Furey at 7 years: Lessons and insights for startup success
This past month marks Furey's seventh anniversary. Our journey as a founder-owned startup has been exciting, gratifying, and filled with many lessons that have shaped who we are as a team today. Through it all, we’ve been lucky to work with and learn from so many within the startup ecosystem, from our talented team, to our clients and partners. It’s truly been a privilege.
Over the past seven years, we’ve made significant strides toward our vision of supercharging how startups operate by setting a new standard for financial operations. Today, we’re proud to have supported more than 150 startups, helping them collectively raise $2.2 billion in venture funds. Our team has successfully managed over 3,500 month-end closes and built more than 500 financial tools to boost efficiency, accuracy, and scalability for our clients.
As we celebrate this milestone, we want to reflect on what the last few years have meant to us and share some of the key lessons we’ve learned. Our insights come from both sides of the table: as a startup ourselves and as partners to venture-backed companies.
Here are the lessons we’ve learned along the way, in hopes that they may inspire other founders and founding teams navigating their next steps.
Lesson 1: Know your “why”
Understanding your "why,” or your purpose, is crucial for navigating growth, expansion, pivots, and unexpected challenges. It guides your decisions, keeps you focused, and helps you stay agile in the face of change.
When Furey started, we focused on modern accounting services for venture-backed startups. Listening to our clients, we expanded to include payroll and finance. Our core mission has remained unchanged even as our services evolved, allowing us to meet client needs while staying true to our roots. We're setting a new standard for how work gets done, guiding everything from routine tasks to complex projects.
Lesson 2: Foster a culture of curiosity
In a world where technology is constantly evolving, there's always something new to explore. But figuring out which tools are the best fit for your team and your customers requires a willingness to not only learn, but to discern what’s best.
At Furey, problem-solving and adaptability are part of who we are. This helps us meet our clients' unique and rapidly changing needs. We create an environment where team members feel empowered to think creatively and bring new solutions to the table. Collaboration is key, as shared perspectives and expertise are far more powerful than ideas born in isolation. The 500+ financial tools we’ve built over the years are a testament to our dedication to innovation and teamwork.
Lesson 3: Identify what sets you apart
As an early-stage startup, it can be tough to pinpoint what customers love most about your product or service. Your perception might not match theirs, so it’s crucial to ask questions and listen to their feedback.
At Furey, our team members are our MVPs. By prioritizing their wellbeing and giving them what they need to thrive, we drive our company forward. Taking care of our team helps us continually refine and enhance the unique value we offer to our clients.
Lesson 4: Focus resources where they matter
At Furey, we believe in using our resources wisely to maximize impact. Our TechOps solutions are a perfect example of this principle in action. By automating routine tasks and leveraging technology, we free up our team to think creatively and strategically. This not only boosts our productivity but also allows us to deliver higher-quality service to our clients. It's about working smarter, not harder, and ensuring that every effort aligns with our core mission and goals.
Lesson 5: Know when outside help makes sense
Early-stage financial planning is the foundation of sustainable growth. However, managing every aspect of your business can quickly become overwhelming, especially for a growing startup. This is where bringing in experts can make a big difference in making sure you’re set up for success. .
By outsourcing non-core functions like accounting, finance, and payroll, you free up valuable time and resources, allowing your team to focus on what truly matters—developing your product, engaging with customers, and driving your business forward.
Lesson 6: Empathize with your customers
Empathy means truly understanding your customers and their needs. When you're in tune with your customers, you can personalize your services, making a bigger impact and forming stronger partnerships.
At Furey, we make it a priority to understand our clients deeply. We dive into their business, stay proactive, ask the right questions, and anticipate problems to build solutions that drive their success. Our impressive 74 Net Promoter Score (NPS) and long-term client relationships, averaging nearly 4 years, show how effective this approach can be.
Lesson 7: Leverage your community
Strategic partnerships are crucial for growth. By choosing partners who align with your goals and values, you can leverage each other's strengths to build a stronger, more resilient business.
At Furey, we've experienced the power of community firsthand. Our relationships with industry-leading startup providers have been crucial in offering top-notch services to our clients. By fostering these connections, we've been able to deliver more value, innovate more effectively, and grow sustainably.
In summary
As we celebrate seven years of growth and innovation, we reflect on the invaluable lessons we've learned along the way. These insights have shaped Furey into a trusted partner for startups, helping them navigate the complexities of growth with confidence and agility.
Thank you for being a part of our journey. Here's to many more years of innovation and collaboration.
