Every company’s needs change through time. Objectives that are set at its startup phase are often not the same objectives five years later.
This is why if you run a business, it is essential to prioritize strategies you have formulated to reach those current objectives.
According to Dave Overton, CEO of Symph, there are three components to a thriving company: ideas, team, and money.
From the very start, it is from ideas that a business comes to be, and from ideas it continues to improve and innovate.
Most especially for us in Symph, ideas are our capital for changing the world in the best way we know- by building digital products that help make these ideas come to life.
Brilliant ideas are what keep and nurture companies across all industries. With all that said, you could say that businesses are almost always bound to fail without ideas.
The team is instrumental in making the ideas come to life. Often, they are also the source of ideas.
Having ideas without the right team to make those ideas happen is extremely hard. Really. (That’s why it is also highly advantageous to hire people that have the same vision as the company or who share the same passion you have. You can read Dave’s tips on hiring the right team in this blog article.)
Money is like the fuel of your car. Your car could be a Lamborghini or a Rolls Royce, but without motor fuel, all it’s really good for is car shows or bragging to your friends that you own one (although that’s still so cool).
This is one important thing that entrepreneurs, especially in startups, should always make ways to secure. As hard as it is to accept (trust us, we know), in the state of how the industry operates now, ideas and a team can only take you so far.
With financial resources as fuel to keep you running, you could continue fulfilling for a long time the very dream that made you start doing what you do now.
Ideas, the right team, and money make up the formula to make a business survive and thrive. One cannot do without the other.
As the business grows, as the decision-maker, it is mainly your responsibility to perceive the company’s needs and dynamically strategize to assure those needs get fulfilled. Then, set priorities according to the current needs, because you and your team cannot do everything at the same time expecting satisfactory results.
Your team would have to adjust to all the changes, but in the end, all those re-routings still get you to your main destination— your “why” for existing— the surer way.
Every end of the week, we have team meetings where we get to listen to the brains and hearts of our dear founders. As these talks have amused, enlightened, and helped us individually in more ways than one, we would also like to share these with the world to hopefully inspire you as it inspired us. Hence, the Symph Talks.