The finance role in startups has changed. Growth moves fast, and teams must keep up without losing control. What worked yesterday may not work tomorrow. Many finance teams feel pressure to scale quickly before the basics are in place.
In fast-growing startups, this can lead to problems that are harder to fix later. That’s why building a strong foundation early makes such a big difference. Clean numbers, clear processes, and good planning help the team stay ready for change.
Alysha Randall is a finance expert who helps startup founders get investor-ready and extend their cash runway. She is the Founder & CEO of Fast Growth Consulting LTD, Founder & Finance Professional Trainer at Financial Leadership Foundations LTD, and works as a fractional CFO for startups and scaleups.
Alysha also trains new finance leaders and champions female founders. With over five years of experience in startup finance, she helps build finance teams, improve reporting, and guide fundraising.
In this article, we’ll learn what finance teams should focus on as startups grow. We’ll cover the basics, leadership skills, process design, and how to stay ready for the next stage.
What Should a Finance Function Focus on in Fast-Growing Startups
In a fast-growing startup, finance needs a solid base before anything else. It’s not the exciting part but the part that holds everything together.
Start with the Baseline
Begin with clean and accurate numbers. That means:
- The balance sheet should be up to date.
- Reports must come on time.
- All compliance tasks should be done.
These steps might sound basic, but skipping them can create real issues later. Some companies ignore this and struggle when growth comes. If people can’t trust the numbers, they won’t trust the decisions.
Fixing Processes Before Tools in Fast-Growing Startups
Software can help, but only if your process is already strong. Don’t assume a tool will fix a bad setup. One company used software to handle recurring payments.
But the steps before and after took days each week. Once the whole process was reviewed and fixed, it only took a day each month.
So, ask yourself: Would your finance team cope if your company grew four times today?
If not, start fixing that now.
Focus on People and Structure
In the past, finance teams had many people for different tasks. Today, one person often does the job of five. Tools help, but you still need smart processes and good planning.
Having a small team means every person’s work matters. You can see the impact right away. That’s one reason why finance in startups can feel more rewarding. You help shape the success of the whole business.
Balancing Control and Flexibility in Fast-Growing Startups
In fast-growing startups, things move quickly. Finance teams need to keep up without losing control. This balance starts with doing the basics well.
Get the Foundation Right
Before adding new tools or building reports, ensure your current setup works. Review your controls, reporting steps, and compliance tasks. Fix what’s broken.
Even if something seems small, it can cause problems when the business grows. If the company makes a quick change, you might need a simple, manual fix to respond fast. That’s fine, but don’t leave it that way.
Always Go Back and Improve
Once the rush is over, revisit what you built. Ask yourself:
- Is this process still needed?
- Can we improve or remove it?
- Can we join it with something we have already done?
Many teams skip this step. That’s when slow, clunky systems take over. Make it a habit to review and improve regularly.
Don’t Rush to Add New Tools in Fast-Growing Startups
New software looks exciting, but it won’t solve broken processes. It often makes things worse. Fix how you work first, then decide if a tool will help.
Sometimes, founders push for new tools too soon. Try holding back until the team and the process are ready.
Keep Things Simple and Clear
Set a time every few weeks to check your finance setup. Use simple questions to guide the review:
- Does this still help the business?
- Can it be done better or faster?
- Will this still work if we grow?
Finance needs to stay strong and flexible. That only happens when you build, fix fast, and keep things clear.
What Are the Key Strategies to Stay Ahead in Fast-Growing Startups?
To stay ahead in the fast-evolving finance industry, constant learning is essential for leaders and their teams.
FContinuous Learning for Leaders
Finance leaders must keep improving their skills. Regularly attending workshops, joining networking events, and reading industry newsletters are great ways to stay current.
These activities help leaders remain informed about the latest trends. It’s also important for leaders to invest in their personal growth by taking courses or learning from mentors.
