One of the keys to growing a startup is being able to take a timeout every now and then to reflect on what’s working – and what’s not. For many entrepreneurs, the most common time to do that is at the end of the quarter. That’s when it’s possible to examine financial results and really have an honest look at the current and historical performance of the business.
While it’s nice to assume that every aspect of the business is running smoothly, that’s rarely the case. Usually, there are one or two problem areas that require attention – and the sooner, the better. The problem is that it’s difficult to spot these problem areas without the help of someone with an outside perspective.
Moreover, it could be the case that solid financial performance enables you to overlook or gloss over problems that are lurking just beneath the surface. If performance starts to dip, that’s when those problem areas could really impact your business.
The best example is from the world of sports – as long as a team is winning, everything is great. But as soon as that team hits a losing streak, it could lead to a loss of morale in the locker room and even finger-pointing among the players.
That’s the type of situation you want to avoid, of course. So take the time sooner rather than later to address the potential problem areas of your startup. The future growth of that startup depends on you being able to spot those problems and fix them before it’s too late. By bringing in someone with a fresh perspective, it’s possible to come up with some really effective solutions.