In a time of uncertainty, it can be easy to lose sight of the bigger picture.
Software companies are facing a crisis of confidence among investors. As uncertainty grows, fewer investors are willing to take the risk of investing in a second round of funding —and that means more and more software companies are feeling pressure to find alternative sources to keep the show on the road.
But what can companies do to ensure the longevity of their business?
The answer is simple: look at the existing methods, systems and processes that will improve the way your company is run.
While many companies may be lacking innovation when it comes to outreach and building a strong sales team, the truth is, SAAS software is about to get a kicking—they know they will be around for as long as they can figure out ways to adapt as the market changes.
Your software systems can solve a problem quickly and fast—but if you don’t have enough money (or if you run out), then it won’t matter how great your product is. That’s why investors are asking multiple questions before signing an agreement: Do they have a playbook? What does their execution look like? What systems and processes do they have in place? What behaviors are being introduced for business success?
It’s important to remember that investors aren’t just looking for great ideas or products; they’re looking for businesses that can be profitable and scalable. The more you can demonstrate that you have a system in place, the better your chances will be of getting funded.
If you need to find alternative ways to try and make a profit—or if you want to keep a steady stream of revenue flowing in—then it may be time to put those systems in place to ensure the long-term survival of your business.