Depending on the industry, a new company can face a high likelihood of failure within four years of its foundation. According to a study conducted by Harvard University, 75 percent of venture-backed companies are likely to see the business go belly-up. In an industry like the information sector, only 37 percent of startups are likely to still be operating by their four-year anniversaries.
What qualities set apart those startups that are able to find success? What do they do differently than the competition? Well, for starters, they work to avoid the following three common problems, all of which are easier to prevent with the help of DocuSign.
1. The startup does not have a strong team or the right tools.
One of the biggest obstacles that startups face is not having the right people and tools to facilitate the creation and delivery of a strong product or service. DocuSign can be the right tool for a small startup looking to build effective teams, optimize workflows, and get processes moving at a quick pace.
DocuSign can help startup founders accomplish these goals by allowing them to be more “digitally mature,” a quality that the MIT Sloan Management Review reports top talent workers value highly in a potential employer. Using a digitally transformative Digital Transaction Management platform like DocuSign can signal to prospective employees that your business is committed to innovation, efficiency, and supporting staff with the tools they need to succeed.
Additionally, streamlining operations and document management from the beginning with DocuSign is an imperative for those companies that are “born digital.” Your firm can bypass paper-based processes from the start by using Digital Transaction Management and DocuSign’s eSignature platform to handle transactions between consumers, employees, partners, or investors.
2. The startup can’t find a way to stick to the budget.
Whether a startup’s initial resources are poorly allocated or the cash flow was managed improperly, many startups fail because the company does not operate within the confines of its budget. When attempting to grow a fledgling startup, leaders need to look for tools that can help cut costs and make operations run smoothly at an affordable price.
DocuSign frees up company resources by allowing startups to function without costly paper-based processes. DocuSign’s Digital Transaction Management platform allows all processes typically conducted on paper to be easily completed, stored, and accessed in one digital location. Less reliance on paper means reduced costs of office supplies, including postage, paper, ink, and printer and copy machine maintenance—as well as fewer employee hours wasted on these processes.
Money and time saved by digital operations allow founders to allot resources to the parts of the startup budget that really matter. In addition, DocuSign has service packages for companies of all sizes, to suit all budget needs.
3. The startup doesn’t have a way to support and sustain growth.
Bringing a startup to scale is one of the most complicated aspects of the growth process for many new business leaders. Scaling your startup too quickly without the right plan in place to accommodate fast growth can force even profitable startups to fold under pressure. At the same time, scaling a startup too slowly can mean that your firm won’t meet its early-stage goals, which can make investors nervous.
To scale a startup in a healthy way requires leaders to develop a dependable plan of action, taking factors like market research, strong budgeting, the right team, and a well-developed marketing campaign into account. But it also requires operational tools like DocuSign to help streamline internal processes and save money.
Speed is the new currency of business, and DocuSign was made for professionals looking for a way to increase their company’s velocity. While eliminating the need for paper-based processes and allowing contracts to be approved, signed, and sent with the click of a button, DocuSign reduces workloads, allowing a young company to do more with less help. Instead of allotting hours to looking for, signing, sending, or assembling documents and contracts, talented employees are able to put their focus toward the work that will have the greatest impact. This can be a substantial help to startups in the scaling phase, when more work needs to be done with fewer employees.
Additionally, DocuSign expands the reach of startup founders, who often find it necessary to travel in order to keep business moving along. DocuSign allows C-suite leaders to be out of the office for business while maintaining the ability to access important documents through the DocuSign platform. This allows business to flow smoothly, even when company leaders are away. Executives, traveling sales reps, and others can also use the DocuSign mobile platform to obtain signatures in-person, speeding business on its way as soon as a presentation is complete and a deal is struck.