What is Series Funding? How to Prepare for Each Round of Funding

Getting a startup off the ground is expensive and challenging. Even with a great idea, initial funding is often the make-or-break moment for most new businesses. As a result, many startups opt for series funding as an alternative to angel investment or venture capital. In fact, every business needs money to grow and thrive. Still, not all of them have the same financial needs at different points in their life cycle. 

Because of the complexity of capitalizing on a business, many leaders find they have to upgrade their learning. So, they may take online courses specific to raising capital. Further, many leaders may look to an MBA online to gain the understanding and flexibility to lead a startup. Many pursue a great education through programs at top global universities such as Aston University.

Regarding series funding, depending on your company’s circumstances, you might find that one type of financing works better than another. For starters, series funding is a form of venture capital that comes in stages rather than just one lump-sum payment. Each round of funding is typically smaller than the last. As a result, it gives founders more time and money to grow their company over time without too much risk.

What is series funding?

Series funding is a method of financing startups in stages rather than in one lump-sum payment. As mentioned, each round of funding is typically smaller than the last. That means founders have less risk to handle once they grow their company. Like a TV series, each round is connected by a common thread, with each building upon the one before it. Companies often use series funding in combination with venture capital or angel investment. Some companies pursue multiple funding rounds to spread their financial requirements over time. That way, each round provides the startup with the necessary funds to sustain growth without enormous risk.

Why use series funding?

Series funding is ideal for startups that need capital to grow but do not need a lump-sum payment all at once. It allows founders to get the money they need in smaller installments over time. That can help smaller companies manage risk by spreading out their capital requirements. For example, a company might hire new employees in a series A round. They could use a series B round to upgrade their equipment and a series C round to acquire new customers. 

Smaller businesses that need capital but do not have equity as collateral often pursue series funding. Series funding is also ideal for companies that do not have enough cash on hand to meet their capital needs in a lump-sum payment. In short, it allows them to get the money they need without taking on debt.

What’s the difference between series A, B, and C?

Businesses use series funding to spread out their capital requirements over time. That way, each round provides the startup with the necessary funds to sustain growth. Since each round of funding is smaller than the last, the amount of money a company needs varies based on the company’s needs. Typically, series A funding is used to hire employees and acquire new customers. On the other hand, series B funding often gets used to expand the company’s product line or purchase new equipment. Finally, series C funding gets used to expand the company’s reach or increase its profits.

How much money does a startup need in each round of funding?

The exact amount a startup needs in each round of funding varies based on the company’s unique circumstances. A company’s growth strategy typically determines the amount of money a company needs in each round. Because of their larger scale, some companies might need more money in their first round of funding. So, as you go, you need to consider how much money you raise in each round of funding. That helps you determine how much capital you need in the next round.

Which comes first — seed or series A?

Some startups use a seed round to start their company and then move to a series A round to scale. Other companies start with a series A round and move on to a seed round to scale to profitability. Ultimately, the order in which you raise funds depends on your specific circumstances and growth strategy. If you are raising capital, you need to decide whether you want to pursue a seed round or a series A round first.

How to prepare for each round of funding?

Before raising funding for your startup, you want to ensure you prepare for each round. That is because each funding round has a particular timeline, and milestones the company must meet to keep the money flowing. If you do not meet your milestones, you could lose funding altogether. For example, if you pursue a series A round of funding, you may need to prove your product is ready to scale. In that case, you may need to get your business to a point where it is ready to scale even before you expand funding. So, start by assessing your needs, setting financial goals, and mapping out a timeline for how you will get there. That way, you will prepare to meet any milestones with each round of funding.

Closing words on series funding

In conclusion, series funding is a method of financing startups in stages rather than one lump-sum payment. Each round of funding is typically smaller than before, so founders have less risk to handle once they grow their company. Again, like a streaming television series, each round is related to the other rounds, with each building on the one before. You could use series funding in combination with venture capital or angel investment. 

Some companies pursue multiple funding rounds to spread their financial requirements over time. It is vital to remember that before you start raising capital for your company, you ensure you prepare for each round. Start by assessing your needs, setting financial goals, and preparing a timeline. Being prepared gives you a higher chance of obtaining and succeeding with series funding.

