• Mike Whitmire, CEO at FloQast


• 05.04.2023 09:15 am
undisclosed

No one said starting a business was easy. Those early months when you and your small team are working to breathe life into a new idea are exciting but daunting. It’s a bit like your first days with a new child – so much potential, but so much fragility. And with the knowledge that  60% of small businesses fail within the first 3 years, it can often feel like the odds are stacked against you. 

Then, if you make it through the first few years, new challenges arise – how do you scale and reach profitability without overextending the business? How do you transition from startup culture to SME culture without losing the agility and drive that brought you this far? And how do you take the next step after that – whatever success looks like for your company? 

Every milestone along the journey brings new considerations. FloQast’s 10th year in business brings with it an opportunity to reflect on the things I’ve learnt along the way. Here are four key takeaways:

A founding team that works

It's important to have co-founders who are willing to challenge and push each other while keeping goals on track. A healthy amount of debate is crucial – no one person has all the answers. It’s important not only to hear everyone’s ideas but also to ensure that each person can trust the others to be honest if a particular project or decision needs amending. 

Ego is rarely compatible with a successful startup. Each co-founder brings unique expertise to the table, allowing for a complete organisation that can fully utilise each other’s strengths. So, when you’re planning your venture, think carefully about the expertise you need and what your ideal team needs to look like. Then go after them!

Transparency is crucial to success

Transparency fosters employee engagement and job satisfaction. Avoid ivory towers like the plague. Clear communication of the company’s mission and goals is crucial to helping employees understand the part they play in achieving these objectives. 

On top of that, fostering a sense that the company’s open-door policy is a reality rather than a slogan will encourage honesty, diligence, and bold decision-making. Employees who feel connected to and trusted by their leaders work better. Simple as that.

Don’t cut corners on customer service

Customer service is crucial to company success. When times are tough, SaaS providers who cut customer service in favour of self-maintenance-powered products are taking a risk. Not only will they compromise their customer service standards, but they could also negatively impact scalability. If costs are an issue, consider outsourcing customer support. We’ve funded customer service heavily since day one, cultivating high levels of customer satisfaction and boosting referrals and repeat buyers. Never lose sight of the fact that your customers are your reason to exist – serve them the best you can, and your foundations will be that much more secure.

Tech is there to lend a helping hand

When you need it, technology is an effective tool that can help with talent shortages – supporting short-staffed teams, automating tedious tasks, reducing burnout, and freeing up time for more critical and strategic tasks. Since FloQast was founded, the capacity, abilities, and availability of automated software have grown rapidly  – and as a result, companies have every opportunity to find a solution to fit their needs.

There’s no magic formula to successful business, but if there was, then a strong team, a healthy office culture, a happy customer base, and the right tools wouldn’t be far off the mark. It’s not complicated to say, but it takes work to make it a reality. Those who put the work in will see the rewards.