at board meetings or represent the company in front of investors, when appropriate. And we can lead or advise when your company seeks debt and equity financing.
- Growth accounting: For a one-time need, our experts can be a powerful force for jumping in and getting the work done, whether the company is preparing to go public, a technical accounting issue has popped up, or it’s time to implement an ERP system. Our finance and accounting pros have seen and done everything, so our ramp-up time when first working with a company is minimal.
Putting Growth Strategies Into Action
As trusted advisors and emerging growth consultants, the RoseRyan team becomes an essential part of an VC-backed company’s business leadership process. Whether a company needs the expertise of just one consultant at this time or a dozen, we are here for our clients in every capacity, ready to help them reach their strategic growth goals. This may entail scenario planning or preparing the company for an exit strategy.
Our consultants have helped an extensive number of startups become more efficient and prepared for big changes. Their specialties range from payroll and general accounting to controllers and CFOs. They earned their accounting and finance chops in both corporate environments and at accounting firms, and their agility makes it seamless for them to jump in and help clients without missing a beat.
If your emerging growth company could benefit from financial expertise, more accurate financial reporting, and CFO-level insights, you could start by reaching out to RoseRyan to better understand your company’s strengths and weaknesses and what’s needed to move it toward the next level.
