The #1 Mistake of IT Services Founders: Insights from Our First Year Running Vixul Accelerator
Updated: May 5
Vixul is now 1 year old. As we work towards our mission, we've seen several good practices and bad habits from the founders we work with. But, after observing the common mistakes made by IT Services founders, there's one mistake that stands out above all others: not prioritizing their time correctly.
Founders are often pulled in many different directions and are expected to wear many different hats. It's easy to get bogged down in the day-to-day operations of running a business. To achieve success, IT Services founders must prioritize their time and focus on what will drive the most growth and value. Based on what we have seen, here are some things we suggest IT Services Founders do less of:
Trying to sell to customers who are not really their target audience: When faced with a shortage of leads and surmounting costs, IT Services founders may feel tempted to try to close every lead they receive, even if they are not the right fit for their services. This can result in wasting time and energy trying to sell to customers who are unlikely to buy, and detract from focusing on creating more, better opportunities.
Spending too much time on delivery without proper balance: It's important to prioritize customer success and gather ideas for improving delivery, but getting too deep into delivery can detract from focusing on other important areas of the business. Balancing time between delivery and other priorities is key to success.
Taking too many inbound investor calls without a clear understanding or vision: Founders may feel like they are learning about the investment process by taking these calls, but the reality is that there are easier and more effective ways to learn about it, such as reading a book like "Mergers and Acquisitions for Dummies." Additionally, taking too many inbound calls can distract from focusing on their vision and goals. To get candid and actionable feedback, it's better to have trusted advisors to consult with.
Attending too many events for the purpose of lead generation and networking: While events can be a valuable way to network and generate leads, attending too many of them can drain energy and resources. Instead, it's better to focus efforts on a select few events and plan each one effectively to maximize results and minimize waste. This becomes even more true when you have travel for these events and the investment is bigger. See our blog post for 10-tips on how to prepare for an event.
We've shared with you the common mistake we've seen IT Services Founders make, and the impact it has on their business. But the good news is, this mistake is easily fixable. If you're ready to take your business to the next level, we invite you to continue your journey with us. Click below to receive a list of things IT Services Founders should do instead of the above.