Encouraging Your Team to Keep Learning
It’s not just about leaders. Your team must stay updated, too. You can encourage learning by offering training programs or paying for courses. You can also align their learning goals with their career development.
Understanding what each team member wants to achieve makes guiding them toward resources that can fill skill gaps easier. People learn in different ways.
Some prefer reading, others may learn by doing, and some may find podcasts helpful. Understanding your team’s learning style helps you provide the right growth opportunities.
Mindset for Women in Fast-Growing Startups
Women in finance often face unique challenges. A common issue is a lack of confidence, especially when negotiating salaries.
Many women accept the salary offered, while men often push for more. Women need to know their worth and ask for what they deserve.
Here are some key points to consider:
- Don’t be afraid to negotiate for higher salaries or better terms.
- If you don’t ask, the answer is always no.
- Know your value and stand firm in negotiations.
- Build confidence to overcome imposter syndrome.
- Advocate for yourself in both personal and professional settings.
- Challenge the status quo and ask for what you deserve, even if it feels uncomfortable.
Encouraging women to speak up for themselves and advocate for what they deserve helps them grow and succeed in their careers.
What Skills and Certifications Should You Focus on for a Career in FP&A?
Focusing on the right skills and certifications is key to growth in Financial Planning and Analysis (FP&A). As the industry evolves, staying updated is essential, especially in tech and communication.
ChooTech Skills and Communication Are Key
In FP&A, having strong technical skills is important, but communication skills are becoming just as crucial.
Here’s why:
- Tech Skills: Being comfortable with tools like Excel VLOOKUPs and coding in languages like Python is valuable. These skills can make tasks like modeling and data analysis much easier and faster.
- Communication Skills: You must explain complex financial data to non-financial teams and leadership. The better your present information clearly, the more valuable you’ll be.
Relationship Building in FP&A
Building relationships is another important skill. FP&A professionals work closely with other teams. Strong collaboration and understanding of the needs of leadership are essential for success.
Focus on Continuous Learning
In today’s fast-changing business world, continuous learning is crucial. Whether through certifications, courses, or workshops, investing in your education will help you stay ahead of the curve.
Focus on learning technical and soft skills to be a well-rounded FP&A professional. For a successful career in FP&A, combine technical know-how with strong communication and relationship-building abilities.
Keep learning and stay on top of industry trends. You’ll be prepared to thrive in FP&A by improving your hard and soft skills.
Conclusion
The finance team must do more than just manage numbers in fast-growing startups. It helps build a strong base for growth. That means keeping reports accurate, processes clear, and systems ready to support change. A fancy tool won’t help if the process behind it is weak.
Before adding anything new, fix what’s already there. Review often. Ask if the current setup still works. Make changes when needed. This simple habit saves time and prevents bigger issues later.
Leaders also need to keep learning. Finance is changing, and staying updated matters. Strong tech skills help, but communication matters just as much. You must explain clearly, guide teams, and make smart choices quickly.
For women in finance, knowing your worth and speaking up is key. Confidence grows with practice. Ask for what you need, and don’t wait to be offered it.
The finance function in fast-growing startups must stay flexible but firm. Build smart systems, learn daily, and help the business move forward clearly. That’s how finance becomes a true support for growth.
FAQs
How often should fast-growing startups update financial models?
Update monthly or when there’s a big change. Growth, new hires, or new products all affect your numbers.
Should fast-growing startups outsource their finance function early on?
Yes, if the team is small. Outsourcing basic tasks helps founders focus on growth while staying compliant.
How can fast-growing startups manage sudden cash gaps?
Keep a rolling 12-month cash plan. Check it weekly. This helps spot shortfalls before they become urgent.
How important is investor reporting in fast-growing startups?
Very. Investors want clear updates. Keep reports simple and regular to build trust and support.
Do fast-growing startups need internal audits early?
Not full audits, but review controls often. It helps prevent mistakes and builds good habits from the start.