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Five Ways to Reshape Your Business Post-Pandemic with IT Support Services

Whatever niche your business fits into, customers are now expecting seamless digital interactions. Any delays in service are most often perceived as frustrating, unacceptable and lazy. No matter how visible or established your brand is, customers will only put up with slow service for so long before they move to another more dynamic competitor.

As a result, it’s difficult to find a business strategy nowadays that isn’t data-driven. As the world grows more and more digital, every organisation should be looking to adopt a more dynamic mindset in order to grow and improve operational processes.

This emerging, data-driven culture is one of the main reasons why so many businesses and organisations are turning to a professional IT support service to manage their network, infrastructure and digital assets. With the innate ability to reshape business operations, IT support is becoming a must-have in the modern business world. This is especially pertinent following the COVID-19 pandemic which, like it or not, has had an enormous domino effect on how businesses operate.

So what is IT support? And of the services on offer, which solutions can reshape your business?

What is IT support?

In the business world, IT support is an all-encompassing term regarding any form of support or assistance with the IT infrastructure and digital assets of a company or organisation. Also known as a managed service provider, or MSP, to hire a professional IT support service is to outsource the management and maintenance of your tech to a business outside of your own organisation. A professional IT management service will proactively maintain your digital assets and IT infrastructure and usually offers both remote and in-house assistance.

An efficient IT support service can also give staff members the tools they need to handle problems on the go, minimise downtime, and resume work as soon as possible. When you delegate the management of your technology to a specialised IT company, employees gain access to technical support whenever they need it, from any location, and can count on a prompt and dependable resolution to their issue. Therefore, using an IT support service frequently results in greater productivity, work engagement and job satisfaction.

What can IT support offer my business?

An IT support service typically offers a variety of services and digital solutions. Employing the assistance and support of an IT management service not only ensures your system is being proactively managed and kept secure, but also that your personnel are being trained to use the digital assets and IT infrastructure that are available to them to the very best of their ability.

Services include… 

Data management and storage

Without the assistance of a professional IT support service, your business may store data in an at-risk area or grant access to an employee without the proper authorisation. In our data-driven world, this can pose serious issues when it comes to security and data protection. If you hope to reshape your business in 2022, prepare your employees for the future and build customer trust, it is imperative you secure and backup your data.

In saying that, monitoring and protecting your data and information can be a hugely complicated process, especially for a large, established business with hundreds of employees to manage. Fortunately, a managed IT support company can assist you and your business with your data management, storage, security and protection. Your IT support service will also ensure that data and information are stored securely and is easily accessible – but only to the employees with permission to see it. 

Cloud migration

Cloud-centric technology has grown in popularity over the past few years and is now utilised by large and small businesses alike. The cloud gives you and your team the intrinsic ability to optimise your daily operations, secure your data and information and work remotely with minimal disruption. 

If you’d like to migrate your business over to the cloud, an IT support service can complete the task for you. Doing so harbours a number of advantages for your business including lower maintenance costs when it comes to the upkeep of traditional hardware and a more productive workforce.

Unified communications

Unified communications refer to a collection of communication channels used by modern businesses to keep in touch with each other as well as customers and shareholders. Now more prolific than ever, many businesses are utilising VoIP, also known as Voice Over Internet Protocol, video calling, email and instant message as their main source of internal and external communication. 

If you’re hoping to bring your business communications into the 21st century, an IT support company can assist you in implementing VoIP and other innovative unified platforms. By utilising the strength of each channel, an IT support service can dramatically improve the overall efficiency and productivity of you and your team through unified communications and reshape your business operations for the better.

Final thoughts

Regardless of the market niche in which your organisation operates, today’s customers anticipate smooth digital interactions. Any delays in service are seen as irritating, unacceptable and lazy. Customers will only put up with delayed service for so long before they switch to another, more innovative rival, regardless of how well-known or well-established your brand is

That’s why every organisation should strive to embrace a more digital attitude in 2022, especially if they’re looking to expand their business and bring more efficiency into their operational procedures. This is particularly pertinent following the COVID-19 pandemic, which—like it or not—has had a significant ripple effect on how firms run. It’s also why so many businesses and organisations these days are turning to a professional IT support service to manage their IT infrastructure and digital assets.

While obtaining IT support for your business is pretty simple, finding the right partner for your business can be a little more difficult. Your chosen IT partner should be aligned with your own business’s values and beliefs as well as take into account your objectives and unique niche.

