3 simple tools to help your startup to beat the best
Effective tools to establish your startup as a true contender
Ketchup and rice all over the kitchen floor…
…what was I doing you ask?
Well, I’ve never watched a whole Spiderman film. And I’m not one to let minor details get in the way.
Last month on our virtual team drinks we had a pictionary challenge. I acted out the scene where Uncle Ben dies. It went well. My team won. I say well, it took an hour to clear up the aforesaid items smothered all over the kitchen floor.
And then last week I was challenged by a colleague to weave Spiderman into an article…
Off the back of my Oscar winning performance, I’m feeling pretty confident! What’s more, it has to be said that as I think back to the pre-seed stage of my startup journey, I can’t help but draw parallels with what I’ve seen of the Spiderman movies. A super efficient superhero, he has very little and yet he is able to fight anything and anyone with his simple toolkit.
When it comes to tackling the Green Goblin that is the business world, being nifty is key. In the pre-seed stage, as things come together and you start to raise capital, you need to be smart with your money and documentation. You don’t need complex technology or complicated processes to stand against the best as a startup. But you do need some infrastructure.
In this article, I’m going to outline the 3 tools you need to stay on top in the modern startup environment.
The Right Bank Account
As you start raising capital, it’s important to choose a bank account that you can scale with. Setting up an account with a larger bank will likely require records of trading that you just don’t have. However, you still want to choose a bank that will secure trust with investors, and work with you as you scale. And an account that’s quick and easy to set up.
For this, I recommend you take a look at challenger banks. These are banks which are set up as an alternative option to traditional banks. Being more flexible and future-facing, they are usually digital-based. Accounts with Revolut or Monzo offer mobile apps that allow you to manage and access your finances anywhere, easily and efficiently. Watch out for smaller challenger banks- some have limits on how much money you can accept / spend, and where it can come from / go to. A real restriction on investment and scaling!
Like Spiderman putting on his suit, a secure and trusted bank account is the first step before you go out into the world.
Innovative Finance Tracking Software
As your startup starts to take off, you need to feel confident that you’re able to track your cash. Stay on top of your finances and manage your expenses. That first tax return is always a pain, so prepare for it early with strong financial accounting software. Keeping on top of this also allows you to keep track of what you can claim back through your government’s business tax regulations (like research and development tax credits); this can mean some serious savings!
Xero is a great option, offering a range of innovative finance features to prepare you for scaling. With slick systems, manual tasks such as sending invoices or running payroll are automated, and all the data you (or your accountant) need is stored in one place with accessible insights.
Concrete Contracts
My friend tells me that Spiderman is well known for his stealth suit- a suit which allows him to camouflage himself and protect himself while on missions. I like to think of business contracts operating in the same way. Ideally, you won’t have to actually rely on them, but you need to have everything set up in order to blend in with the business world, protect your brand image and, ultimately, your own back.
For the basic startup legals, take a look at Cooley Go. From incorporation to finance, website notices to employment and operational contracts, the key documents you need are there. Best part? It’s free! And it has bespoke options for the UK and US (as well as a few for Singapore). Unless you have a lawyer on hand already (which most startups don’t!), this is going to be an essential tool as you set up your contracts and navigate the pre-seed stage.
Standing Out As A Startup In 2021
When it comes to establishing your startup in the pre-seed stage, having all of these things in place is essential. Not only do you need to have a handle on all financial processes in order to be able to concentrate your energy elsewhere, but you need to represent a strong (and protected) brand image from the off. Spiderman’s webs don’t look like much. But they’re enough to take on the best. Get your startup ready for combat.
For more startup tips and questionable movie references, be sure to follow my page.