Question

If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary.

Answer 1

So here’s the main problem a lot of startups have. The founders manage the money – tracking, handling, making payments. This should not happen. Managing the money is a time consuming, complex task and it will take up 80% of your time. Most founders think they are much more efficient than they actually are, by the way. If you are truly honest with yourself, you are managing money 80% of the time which only leaves 20% for growing and flying the flag for the business. That’s not a good formula.

Hiring a CFO or an accountancy company to do this for you is a must. No matter how great you are with money, your attention and time are constantly in demand and this means you will drop the ball. Trust us, we’ve seen it happen.