The strength and potential upside of a business is not just dependent on the internal team. Many companies rely on third parties for critical resources and services, such as suppliers, institutions, investors, and customers. These relationships can be extremely valuable for driving growth and improving systems. The deeper the roots go, the more value you get. The flip side of the coin is that the business can be exposed to significant risk if those third parties become unstable or significantly change their operation. We recently saw this happen to customers of Silicon Valley Bank (SVB), who had their world turned upside down in a few short days. This is a good time for businesses and owners to take stock of their critical relationships and know where the potential risks exist. Below are important steps in the process.

No matter where your business is in its life cycle, it’s important to always be thinking ahead and planning for the future. One area where this is especially true is in financing. Even though you can wait until you actually need financing before exploring all opportunities available, this can be a risky approach. Here are several reasons why it’s a good idea to obtain financing before you need it.

As an emerging technology startup, you are focused on developing the next disruptive technology and bringing your product to market. It is easy to get bogged down and distracted with the many financial responsibilities and duties of running a business, while also trying to keep your Board and investors happy.