Nothing will ever remain the same, not even your weight after this pandemic. Maybe your name will, but that’s beside the point. Everything will change; the entire world will change. The market won’t be the same, but change can be a good thing, right? If you’re a startup, then this can be a very challenging moment for your business.
Many industries took a great hit as a result of the outbreak, and a lot of businesses were affected, some of them took a huge loss while others profited a lot from it, companies like Zoom watched their profit skyrocket in such a short period of time. Managing your business is very crucial during these times, and there are a few steps you can take for your startup to survive in this pandemic.
1) Calculate your risk
First of all, you have to evaluate all the risks the pandemic poses to your business and the losses you’ve already incurred. Calculating and controlling your burn rate at this stage is essential for your business to survive.
You do not want to incur losses at this point because the future of your startup after the pandemic is not very certain, and you have to do everything in your power to keep the business going.
2) Efficient Team Management
Your team is very important to your business. You should encourage team spirit in a time like this, reach out to your team members, make sure they’re doing okay, let them know how important they are to the company and to you.
Most people tend to suffer emotionally during a pandemic, which could be a result of the fear of losing a loved one during this period, at this point, you don’t know what the future holds for you. This makes it important you let them connect with one another even on a personal level, encourage them to check up one another, treat them like your one big family, and build a support system. This helps build their focus and creativity and enables them to work efficiently.
3) Digital Communication
You have to set communication standards and tools in other to be able to communicate ideas with your employees and work efficiently. Despite the pandemic you have to stay productive, not being able to meet in person with your employees shouldn’t limit that.
Companies like Zoom has made communication easy, and you’ll find out that your employees don’t even need to show up at work every day to keep your business running.
4) Manage your Resources
You have to analyze the resources you have and manage them because you don’t know how long the pandemic will persist, so try to curtail your expenses in every possible way and evaluate how to make your current resources last for at least a year.
Make a business continuity plan, and it will enable you to use your resources efficiently. Also, consider cutting down on the number of workers you have so you don’t have to spend a lot on salaries.
Work more with freelancers, that way you don’t have to recruit workers when the outbreak is over. Also, consider some good passive income ideas that can help you make money in these tough times. Starting a website and affiliate marketing for digital products are one of the popular ideas.
5) Promote Innovation
This is a step you have to take seriously. The success of your business lies in innovation, introducing new ideas, and implementing change when necessary, and this helps you stay relevant to society at large.
In order to achieve this, you have to create room for your workers to come up with ideas, hold brainstorming sessions, and support all the ideas they come up with. This makes them feel like they’re active members, which of course, they are. Even when they make mistakes, tolerate them, it creates an enabling environment for their minds to create.
6) Protect your customers
Keeping your customers safe should be your priority. The Corona Virus outbreak has made the demand for Hand Sanitizers high. Even the nose masks people didn’t care about so much in the past.
These are basic things your customers need that you can make available to them. No one can protect your customers for you. They’re the ones that’ll keep your business running. It’s time to give back to them in any way you can. You can make Sanitizers and provide nose masks for them. If they’re safe, then your business is safe.
Just as you’re keeping your customers safe, keep your employees safe too. Cancel all social gathering, let them work remotely, so they don’t have to worry about contracting the virus. Educate them on the essential things they need to know about the virus and how to avoid it.
You can communicate from wherever you are, online schedule meetings, and discussion sessions. Above all, keep yourself safe too. Use hand sanitizer always and your nose mask if there is an urgent need for you to go out. If we can survive this pandemic together, we can survive anything.
Best Survival Advice For Manufacturing Startup Owners
Running a Startup is a struggle for survival because it requires staying afloat amid tight budgets and competitive challenges. Some domains are inherently more daunting, and manufacturing is among them. It is a capital-and labor-intensive industry, which makes money the most critical concern. Moreover, industrial safety, quality standards, and efficiency expectations always keep you on your toes. As an entrepreneur, you may face more than you can handle. But it is possible to address the startup challenges and emerge as a winner, provided you take the right approach. Let us share some valuable survival advice for manufacturing startup owners.
