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Startup is slowly burning all my savings. We keep missing our revenue targets by small percentages. The next quarter we miss, we’re dead.

  • If you miss by only a small percentage why is it such a big deal? Are you counting on hitting the targets for investments?

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  • You need to do something right now, while you still have a few months of runway left. Otherwise you’ll be kicking yourself later for being too passive. Barely being able to meet payroll is not enough, because then you’ll go under the moment misfortune strikes. You need to figure out how to stop the bleeding immediately, and focus 100% on that.

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    • OP Here. Yeah, we just cut costs (read: layoffs) by 20% in the past few weeks.

      We should be break even now, but that’s what I thought last time… :/

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      • Be careful with layoffs. They destroy morale. Especially if good people get culled because of your errors in judgement.

        Focus on bringing in revenue instead. Get the engineers to do sales (cold calling, bulk emails, pivot to new verticals) if you have to. Upsell your existing customers. Do what it takes, but you got to hustle!

        Reply

  • Do you yourself still believe in the opportunity you saw when you started? If so, then this is NOT the time to give up.

    Getting revenue is the key. Gather the team together for ideas, they may surprise you. Social media campaign? Email campaign? ‘Meeting customers? Making longer contracts already for next year with discounts if paid already this year? Organize a sales event with a partner? Attend a startup competition for fame?

    Also think of any other possible way you can get funding. Loans, angel investments, government support, incubators, accelerators. Let theteam do everything else, you focus on funding. Take a couple of days off to pump yourself up with energy via excercise, outdoors, or whatever you need. Then go for it, all the way. The worst than can happe in that you fail and then start again with something else.

    I was in the same position just last august. Now all of a sudden the business just rolls in, and we got some more outside funding, as well. Big investors got interested. I am left amazed.

    Good luck!

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  • Maybe using a CRM can help you. We got great results by sending out customized emails to potential clients. It’s not expensive and could yield great results.

    Good luck

    Reply

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