To start looking for an IT support company, type your location and a few different search keywords into your preferred search engine. For example, look for ‘IT Support Plymouth’ or ‘Tech Management Bristol. From there, it should be simple to whittle down your options until you discover one that aligns with the needs of your business.

6 Accounting Mistakes That Cause Small Businesses Significant Growth

If you rely on your small business to put food on the table, clothe your kids, and make that monthly mortgage payment, you can’t afford to make accounting mistakes. That’s why you need online accounting software to keep you on track. 

Accounting software for small businesses can help you accurately organize expenses, easily produce small business reporting, and give you a clear picture of your company’s overall fiscal health so you can plan for future growth. Efficient accounting is an important aspect of business, and financial errors can be very costly, especially to new endeavors. But first-rate online accounting software can help you avoid the repercussions of these common mistakes.

Mistake No. 1: Going it alone

Though it may be tempting to handle your own business accounting, it’s likely not the best idea. We know your entrepreneurial spirit is going to tell you otherwise: “You can handle it yourself and save money!” That conclusion may have the opposite effect, or worse, cost you money. 

After all, you simply can’t do everything and do it well. Having a certified public accountant or bookkeeper in your corner helps you concentrate on producing quality products and services — the backbone of your business’s success. Plus you can rest easy knowing a trusted professional is focused on your business’s financials, which not only includes analyzing small business reporting but also staying on top of taxes. 

Mistake No 2: Using cheap online accounting software

It’s true: You get what you pay for. And if you’re working with free or cheap online accounting software, chances are you’re not getting the full arsenal of tools you need to successfully strategize your business. Look at it this way: You wouldn’t hire a less-than-professional accountant with messy hair and a dirty office to handle your books, right? Are they actually organized enough to file your quarterly taxes on time so you don’t lose money on a late penalty? 

The same is true for accounting software for small businesses. You may pay a little more, but at least you know you’re getting a quality product that won’t let you down when tax time rolls around or, better yet, if you need financial data to explore potential growth. 

Mistake No. 3: Lack of cash flow

You’re good at what you do. That’s why you’re running your own business. But more than likely, you’re not running an accounting firm. While you may know how to properly seam drywall or produce a perfectly plump bundt cake for your bakery, your expertise may not lend itself to business finance. In fact, many business owners may not understand how to properly strategize their cash flow, and that is one of the main reasons for business failure. 

Let’s say you own a restaurant that experiences a slow winter season. If you don’t have a plan to put money away during those busy summer months, you may be left scrambling to pay your tax bill by April 15. The combination of a certified public accountant and quality online accounting software can help you assess your annual cash flow to plan for those big expenses.

Mistake No. 4: Not separating your personal and business finances

One of the first things you should do before opening your doors creates a business checking account. This will allow you to keep accurate financial records from the get-go. If you run your business from your personal account, it can be tricky and time-consuming to separate expenses. It also leaves room for more mistakes, which restricts you from accurately tracking your profit and loss or developing more precise future budgets. 

Running your income and expenses through a business-only account allows you to easily view small business reporting regularly so you know where your company stands financially.

Mistake No. 5: Avoiding software or cloud technology

If you’re like most small business owners, you probably started out using Microsoft Excel spreadsheets. While those can be good for brainstorming your budget, they’re not efficient enough to manage your long-term finances. Online accounting software can streamline your financial tasks. Here are just a few examples:

  • Use a time tracker app to keep tabs on individual project hours and seamlessly transfer those hours to customer invoices with the click of a button.
  • Grant your accountant access to your cloud-based account so they can file monthly, quarterly, or annual taxes without taking your attention away from paying jobs.
  • Avoid human error with an online accounting software that allows you to enter amounts into your ledger and checks those same amounts against your monthly reconciliation, ensuring you don’t transpose numbers. 

Mistake No. 6: Forgetting to regularly back up your files

Accounting software for small businesses will automatically remind you to back up your files. That way you’re protected should something happen to your computer in the short or long term. What if your laptop unexpectedly crashes? What if a pipe bursts above your desk in the middle of the night and drowns your computer? What if the IRS audits you but your financial files from five years ago are on a nonfunctional CPU? 

Small business owners must be prepared for everything. Online accounting software allows you to remotely store your files so you never have to worry about something happening to your hardware.

