Building for the Future: How to plan ahead for a Sustainable Growth
In the culmination of Kerala Startup Mission’s (KSUM) WeStart program, an enlightening session took place featuring Mabel Chacko, the Co-Founder and COO of Open Financial Technologies, marking a significant milestone on Women’s Day. The session delved into the crucial aspects of building for the future in the startup ecosystem. With a focus on sustainable growth, team dynamics and strategic pivoting, Mabel shared invaluable insights aimed at empowering women entrepreneurs.
Building a Dream Team: Why Collaboration is Key
Mabel emphasized the importance of teamwork, echoing the adage “teamwork makes the dream work.” A well-structured team brings together individuals with diverse skills, experiences, and knowledge. This diversity fosters:
- Informed Decisions: Multiple perspectives reduce the risk of overlooking crucial factors.
- Increased Efficiency: Tasks are distributed based on strengths, maximizing productivity.
- Shared Goals & Vision: A unified vision motivates team members to contribute to the organization’s success.
How to Build Your Team ?
Mabel outlined a roadmap for building a dream team:
- Identify Roles & Responsibilities: Clearly define what each team member is responsible for.
- Match Skills & Expertise: Assign tasks based on individual strengths.
- Seek Diversity: Look for individuals with a variety of skills and experiences. Cultural fit is also crucial.
- Foster a Positive Culture: Build an inclusive environment that values collaboration, respect, and support. Celebrate achievements and recognize contributions.
- Continuous Improvement: Regularly assess team performance and adjust strategies, roles, or processes as needed.
Dealing with Surprises
The road to success is rarely smooth. Here’s how to navigate surprises:
- Plan for Resilience: Stay informed about regulatory changes and diversify revenue streams to reduce dependence on a single market or product.
- Embrace Change: Cultivate a culture of adaptability where challenges are seen as opportunities to learn and improve.
- Communication is Key: Establish clear communication channels to share information effectively during unforeseen events. Keep stakeholders informed.
When to Pivot: Adapting to a Changing Landscape
Sometimes, a change in course is necessary. Here are signs it might be time to pivot:
- Regulatory Changes: New regulations may necessitate a strategic shift to ensure compliance.
- Market Shifts: Evolving economic conditions, technological advancements, or competitor actions might require adaptation.
- Technological Disruption: Emerging technologies could disrupt your industry. Embracing these changes could be crucial.
- Resource Exhaustion: If you’re not achieving desired outcomes despite resource investment, a reassessment might be necessary.
The North Star Metric: Guiding Your Growth Journey
Every business needs a North Star Metric — a key performance indicator (KPI) that reflects your overarching goals and guides decision-making. Here are some examples:
- E-commerce: Number of purchases per month, customer order value, customer lifetime value
- SaaS: Number of paying subscribers per month, subscriber retention rate
- Other Commonly used metrics: Daily Active Users, Average Revenue Per User
Why is a North Star Metric Important?
Setting a North Star Metric aligns your organization towards a common vision. It serves as a constant reference point, providing direction and inspiration.
Key Characteristics of a North Star Metric:
- Long-Term and Aspirational: It should be ambitious yet achievable, driving continuous improvement.
- Measurable and Tangible: Track your progress through clear KPIs or milestones.
- Decision-Making Tool: The North Star Metric should guide strategic choices at all levels.
Three Rules for Success
Mabel concluded the session with three fundamental rules for success: embracing diverse perspectives, fostering adaptability, and maintaining strategic vision.
This session by Mabel Chacko offered a wealth of knowledge for women building startups. By building strong teams, embracing adaptability, and setting clear goals, women entrepreneurs can navigate the exciting yet unpredictable world of startups and achieve sustainable growth.