One of the biggest challenges with a start up is learning lessons quickly and burning a little cash as possible whilst learning them. This is obviously easier said than done but with careful planning and calm, considered decision making it’s entirely possible. It’s sometimes difficult for teams in an early stage start up to fully consider all of the “what if” scenarios and potential medium term ramifications of a decision as everyone is usually focused (quite rightly) on the here and now.
I always recommend to clients that they have some form of business plan in place. Not simply because having a plan is pretty essential but also because the act of putting a plan together allows groups of people to come together and think long and hard about the direction and shape of the business in coming years. It’s an opportunity for a team to step away from the “whirlwind” of day to day operations and think about the “big rocks” and how they will go about dealing with them.
Of course, a plan is a moment I’m time and circumstances change which means that a business needs come up with a plan which gives them directional guidance without being too rigid.