Today, we’re talking about false economies at your startup.
Staying lean and keeping your burn low is an essential part of building a startup and investors love to see it. But don’t be fooled into wasting tons of your time for comparatively small costs.
Before COVID, I would often catch founders wrestling with an ancient laptop or a budget cell phone — wasting hours every day and adding a lot of stress for themselves and others. Nowadays the most common issue is founders refusing to upgrade their internet service at home — despite our new world of WFH requirements. This is not saving money — this is costing the company money through the time wasted and bad communications you have with others.
If you have a little money in the bank, these kinds of upgrades will save you and your team a lot of time. Making the team significantly more efficient is a good use of capital.
