It is estimated that 90% of all startups fall by the wayside. These failure rates raise eyebrows but are not the only reason for concern. Many other organizations experience “stall mode”. This term refers to the situation when you work hard for what you believe is right, yet the results are missing. If that is the case with your startup, go back to the drawing board. Rely on smart strategies and practices that enable you not only to survive but also thrive in today’s market.
#1 A learning organization
Running a business is a constant journey of self-discovery. You have to do your homework on a regular basis and research what is hot in the industry. True business leaders can anticipate rising trends and what will rock the market in the near future. That way, they set themselves apart from the competition, develop a deeper understanding of customer wants and needs, and become trusted sources of information and expertise.
#2 People-oriented businesses
People are the mainspring of your daily operations. They are the ones who make or break your success, not business plans and big ideas. Thus, your hiring policy has a major role to play. Startups owners should seek people who possess the necessary skills, but also fit the company’s culture and are passionate and determined. Moreover, it is wise to ponder on elements like employee perks and office amenities that can help you attract and retain top talent.
#3 A quality lesson
It goes without saying that the quality of products and services is paramount to market performance. However, many businessmen fail to grasp the full meaning of this aspect. For instance, the properties and physical characteristics of a product are crucial, but so is the packaging and price. It is the combination of these factors that improves the success rate of startups.
#4 Adding value
Having a superior product is only one part of the equation. The other involves marketing and promotion. Namely, it is of the utmost importance to uncover the unique selling points of your products and services. To pull this off, startups must come up with an outstanding value proposition. After all, providing value to the lives of customers and delighting them should be the prime goal of any business.
#5 Sustainable growth
During the ’90, one mantra was in the spotlight: “Get Big Fast”. This sentiment echoed the business strategy of prioritizing growth over profitability. The goal was to dominate the market before the competition beats you to it and let customers and profit come naturally after that. Although this strategy is still viable, it is far from the ultimate one. Growth has its own risks and if you do not plan carefully, it can impede stability and long-term success.
#6 Sound financing
Prudent strategies fall short in case there is no available funding. So, discover what finance options suit your business best. Figure out how much money is required to sustain the venture, when will it be needed and available, as well as the source of funding. Cash flow financing is a complex undertaking and requires the ability to make detailed forecasts. Also, remember that it is essential to fund the core activities and development of the startup.
#7 Innovative marketing
Every business is different, but not every business is aware of this. The market is over-saturated with competition, aggressive ads, and sloppy marketing messages. Only a distinctive voice can stand out in such an overwhelming murmur. Therefore, startups need not shy away from being bold and daring. Marketing tools like content marketing, viral videos, and social media campaigns should emphasize a unique business persona.
#8 Customer service excellence
Stellar customer service is what differentiates one startup from the other. In this day and age, when social media and the internet rule the show, businesses are expected to be responsive and attentive to the clock. They must soak in customer feedback, solve their problems, and interact with them across digital avenues. The consumer is always right and satisfying him is the key to increasing the profit margin.
#9 Rise and shine
There is no one-size-fits-all method that suits all startups. There are just tactics that contribute to your endeavor of reaching greatness. To get your operations off the ground and grow your business, you must first raise awareness to spark interest and then awaken a desire towards your products and services. Bear in mind that you exist to serve customers and learn how to capture their imagination. This is the most surefire way to maximize your success rate in the marketplace and rise above the competition.