4 Things Founders Need To Think About For 2024

2023, what a year it’s been.

As a founder, it feels like this whole year has been all about AI and the precarious state of the economy 😂, so well done if you’ve managed to make it to this point

For many founders, 2023 feels like the year where you were made to question EVERYTHING. AI destroyed previously ‘defensible’ moats in minutes, signed terms have been pulled out on, and founders have been ghosted by investors all too regularly.

But it doesn’t stop there.

By now you should already be wrapping up a solid game plan for how you’re going to tackle next year, particularly with how rapidly the startup landscape is changing  

If you haven’t, I’ve put together four crucial points you NEED to think about when it comes to setting and achieving strategic objectives for 2024

1. Getting Venture Ready 

Securing investment from a venture capital is the dream for many of us founders, but what does it take to be venture ready? 

If you’re unsure whether you are or not, here’s a checklist of points I’ve drawn up from my experience as a founder and investor that VCs typically look at before deciding to invest into a startup:

• The founder/founding team: If they don’t believe in you or your team, forget about it. More often than not, this is exclusively the reason you do or don’t secure funding at the pre-seed/early-seed stage.. Put together a highly skilled and experienced team, oozing with founder-market fit that shows you can take on the challenges ahead of you.

• All about that growth: VCs speak the language of metrics. Be crystal clear about your financials, projections, and key metrics. Show them you know your business inside out, and that you understand what’s required to be a venutre-fit company in terms of growth profile.. Confidence in your numbers translates to confidence in your venture.

• Prove traction: Nothing speaks louder than traction. Whether it's user numbers, revenue growth, or partnerships, show that there's a real demand for what you're offering. It's a tangible way to demonstrate that your business is on the right track. Just remember, if you’re generating revenue, than topline NEEDS to be growing 10%+ Month-on-month when you’re starting out, and 5%+ once you’ve hit $3m ARR.

• Define your market: Be specific about your target market. VCs want to see that you understand your audience and have a strategy to reach them. The more you can show that you've identified a niche and can dominate it, the better.

• Mitigate risks: Acknowledge the risks, and be ready to address them. VCs are risk-averse, so the more you can show that you've thought through potential challenges and have mitigation plans, the more likely they are to trust in your venture.

Remember, getting venture-ready is about presenting a compelling, no bullsh*t story that’s backed by data and led by a stellar team that can execute 

2. OKR Frameworks

You can have all the hunger and work ethic in the world, but if you don’t have clear goals you’ll eventually find misalignment within your team. It’s like knowing what you want but not planning how to get it - when has that ever worked?

Set out OKRs (Objectives and Key Results) that are ambitious but achievable, assigning measurable Key Results to each Objective which you constantly review, celebrating the wins and learning from the misses.

In my startup Connectd, we actually set these quarterly and print these out to stick them up around the office so it’s ALWAYS front and centre of our minds. 

Also when you have such a strong, hungry and ambitious team, it’s useful for everyone to genuinely understand where they should be focussing those above and beyond efforts.

OKRs aren’t just another set of pointless corporate jargon, they’re get you closer to your North StarYour secret weapon for aligned, accountable, and explosive growth. Without them, you’ll be wandering aimlessly and most likely towards the land of failure.

3. End Of Year Personnel Reviews

Let’s be frank. The biggest expense for most if not all startups have is your team, so you need to sit down at the end of every year and ask yourself ‘What changes do I need to make to my team in 2024?’

And it’s not about trying to cut costs for the sake of it or squeezing three roles into one. 

Lay down a recruitment roadmap for each department as well as professional development plans to nurture talent, creating an environment where each team member can develop their skills and contribute to the growth of the company.

This is what great team leaders do.

4. Hiring Phases and Team Growth

Nailing recruitment is easily one of the hardest challenges for founders.

We’re all trying to secure A players; talented individuals you can trust that will massively contribute to your startup's growth. But of course this comes at a cost, with many factors needing to be considered before you onboard new additions to the team.

Typically, there’s three phases startups go through when it comes to recruitment:

Generalist

• In the early days, you’re going to need individuals who can wear multiple hats as you’ll be SUPER tight for cash and will want to focus as much as possible on increasing revenue and creating traction within your industry. 
• You also have no idea what you’re really looking to hire for in terms of those specialist skills. This is purely the territory of grit, determination and belief (read: delusion)

Specialist 

• After you’ve gained some momentum and proven MoM growth for a solid 12-18 months, you need to start bringing in those who have relevant experience with specific skills. This will give much needed breathing space to the generalists who have been acting as Sales, Marketing, Operations etc all in one!
• Remember - be transparent with your generalists about refining into specialists. Help them understand that they will need to focus their skills into a few points, and then into a singular point, to keep growing with your start-up. Don’t screw people over - this is a key part of that.

Experience

• People who have been there, done that and worn the t-shirt. These team members tend to be very experienced and the driving force behind a startup that has gone from bootstrapping all the way to Series C, or even public. 

Have a look at these again and think about what stage you’re at. It’s important not to jump the gun as the wrong step here could put you 10 steps back. 

Recruit smart, not fast ☝🏻

Ultimately, without a clear plan combined with the ability to remain agile, your future as a startup will look bleak. Head into the new year with these points in mind and make a note on how you’re going to tackle each of them and shape your objectives.

As the old adage goes, failing to plan is planning to fail.

Let’s make 2024 the best year yet 👏🏻