Needing More “At-Bats”
The following are excerpts from the 2022 Strategic Plan as it pertains to my sourcing strategy. This was a great exercise for me to do to get super clear and deliberate on how I am going to spend my time next year. I first had to look at this years data.
The following are my 2021 Deal Sourcing Stats.
In summary out of 248 deals (definitely going to hit 250 by year-end.) I was able to close 2 new deals. That was out of 3 deals as I lost one. What is the learning of all of this? I need more “at-bats.”
In order to do this, I decided that I needed to increase my deal flow funnel to include 500 new opportunities sourced in 2022. I am aiming to accomplish this by a two-pronged approach to outbound sourcing and business development.
My outbound sourcing and business development efforts are going to be geographically focused. However, I will be opportunistically open to investing in other geographies except for some Tier 1 markets listed below.
Outbound Sourcing Strategy:
Outbound sourcing is going to take a great deal of effort but I find it crucial to build relationships with founders prior to them needing capital or them being at a stage earlier than I like to invest.
Business Development:
As I have said in a previous post – “I am in the Relationship Business.” Getting out there and meeting key sourcing contacts is critical to getting continuous, quality deal flow.
You can read about the DWP Relationship Tiers here.
Overall I feel very excited about my sourcing strategy next year. Now to get these pesky holidays over with so I can start executing!
