#BYDNBusiness strategyNetworking

Revenue, Subscribers, Investors, Advisors— So What Are You Really Seeking?

By April 16, 2018January 17th, 2019No Comments
J. Kelly Hoey - Build Your Dream Network

A recent email from a startup founder that was worth sharing my response to as the question the founder asked, in some form or another, is asked all too frequently and my answer, regardless of the sector or market or eco-system, is typically the same. Bottom line: investors aren’t always the right answer (when the question is about growing a business), neither is scaling quickly the right business strategy. Seeking advice is always a good idea but asking big, open boiling-the-ocean questions — never!

Founder: I launched a mobile service …we’ve had terrific press, are growing monthly subscribers, and showing strong revenue growth (85k+ revenue in 5 months). I want to scale this quickly…. I’m reaching out for insight on strategic advisors, investors and guidance that would be a good fit for our next steps.

Here’s my advice — since you are gaining subscribers and generating revenue: focus on what is best to grow your company and what your strategic needs are (i.e. particular advice vs generically casting about for advisors). Perhaps other than Apple, every company on the globe could do with more money, so ask yourself what you are really looking for — and seek that specific guidance and if you’re fortunate, investors who have the skills, experience, and contacts in addition to a checkbook. And consider this, outside investment and scaling quickly may not be in the best interests of growing the business the way you want to grow it.

J. Kelly Hoey

J. Kelly Hoey

J. Kelly Hoey is a problem solver who believes that most professional challenges—whether funding, landing a board position or getting a new job—are solved by tapping into networks.Kelly is a popular speaker on networking, community building and investing issues, especially as they relate to women, and has worked with the IEEE, PGA, Bank of America, Apple and countless others. Follow Kelly on Twitter @jkhoey and on Instagram @jkellyhoey and join the #BYDN community at www.buildyourdreamnetwork.com