Tag: Indian startups

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A startup’s journey has its highs and lows – there are times when all winds seem to be in a startup’s favor – well stacked war chest of funds, a product that customers have fallen in love with & a market with limited competition. More often than not, and definitely a few times during the lifecycle of a startup, startups are fighting wars on all fronts – no funds, delayed projects & many me-too competing products that confuse customers. We would want to call the first situation as peace time and the second situation as war time, borrowing from Ben Horowitz’s often-quoted article “Peacetime CEO/Wartime CEO”.

A typical question that startup founders’ debate in recruitment discussions is on the skillsets of the employees. It is relatively easier to identify the technical skills that the candidate needs to possess for succeeding in a job; when it comes to soft skills and certain personality traits, we cannot copy and paste the requirements from a different company’s job descriptions. At Astravise, we work with the startup to figure out the key traits needed for the startup (to what extent it is in peacetime for the startup and in which areas it is wartime for the startup). This will largely determine the skillsets/prior experiences as well as personality traits desired in a candidate.

Startups in “peacetime” mode are focused on growth and expansion, optimizing opportunities and taking calculated risks. Employees in such situations get freedom to experiment, solve problems creatively while keeping the larger organization goals as the guideline. In a “wartime” startup, the organization and its employees are battling every day for survival with limited resources. Past experiences of succeeding within constraints become crucial. Accountability is extreme – there is no space for blaming the market, investor or any other external circumstances. To survive and grow, startups need employees with specific skill sets to help steer the company through such challenging periods. These skill sets are over and beyond the candidate’s core technical/domain skills.

For example, say you are an experienced finance manager. If you have negotiated large vendor deals and have been able to secure cost optimization by promising and delivering to vendors large volumes of order, your skill will be seen as “Peacetime”. On the other hand, if you have done a deep cost dive in a factory or a multi-functional organization and derived cost reduction for your employer in a difficult market situation, your skill is more of ” Wartime”.

Global startup businesses have been going through a difficult patch at the moment; abundant risk capital is not a luxury many startups enjoy; recession in many parts of the world economy has cooled down many startup’s markets. In this situation, we work with startups to identify specific skillsets that are needed in key employees to ensure the startups successfully navigate this difficult period. If you are looking for jobs in startups or wanting to take up a different assignment with a different startup, the following can be a useful checklist.

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Agile and Adaptable Mindset:

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Startups operating in a warzone, need employees who can quickly adapt to changing circumstances and navigate uncertainty. War-time employees accept the constraints, embrace new roles, take on additional responsibilities, and explore innovative solutions. They constantly leave their comfort zones, learn new skills, and tackle unforeseen challenges.

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Resourcefulness:

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At present, a large number of startups face limited financial resources, and every penny counts. Employees who understand this are invaluable, making cost-effective decisions that meet customer expectations. They optimize spend based on a finance perspective, evaluating cost-efficiency alongside technology considerations.

Finance managers also need to evaluate cost-value equations at a strategic level; this can render whole departments redundant at times. Many corporates have dissolved internal recruitment teams and have outsourced their limited recruitment requirements during difficult times. Some Parts of call centre activities also get downsized after evaluating value vs cost of these activities. Employers will look for these kinds of experiences and ability to see the bigger picture while recruiting.

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Sales and Business Development Skills:

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Generally, startups face increased competition, which becomes even tougher during limited investment periods. They require employees who can double as sales and business development executives to sustain. The key here is having the mindset to take up any role as needed by the organization, going beyond their defined “role” or core competency. This versatility helps them understand customer pain points clearly, delivering solutions that address them. Startups value employees who can showcase the startup’s unique selling points and generate revenue during challenging times.

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Tech-Savviness and Digital Acumen:

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This is particularly important for startups outside the IT/Technology sector. During funding winters, startups must optimize their operations to maximize efficiency and minimize costs. Tech-savvy employees play a vital role in realizing these objectives. They identify areas of improvement and leverage technology to streamline processes, automate tasks, and improve productivity. They stay updated on technology trends and utilize them for the organization’s benefit, even without mastering the skills.

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Resilience and Problem-Solving Skills:

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Periods of recession, economic uncertainty, and funding winters can be emotionally and mentally challenging for employees. Startups seek employees who exhibit resilience and possess exceptional problem-solving skills. These individuals stay motivated, focused, and result-oriented, inspiring other team members. They navigate through uncertainty, make data-driven decisions, and contribute to the company’s overall resilience.

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Team building and leading skills:

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Many startups look for leaders, who have specific people skills apart from technical capabilities. Manager wearing a part HR hat is an increasing trend in many of the evolving organizations. A manager who has the past record of building and retaining teams from scratch while operating frugally and delivering stellar results for the organization is a good catch for many employers.

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Looking for

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Finance Advisory, Managed HR Services

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Reach Us!

