Upmarqt’s Tips: How You Can End 2023 Strong as a Founder.

As startup founders, I’m sure we can all agree 2023’s been a year of mixed blessings.?

Yes, we’ve put Covd behind us, but we’re now facing a different set of challenges in the form of economic uncertainty, increased competition, and shifting consumer behaviors. As the CEO & Founder of Upmarqt, I’ve witnessed first-hand how these have affected startups like yours this year.

And yet it’s not all doom and gloom for startups as we head toward 2024. In fact, the emergence and growth of AI and expanding customer bases suggest better days ahead for all of us.?

So how do we prepare for those better days?

In this article, I’ll share my thoughts on how best you can wind down 2023 as a startup founder, covering everything from strengthening relationships to strategy. Ready to make the most of the days ahead? Let’s dive in.

1. Reflect & Review

It’s cliché to say perhaps, but finding time to review your year is extremely important. At Upmarqt we build it into our team’s schedule. This way we truly see what has gone well and what could have been done better.

If you haven’t started yet, don’t worry – there’s still time. But as you go into that process, here’s what I suggest you consider for your startup:

• Market and Product Performance: Analyze how your products or services fared in the market this year. What was your customer feedback like? How about sales? Have any new competitors appeared? Use this information to evaluate your market position and competition.
• Financial Metrics: Review your financials in detail. Look at revenue growth, profit margins, and cash flow. Identify any areas where costs can be optimized or perhaps margins increased.
• Team Morale and Performance: How is your team’s overall productivity and well-being? High-performing teams are crucial for startup success, so understanding their challenges and achievements is vital.
• Operational Efficiency: How have your business processes performed? Identify any bottlenecks or inefficiencies and consider how technology or process improvements might resolve them. Has your team been spending lots of time on things that don’t move your startup forward? Look at what should be continued, increased or stopped.

As you examine these different angles, remember a variety of perspectives is better than just one. You can always ask for the perspectives of your team, investors and industry experts you’re connected with, plus your key stakeholders – your clients.

And as you go about your review, don’t forget to factor in celebrations where they’re due. It’s easy to look back and dwell, but the truth is… your startup is still running, so take stock of what went well, and how you can leverage this going into 2024.

2. Securing Your Startup’s Future

No review would be complete without an appraisal of your business’s bottom-line, and what needs to be done going into the new year.?

This can be one of the trickier conversations for startups, though here are the four actions we take and I recommend for a smooth process:

• Assess Financial Transactions: Look at your financial record to date (you’ve made sure to carefully record everything, right?). What patterns are there? Are there any notable discrepancies? Get clear on your financial picture so you can build out your strategy for next year.
• Budget Review: Examine your budget. Where did you overspend this year? Where did you save? Find areas where you can reduce costs without compromising on quality or growth potential.
• Tax Planning Strategies: If you don’t have a financial advisor or tax professional you can consult, now’s a good time. Discuss what to expect given your situation, so that you have no surprises come April 2024.
• Prepare for Funding: Use the end of 2023 to get ready for next year’s funding rounds (like we are at Upmarqt). Explore funding options like venture capital, angel investors, grants, or crowdfunding, then update your pitch and financial projections in readiness for capital raising. This is a slower period so good time to prepare and connect with the relevant investors.

3. Setting Goals for 2024

The next step of the process is to create goals for your business in 2024. This doesn’t need to be intimidating, but instead should flow naturally from Steps 1 and 2 above.

Once you’ve reviewed your year and your startup’s financial, growth and operational situation, think about your business’s priorities going forward. Many of these you’ll already know yourself, but consulting with your team (as well as with other stakeholders) on next-steps is a very good idea.

I also recommend not shying away from experimentation as you establish your goals for next year. Examine new market trends and technologies, and think innovatively about the year ahead. Fortune and adaptability can indeed favor the brave for startups who are willing to embrace trial, error, and change.

Once you’ve had these discussions, get specific about your agreed goals. It’s important that they’re lazer-focused, as this will help shape your roadmap going into 2024. To help you with this, make each of your goals SMART:?

• Specific: Goals should be well-defined and particular.
• Measurable: Make sure your goals can be data-evaluated.
• Achievable: Ensure goals are realistic in their nature and scope.
• Relevant. Are your goals relevant? Ditch those that aren’t.
• Time-Bound. Is the timeframe appropriate?

Once you’ve checked your goals against the SMART framework, build out a roadmap for 2024. Who’s doing what, and by when? Get clear on deliverables so you and your team have the best chance possible of meeting goals in the new year.

Plus, if you’re looking for some personal recommendations on how to manage time frames, including which software to use or who you should hire, reach out to me ( Olga Ten ) personally, or drop us a DM on our Upmarqt page.

4. Dial Down Without Dialing Off!

While Steps 1-3 are important, just as important is factoring in some strategic downtime into your calendar, so you can take a step back from your business without completely switching off.

A great way to do this is to prioritize connections with your professional community through the last networking and other social events of the year. Getting out always beats sitting behind your desk, plus it allows you to build new connections that could benefit your business.

Try to make the most of platforms like LinkedIn, using this time to sign up to a few professional networking or training sessions such as Upmarqt’s recent sales training with Dan Jourdan - Sales Consulting (on which note, keep your eyes peeled – I’ll be dropping a little holiday gift for you all in the coming days!).?

Training and self-improvement such as this can often get left behind over the course of the year, but can be a great thing to do when your reserves of energy are feeling a bit low, and your social (and learning) battery needs a boost.

Likewise, try to use these last December weeks for personal growth. Remember, you’re at the center of your own and your startup’s universe, so if you’re not prioritizing your personal or professional growth, or you’re depriving yourself of some much-needed wellbeing because you’re too focused on the daily grind… no one’s winning!

Conclusion

It’s been a long year but you’ve made it! Now you’ve read this article, you’re in the best place possible to close the year off strong, so you can set yourself and your business up for a focused and productive 2024.

It’s one of the things I love most about working at Upmarqt – the joy of seeing startups like yours thrive, knowing they’re on the right track for the months ahead.

But if you’re still feeling uncertain about next year, or you’re not sure in which baskets to place your eggs, reach out and let’s chat.?

Upmarqt is all about connecting startups with the very best talent so they can succeed – whatever the time of year – so if that’s what you’re looking for, or you just need to get a different perspective on your next steps as a business as we wind down 2023… drop me a DM!

Happy Holidays everyone!