Who am I? My name is Fredrik Teir – I am from Finland – I am the Marketing Director at Greenstep & the Chief editor of rahoituskone.fi – I don’t have too much experience in running startups But in January 2010, Greenstep was founded – And I have had the pleasure of working with Greenstep since day one when there was just one employee
Greenstep’s situation July 2011 Growing by – 1 person per month – 5-10 new customers per month Growth is accelerating Offices in Turku and Espoo New innovative services like rahoituskone.fi
What Does Greenstep do? We are Accounting and financial professionals helping companies achieve their dreams. Greenstep is specialized in supporting small and medium sized companies in all areas of finance. We can provide the services that a company needs today and, the company grows, adjust our services accordingly.
What we’ll cover1. Why do so many startups fail?2. What do you need to do in order to build a successful company with limited resources?3. What can Greenstep do for you?13.7.2011 www.greenstep.fi 5
Entrepreneurs Need TimeTo concentrate on: » Their Business » Their Customers » Their Employees » Their Sales » Their Expansion
Networking Will make it easier for you to know where you can get the best help But Networking alone will not run a company…13.7.2011 www.greenstep.fi 12
By Outsourcing Mandatory tasks like your bookkeeping you will spare you allot of time This time can be used to concentrate on the things that will make your company successfull
But how can you outsource Anything at all when your company has no money? – You Cannot outsource anyting, and you Cannot run a company without any money! And you cannot fully concentrate on the things that will make your company successfull if you don’t have any money.13.7.2011 www.greenstep.fi 14
In order to successfully build acompany you need to 1. Bootstrap 2. Get Funded*I am not saying that this is all it takes, but it will help*
What is Bootstrapping? “The art of creating a company without funding” Entrepreneurs that bootstrap their way tosuccess will have to pay all of the company’s expenses, and will have to cut the costs
How do you bootstrap a startup? Concentrate on Cash Flow – Start selling from day 1. Create a liquidity plan! Make your customers fund your R&D Ask yourself, If you had to launch your product next week, what are the features that it absolutely has to have? – Then get to work and forget the rest!!! Recruit slowly, start by doing everything on your own Minimize your costs – Buy Used instead of new
Option 2: Get Funded What you will need: – A Strategy – A Business Plan From who? – Business Angels – Government – VC, Private Equity– For funding opportunities in Finland check www.rahoituskone.fi 18
Getting funded will not only bring you money It is also a very good way to transfer the knowledge of the investor to you Business Angels and Venture Capitalists are often smart people who can give you good advice – And they usually spread the word of your company to their personal networks.
Pro’s and Con’s Bootstrap Get Funded – You can decide – You don’t have to pay everything on your own for everything on your – You bare the risk own – Less administrative work – You share the risk – Harder to grow – More administrative work – Easier to grow – The funders are likely to also invest their knowledge in your business
Either way, you need to have a cash-flow plan13.7.2011 www.greenstep.fi 21
WHY DO YOU NEED TO PLAN YOUR CASH-FLOW? Because you will have bills to pay + And you will often have to pay them before you receive money for your sales. = You will want to assure that you have enough money in the bank so that you can pay your bills, and survive! A CASH-FLOW PLAN CAN SAVE YOU FROM GOING BANKRUPT
And a good cash-flow plan1. Will tell you whether or not you need funding2. Is demanded by all potential funders of your startup13.7.2011 www.greenstep.fi 23
And While Planning your Cash-FlowYou need time to concentrate on: » Your Business » Your Customers » Your Employees » Your Sales » Your Expansion
But remember, You cannot do everyting on your own! You must seek help, and you must start somewhere. – There are 17 accounting and financial professionals working at Greenstep and they would all love to help your company become successful12.7.2011 www.greenstep.fi 25
We cannot promise That your company will succeed simple by working with us But we can promise you that we will try harder that anyone else to make it happen13.7.2011 www.greenstep.fi 26
What we can do for you 1/3Greenstep can provide the following services depending onyour needs: Basic Financial services • Accounting, Payroll, Paying purchase invoices, Invoicing, Preparing the Annual Report and tax returns. Controller / CFO for daily operations • Part time finance professional for the management team, in- depth sales information, support for decision making and any of the other services mentioned below.
What we can do for you 2/3 Financial modeling / business plan financials. • Solid P&L, BS and CF estimates for various purposes; business valuation, investor presentations, funding applications, management decision making. Business reporting • Monthly board meeting financial materials – allows company management to focus on the core business instead of producing monthly reports to board / investors. Finance process development • Develop and establish solid financial processes to avoid potential accounting issues and to ensure cost of accounting is kept under control.
What we can do for you 3/3 Corporate finance • Contacts to Finnish investors, VCs • Fundraising • Advisor for buyer / seller in acquisitions Treasury services • Cash/liquidity management • Net working capital optimization • Forex position management
People love to work at Greenstep Greenstep tyytyväisyyskysely kesä 2011 voisin suositella Greenstepiä työpaikkana tuttavillenikoen työtehtäväni mielekkääksi jaa olen tyytyväinen työkuvaani palkkani ja etuni ovat mielestani kilpailukykyiset tiedan työntekijänä omat hyvyyteni ja kehityskohteeni saadaan apua tarvittaessa ideoita ja ajatuksia jaetaan avoimesti ja niiita arvostetaan ihmisiä ja heidän työtään kunnioitetaan yrityksen asioista, toiminnasta ja tapahtumista puhutaan avoimesti, viestinta on rehellista Ilmapiiri greenstepissä on hyvä 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% yrityksen asioista, ideoita ja tiedan koen toiminnasta ihmisiä ja palkkani ja voisin ajatuksia työntekijänä työtehtäväni Ilmapiiri ja heidän saadaan etuni ovat suositella jaetaan omat mielekkääksi greenstepiss tapahtumist työtään apua mielestani Greenstepiä avoimesti ja hyvyyteni ja jaa olen ä on hyvä a puhutaan kunnioitetaa tarvittaessa kilpailukykyis työpaikkana niiita kehityskohte tyytyväinen avoimesti, n et tuttavilleni arvostetaan eni työkuvaani viestinta on rehellista Samaa mieltä 100.00% 37.50% 75.00% 75.00% 62.50% 62.50% 37.50% 62.50% 75.00% Osittain samaa mieltä 62.50% 25.00% 25.00% 37.50% 37.50% 62.50% 37.50% 25.00% Melko eri mieltä Täysin eri mieltä
Great Customer Satisfaction• They recommend us to their friends They even send us flowers and talk about us online..12.7.2011
If you think you need help Please contact us before it is too late..12.7.2011 www.greenstep.fi 34
Who should you contact?Sanna Kaita Juho PietilänahoDirector, Accounting CFO Services & Financial ConsultingTel: +358 50 512 1556 Tel: +358 46 600 0254Email: sanna.kaita(at)greenstep.fi Email: juho.pietilanaho(at)greenstep.fiKirsi OravaDirector, TurkuTel: +358 46 600 0498Email: kirsi.orava(at)greenstep.fi 12.7.2011 www.greenstep.fi 35