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animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″ text_color=”#111600″]

Key Mindsets that startups look for during Wartime:

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” margin_top=”10″]Accepting new missions for survival without getting stressed

• 100% focus on survival of the company – often giving own needs secondary importance
• Extremely sensitive to competition and environment – & is willing to change course abruptly
• Delivering commitments & avoiding surprises over and above risk taking by oneself
• Listens more and decides fast
• Minimizes conflicts & builds consensus within the team

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Are wartime and peacetime skillsets mutually exclusive?

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”18″ margin_top=”10″]

In theory, it is possible for a large number of managers to change gears when the employer moves from peacetime to wartime; however, the market experience is that many managers fail to transform. Most managers are shaped by their past experiences. Many startups have faced similar situations of new employees hired during wartime not adjusting to the new realities as compared to their previous experiences in well established companies.

As an employee, it is important for you to self-assess and build the necessary skills in order to excel in any situation. As an employer, it is important to critically evaluate the candidate for the right experiences and clear signs that the candidate has the appropriate mindset that will enable him to take up new challenges successfully.

[/fusion_text][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”3″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” text_color=”#111600″]

Conclusion:

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”18″ margin_top=”10″]

Startups at all times carefully consider the skillsets of potential employees – their success depends on the right-skilled teams, whether it is peacetime or wartime.  As challenges mount, financial acumen, sales and business development expertise, agility, tech-savviness, resilience, and problem-solving skills are crucial attributes that startups seek. By hiring individuals with these skill sets, startups increase their chances of survival and can emerge stronger from the funding winter. Job seekers looking to join startups during these times should emphasize these skillsets to position themselves as valuable assets to the company’s success.

[/fusion_text][fusion_button target=”_self” color=”default” linear_angle=”180″ stretch=”default” icon_position=”left” icon_divider=”no” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” link=”http://localhost/astraviseservices/contact-us/” title=”Contact us to know more” alignment=”center”]Contact Us[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

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<p>The burn rate is an important metric for companies that are not yet profitable. These companies can be either startups or other companies. The burn rate is the total of all your operating expenses, such as salaries, rent, sales and marketing costs. It represents the expenditure that the organization is incurring finetuning its strategy, developing its products/ services, testing markets, and paying interest if the debt has been used to finance operations.</p>
<p>The Founder’s Business Plan consists of various strategic questions that need answers and the time and cost of finding those answers till the company reaches a certain level of steady and profitable revenue base. The total of monies that are needed to complete these activities is roughly the funding needs of the founders. Once this total spend is identified and allocated to time periods, burn rates will be established. Thus, the burn rate is not a constant number. Rather, it is a moving number that changes from month to month or quarter to quarter during the early journey of the startup.</p>
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</script>[/fusion_code][fusion_text columns=”1″ animation_direction=”up” animation_speed=”0.1″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”20″]When founders pitch their products, investors frequently ask this mundane but critical question. What is your current cash burn rate and cash runway? Founders cannot avoid answering this question; they must have a credible response.

Understanding of burn rate and cash runway is critical for founders because it allows them to make informed decisions about their company’s financial health and future. It assists them in managing investor expectations, planning for the future, and making strategic decisions that will lead to long-term success.[/fusion_text][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″]

What is Cash Burn Rate?

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky”]

The Burn rate is an essential indicator of how long the company can operate with its available cash reserve. It is expressed as a monthly rate.

The burn rate is an important metric for companies that are not yet profitable. These companies can be either startups or other companies. The burn rate is the total of all your operating expenses, such as salaries, rent, sales and marketing costs. It represents the expenditure that the organization is incurring finetuning its strategy, developing its products/ services, testing markets, and paying interest if the debt has been used to finance operations.

The Founder’s Business Plan consists of various strategic questions that need answers and the time and cost of finding those answers till the company reaches a certain level of steady and profitable revenue base. The total of monies that are needed to complete these activities is roughly the funding needs of the founders. Once this total spend is identified and allocated to time periods, burn rates will be established. Thus, the burn rate is not a constant number. Rather, it is a moving number that changes from month to month or quarter to quarter during the early journey of the startup.

It is important to understand that, in the context of most startups, a total cash burn is a flexible number; if they are able to answer the questions swiftly, there can be higher spending in the ensuing months, but they will reach a point of stability faster. In the absence of risk capital, founders need to prioritize spending on those tasks or actions that will assist in getting the next round of funding. In such a case, the immediate cash spent may be low, but the startup will take a longer period to reach stability.

Most investors are interested in the immediate few months’ cash burn rather than the total cash burn. The other reason for the interest in the immediate cash burn is that the underlying decisions leading to this cash burn would have been taken or are to be taken at the time of the current round of funding.

A high burn rate indicates that the company is spending money quickly, while a low burn rate suggests that the company is optimizing cash burn and probably waiting for a key event – the arrival of risk capital or an external critical event that can significantly impact the firm’s prospects.