Thanks to advanced accounting software for small businesses, it’s easier than ever to keep accurate records and be prepared for whatever comes along, whether it be an audit or business expansion. Having easily accessible small business reporting allows you to schedule time each week to quickly check your budget without wasting time adding up numbers. That way you’ll know your business is running smoothly, enabling you to focus on what you do best.

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How To Set Up Outdoor Seating For Your Customers

Al fresco dining, commonly known as outdoor dining, is when consumers enjoy their meals outside. This setting is highly favorable during summers because there’s organic air quality. Also, foreigners like this concept whenever they visit a new city because they get to enjoy the beautiful views.  

You can attract more diners into your food chain when you provide outdoor seating. In turn, you will boost your chances of generating more revenue, helping you stand out from your local competition.  

When setting up an outdoor setting for your consumers, you should follow the five following tips, such as:  

 

  • Install Covers 

 

Covers will protect your diners from temperatures affecting their dining experiences because they won’t be exposed to sunlight or rain. In turn, you will be able to leave positive memories in them, encouraging them to return to your restaurant. Aside from that, they might even consider inviting their family members and colleagues to drop by and try your menu, which increases your revenue.  

When installing covers, you must consider the height of your consumers so they won’t have to tilt their heads as they walk towards their seats. Also, you should check the quality of your outdoor dining canopies to stay durable even during extreme weather conditions.   

 

  •  Offer Something Special 

 

Your al fresco dining option should provide something special so you can attract customers who are looking for exciting experiences. If you offer exclusive activities or menus, you will inspire them to be loyal to your restaurant. In addition, you can use these offers as the unique value proposition of your brand so your target diners can differentiate you from local food chains.  

When considering what specialty you will offer, you may want to make your outdoor spot a pet-friendly area during weekends so you can attract pet owners and enthusiasts. Alternatively, you could schedule a karaoke night every Friday and open a patio bar every Saturday. Or, you may add outdoor grilling, where your chef will prepare an exclusive menu for high-paying consumers.  

Aside from these options, you must keep your outdoor diners entertained by inviting live performers who will give them free shows in the evening. If you want to provide a more positive experience, you should hire a professional DJ so you can attract college students and young professionals into your restaurant. Also, don’t forget to provide access to Wi-Fi to encourage your consumers to publish user-generated content (UGC) on social media to generate more prospects.  

 

  •  Find Furniture That Matches Your Theme 

 

When setting outdoor seating for your consumers, you must ensure that your furniture color matches your brand. If you’re consistent with your branding, you can sustain the trust of your loyal diners. Furthermore, they will always expect you to deliver valued food, beverages, and experiences, which creates a profitable outdoor dining space

When choosing outdoor furniture for your restaurant, you need to assess if it fits your area, so your customers will have enough space to move. Next, you must look for materials that can withstand varying weather conditions so you won’t have to pay costly maintenance costs.   

 

  • Repel Pests 

 

Outdoors is typically vulnerable to insects like caterpillars, ants, beetles, mosquitoes, and cockroaches. If you don’t implement pest control, your regular diners might refuse to return because they might believe that your food is contaminated due to poor hygiene. Aside from that, you might affect your credibility and put your restaurant staff at risk of health issues.  

To manage your restaurant’s outdoor setting, you must repel pests by contacting local commercial pest control to keep your business growing. Alternatively, you may grow insect-repellant plants like garlic and lavender and place scented oils around your outdoor area to eliminate mosquitoes.  

 

  • Add Lighting 

 

The exterior of your restaurant leaves the first impression on your prospective and existing diners, which helps you build loyal customers. Therefore, your outdoor lighting must be modern, exciting, classic, or romantic, depending on how you want to promote your food business. Regardless of your mood, you have to ensure that your outdoor consumers can eat in a well-lit place to avoid tripping or bumping into each other.  

When adding proper outdoor lighting, you have to install light bulbs in pathways so they can see the stairs or the façade. Aside from that, you may use accent lighting and other decorative fixtures near the tables and seats so they can read the menu. However, you must outsource a professional technician to help you install these lights and hide electrical fixtures that may cause accidents, especially for wandering children.  

Key Takeaway 

As a restaurant owner, you must give your food business a special touch to create exciting experiences for your diners. Therefore, you should consider following these five tips in setting up outdoor seating for your customers. Once you do so, you might be able to encourage your consumers to return to your outdoor space with their families and friends, which will boost your sales.