Embracing Self-Reliance and Profitability in 2024 | Graphite
Embracing Self-Reliance and Profitability in 2024

January 10, 2024

Accounting & Finance, For Startups

Embracing Self-Reliance and Profitability in 2024

Paul | Graphite - Startup Accounting Services

Paul Biano, Founder and CEO at Graphite

Neo: What are you trying to tell me? That I can raise a big up round in 2024?

Morpheus: No, Neo. I’m trying to tell you that when you’re ready, you won’t have to.

Fellow Founders & Operators – I hope that you’ve had a chance to recharge during the holiday season. As we gear up for a new year, I wanted to touch base with all of you – who’ve been on the frontlines, navigating the nasty venture capital landscape in 2023.

First and foremost, I want to acknowledge the challenges many of us faced in securing VC funding last year. The numbers have been stark. We’ve all felt it, and we’ve seen this across our entire client base. To top it off, VC’s themselves raised the least amount of money in 6 years, meaning less dry powder going into the next few years.

But here’s the silver lining: if 2023 was the year we looked to better understand our numbers and extend runway, 2024 is the year for us to embrace self-reliance and profitability. It’s a year to pivot towards a mindset where we don’t just survive but thrive, regardless of a funding climate that is fully out of our control as founders. 

Let’s break free from the cycle of relying on investment rounds just to stay alive and focus on building resilient, profitable, enduring businesses.

Let’s look to deeply understand our numbers, seeking both unit economics and a healthy 10,000 foot view (startups need both – not one or the other).

Let’s harness Venture Capital as one of many tools in our toolbox, in order to:

  1. Get our companies off the ground without taking an absurd amount of personal financial risk.

     

  2. Accelerate once product/market fit is confirmed AND a repeatable distribution strategy has been established.

And if we do these things and these things only, I am confident that our companies, and ultimate financial success will be better for it.

Graphite is here to help you achieve these goals. From our new BI Dashboard product that allows us to visualize important financial & non financial metrics for our clients (on top of clean financial statements), to our growing tax department who can not only file returns but see if you are eligible for R&D credits – we are here for you. Don’t hesitate to get in touch through our website or at hello@graphitefinancial.com

Wishing you all a prosperous and resilient year ahead!

Warm regards,

Paul Bianco

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