Stick to your plan
Most startup owners dwindle after the initial enthusiasm only because they lose focus sooner than later. The worst part of losing focus is that you may try to move in too many directions at once instead of staying true to the basics. Commit to sticking to your original plan and mastering your product and process. You may find tempting alternatives along the way, but your only focus should be to develop your core business. Single-minded dedication to your goal can help you survive even in the most challenging phases.
Reinvent your products
Startup manufacturers who are quick to reinvent their products fare the best. Although you must stick to your plan, it is crucial to keep an eye on the market and the customer’s pulse. If your product does not seem to align, tweak it a bit to match the demand and expectations. A little creativity is often enough to transform a mediocre product into a winning one.
Maximize your productivity
Survival in the manufacturing domain as a beginner is mainly about achieving more with your limited resources. The best way to do it is by maximizing your productivity, even if it means spending more on qualified team members and upgrading your equipment. Although switching to modern equipment at the startup stage sounds like a drastic measure, it can give you a winning advantage. The good thing is that selling used machinery fast is easier than you imagine. You can offer it on an online marketplace to sell quickly and maximize productivity effortlessly.
Invest in lean manufacturing
Lean manufacturing is another wise decision to stay afloat amid startup struggles. It cuts production costs and timelines and ensures quality and efficiency. Going lean is about ensuring that your manufacturing and product design teams are on the same page from the outset. It enables you to cut through the early-stage challenges and ramp up production down the line without sending labor costs skyward.
Prioritize preventive maintenance
Manufacturing success is as much about high-performing machinery as productive employees and well-organized processes. But new manufacturers tend to cut corners in this context. Not investing in preventive maintenance is the worst mistake you can make. It can lead to unexpected breakdowns and downtime, expensive repairs, and safety risks. Conversely, staying ahead of it can lower production costs and downtime risks for your business.
Surviving the challenges of the manufacturing industry as a startup owner is easier than you imagine. Following these simple measures can help you stay afloat and make it to the next stage.
8 Dos and Don’ts for SaaS Startups
When launching a startup, eager entrepreneurs will often hear that inner voice that tells them “Do it!” on every idea that comes to mind. The initial euphoria that comes with every new beginning can be a great drive to work really hard on making a new business flourish. But, if untamed, that excitement can also be a curse.
If you care about making the right choices as an entrepreneur, you need to know when to greenlight strategies that would help your SaaS startup grow and when to hit the brakes on those that would delay its success or, in a worst-case scenario, make it fail.
With that in mind, we’re listing the top eight dos and don’ts every founder should learn for the sake of their SaaS startup’s future.
There’s no success without clear planning and organization. You don’t want to scribble notes or make complex spreadsheets for various operations if there is a simpler, more streamlined way.
To measure the performance of your marketing efforts and sales, use web analytics tools. Remember that all social media apps have integrated analytics dashboards that provide great insight into your campaigns’ performance and keep track of your posts’ engagement.
Cultivating online relationships is what gives a brand the power to reach a greater base of customers. SEO is a complex matter to tackle, but modern businesses, and especially SaaS startups, must make constant efforts in that department if they want any visibility.
So, make building quality backlinks for your website a priority within your marketing strategy. Having established experts in your niche to vouch for your brand and services (and link to you!) is how you instill trust in high-value clients. That’s how you build authority and get to rank higher on search engines.
As your business grows, it’s wise to refine and evolve your products and services to make them more useful and attractive. But, remember that customers evolve too!
We’re sure you’ve studied your target group before launch and learned what they want so you can cater to their needs, but you need to keep consistent and work on these insights regularly.
A good strategy here is to always engage your customers with online surveys or outreach directly to those you value the most. Studying your analytics tools can also provide key data on how your customers’ buying patterns shift.
Sure, your product might be complex or simply feature a multitude of functionalities. But to those that are interested in finding simple solutions, complex offers tend to have the opposite effect on their curiosity.
So, explain how your services work in a plain and simple manner. Introduce clean infographics and short, quality content that demonstrates why your product works.