Investors want founders to take calculated risks and be aggressive in testing their assumptions; however, profligacy in spending and inability to largely stick to a cash spend agreed with investors will lead to the start-up becoming less attractive for future investments. Hence, monitoring the burn rate is critical for realigning the strategy and fostering growth.

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Looking for

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Finance Advisory, Managed HR Services

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Reach Us!

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Risk Assessment in Businesses – What, Why, When, and How?

[/fusion_text][fusion_button target=”_self” color=”default” linear_angle=”180″ stretch=”default” icon_position=”left” icon_divider=”no” hover_transition=”none” animation_direction=”left” animation_speed=”0.3″ animation_delay=”0″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” title=”explore the blog” margin_left=”20″ link=”http://localhost/astraviseservices/insights/startup/risk-assessment-in-businesses-what-why-when-and-how/” size=”medium”]Explore the Blog[/fusion_button][/fusion_builder_column_inner][/fusion_builder_row_inner][/fusion_builder_column][fusion_builder_column type=”1_1″ type=”1_1″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”none” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ animation_direction=”left” animation_speed=”0.3″ last=”true” border_position=”all” first=”true” margin_top=”0px” min_height=”” link=””][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″]

What are the types of Burn Rates?

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” margin_top=”10″ font_size=”18″]Burn rates are classified into two types:

• gross burn rate
• net burn rate

The gross burn rate is the total amount of money a company spends on monthly operating expenses. They include the cost of goods sold, salaries, utilities, marketing, and other expenses. The burn rate is normally calculated as the average expenditure for the next 3 to 6 months. If the burn rate is mentioned without reference to a period, it normally means the next month’s burn rate.

The calculation formula for gross burn rate is = Gross Expenses/number of months

The net burn rate combines the company’s revenue and operating expenses. It is computed by deducting monthly revenue from monthly expenses. If the company has a positive revenues, its net burn rate will be lower than its gross burn rate. If revenue is negative, the net burn rate will be greater than the gross burn rate.

The formula for calculating net burn is Gross burn – (revenue -cost of goods sold) = Net burn.

The formula for calculating net burn rate = net burn/ number of months[/fusion_text][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″]

How can firms reduce their burn rate?

[/fusion_title][fusion_text animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” margin_top=”10″ font_size=”18″]A reduced burn rate is required to sustain and grow the business in the long run. This can be done by introducing a few tested and successful ways.

• Plan new revenue-generating strategies, such as expanding your customer base, implementing a new pricing strategy, entering new markets, and increasing sales.
• Staff reduction is a widely accepted practice that is carried out effectively around the world. Firms need to stop recruiting for extended periods, focus on outsourcing service functions like accounting and HR, and hire freelancers.
• Reducing unnecessary costs such as office space and travel and renegotiating vendor contract terms.
• Introduce technology wherever possible, such as routine task automation, outsourcing non-core functions, and increasing operational efficiency.

[/fusion_text][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″]

What is a cash runway?

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Cash runway is a financial metric that measures how long a company can continue to operate before running out of funds. Since this calculation is done mainly by firms yet to taste profit, it helps them plan their resources efficiently and allocate them effectively.

The formula for calculation is = Current Cash balance / Burn rate

In general, a minimum of six months to 12 months of cash runway is needed for a startup to confidently execute its plans. Once the cash runway shortens, the startup needs to take action to ensure the burn rate is reduced and the cash runway is extended.

In the context of funding winter, the importance of having a good cash runway cannot be overstated. Where possible, debt funds should be used to augment the cash balance so that the overall cash runway is extended. Being ahead of the business milestones (achieving them with lesser burn and at a shorter period) and agreeing with existing investors helps the startup secure promised infusions of capital and also attracts new capital.

[/fusion_text][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ title_link=”off” link_target=”_self” content_align=”left” size=”2″ text_shadow=”no” text_shadow_blur=”0″ gradient_font=”no” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ style_type=”none” animation_direction=”left” animation_speed=”0.3″ hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” font_size=”28″]

What are the differences between burn rates and cash runway?

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The burn rate and cash runway are critical financial metrics to assess the company’s financial strength and health. These metrics evaluate startups and businesses that are not yet profitable. They do, however, represent distinct aspects of the financial situation. Let us know where they differ.

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Both metrics capture the company’s financial health from different perspectives and must be used in tandem to provide a complete picture of the company’s financial position.

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Closing thoughts:

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There are numerous startups that are unable to control their burn rates due to a lack of experience in planning. It is important to understand that the key in cash burn management is not cutting down expenditure; it is planning key business milestones with optimum cash burns, and, where the market situation demands it, being able to change the spending plan in view of resources in hand. Because they do not receive proper guidance, these firms script their premature end. Our company, Astravise, is in the business of assisting businesses in covering up gaps in planning and execution. Our teams have the expertise to identify gaps in startup business models, allowing them to optimize their burn rates and cash runway while increasing the firm’s revenue.

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