Though one of the most crucial milestones a company must achieve for success is discovering Product-Market Fit (PMF), as discussed in this article, it’s not the only critical factor. It is all too common for companies to get so caught up with focusing externally that they neglect other vital elements internally.
One of the key areas that are often overlooked by startups are a company’s internal operations. While many startups have excellent PMF, “65% of startups fail due to management issues.” A great vision, product, and strategy are not enough for long term success. The company’s vision and core values must be clearly communicated to its personnel in order to have a successful brand.
If your internal processes are not solid and your team not adequately aligned, growth can be stifled, or even worse, damaging to the organization. What you don’t want is to have achieved PMF, but not be ready to actually scale.
It is crucial to build a team that will represent your company well. All employees must have a complete understanding of the company standards and products or service in order to uphold the brand image. Their understanding of the company’s core values must be translated through their customer service in order to guarantee quality and show that the company is reliable and trustworthy.
Quality and safety control must also be implemented to prevent future monetary losses and a damaged company reputation. The old adage that prevention is better than cure holds firm here. It is becoming increasingly popular for companies to have a Business Operations team, also known as “BizOps.” These teams help control internal operations by monitoring from within and as such raise a company’s chance at success.
For true long-term success a startup must combine the perfect PMF along with a strong focus on Internal Operations management. Instead of fearing growth too quickly or too soon, be ready for it.
All of this can be very overwhelming and that’s where we come in. Innovation Portal has the resources to help you navigate your way through successfully launching and growing your startup!
“Start up effectiveness, begins and ends with a leader that can stretch beyond the basics. A Beyond the Basics leader is someone who can take an organization from its current state to a future state that is bigger, different, and better with and through others. He or she is able to paint that picture of the ideal future state, then marshall and align all the needed resources and remove barriers to ensure people feel good about the journey. Beyond the Basics leaders understand that it may be a longer journey than anticipated and they may have to walk alone from time to time, as everyone around them may not be willing or able to stay the course. So, be prepared for the Unanticipated solitude in the journey that will allow you to become crystal clear on your vision and goals. Your Mission is Possible!”’