Now that you have a solid plan, it is time to break it down into smaller pieces. Most tech startups use OKRs
to do this, but any system that defines objectives, tasks and responsibilities is fine. Keep it simple. It is much more important that your startup is able to “live out” a certain system than forcing itself to follow some exact methodology or complex system which doesn’t actually work for them.
Once you have aligned and set these milestones, you will fully focus on execution. As always, do periodic meetings and continuously keep the defined milestones on your radar.
Planning your first post-financing quarterly meeting
It is crucial for the team to meet within the first three months post-financing. This is where you start seeing whether the updated strategy works or not. You will obviously not be able to see all of the impact just yet, but it should be very clear whether or not things are moving along as planned.
Review all the company OKRs in an all-hands meeting. Celebrate the ones that are going well and be radically transparent about things that are not working as planned. While you can still turn things around in the initial 1-2 quarters, you will realize that the money raised is burned very quickly if you can’t get the desired traction. It is in this initial phase after a financing round that you have everything in your hands. This phase decides whether your startup becomes a great success or whether you are going to run out of money without the prospect of a financing round at a significantly higher valuation.
Great CEOs are very strong leaders post-financing. Everyone realizes after a few quarters that tripling valuation is much more difficult than planned.