Use this as a rule of thumb: if people outside your niche can easily understand what your solution is all about and learn its value, it means you’re doing it right.
Learning what your successful competitors do to get where they are should definitely be on your to-do list for building a strong SaaS startup. However, you shouldn’t dwell on all of their tactics without working to figure out an original approach.
Following the exact path your competition took to hit the jackpot will only leave your startup in their shadows. Instead, learn your competitors’ shortcomings and weaknesses and ensure you aim in that direction.
For instance, if they don’t use social media tools properly, use those platforms to get ahead. You can also focus on targeting the keywords that they don’t use to capture a portion of the customers that are being left out.
Wasting precious resources on offline marketing is a terrible strategy for a SaaS startup. Your applications and services are online – and so are your prospects, seeking online solutions to their problems. So why would you even think about offline promotions?
You can always make offline efforts to demonstrate your credibility and put the word about your startup out there, but the online marketing alternatives are far cheaper and deliver way more positive ROI.
You need to be perfectly honest about the solutions that you’ve created and are now trying to market. Chances are, your tools have a good share of shortcomings and bugs that need sorting out, especially when your SaaS business is still in its cradle.
You’d want to please your customers as much as possible, so you need to keep your prices reasonable until your brand and products are perfected and ready to ask for big dollars.
Also, don’t perform marketing suicide and offer your services without a free trial. When you’re only new to the game, you can’t expect to gain traction if you’re not willing to let prospects try out your solutions.
Today’s SaaS market is pretty much oversaturated with all kinds of web applications. While that doesn’t mean that your idea is invalid, it won’t see much light if it doesn’t bring something new to the table.
Even then, you don’t have to invent solutions that no one ever thought of before – you can still keep innovating and refining. Whether it’s a new approach to pricing or another way of achieving substantial team productivity, you can still redesign staple applications and present a new, different way of giving customers an incentive to do business with you.
The challenges that we’ve talked about above are almost inevitable in the first few years of managing your SaaS startup.
Following the simple rules and implementing the tips that tackle each of these challenges will not only secure a lifeline for your business but build a foundation for a successful company for decades to come.
How to Develop a People-First Startup Culture
Creating a start-up from scratch is a great way to flex your entrepreneurial spirit and build a business you can be proud of. However, succeeding as a start-up requires more than hard work and a good product. You must become a business leader and learn to get the most from the people you bring into your new company.
Developing a people-first culture is the best way to find and maintain great talent in a small business. Putting your people first can land your top employees and ensures that your team has the desire and motivation to help your vision succeed.
Big businesses are oversaturated with mission statements and “shared values”. These corporate slogans exist for a reason: they help bind teams together and give everyone a chance to share the business’s vision.
As a small-scale start-up, you should develop your own set of shared values and a clear mission statement that guides your business’s culture. These values and mission statements should refer to the way you want to treat your employees as well as the overall purpose of your business.
Creating an employee-friendly mission statement is also an important part of the people-first approach to business. Today’s talented employees know their value and have heard about the employee-friendly treatment that workers at big firms like Google and Facebook receive. They’re looking for employers who offer a clear sense of purpose as well as greater flexibility and excellent work-life balance.
The rise of remote and hybrid work means flexibility is a priority for employees. Your best employees know that they don’t have to sit in an office from 9 to 5 to be productive and will look elsewhere if you try to tether them to a cubicle for no good reason.
Instead of insisting on creating an office culture, you can invest in coworking spaces that save money and give employees the flexibility that they want. Coworking spaces are typically cheaper alternatives for small businesses and give you better cash flow. Coworking spaces also ensure that your employees have the equipment they need and can pack up when they’re done.
When looking for a coworking space, focus on the nuts and bolts first. There’s no point in renting space if it doesn’t have an adequate Wi-Fi connection or enough equipment like standing desks and keyboards. Once you have a list of top locations for your coworking space, focus on the amenities and perks they provide. Some coworking spaces even have deals with local gyms and health clubs that will look great as a people-first employer.
Achieving an appropriate work-life balance should be a priority as a people-first employer. Even if you’re putting in the hard hours to make your business succeed, you shouldn’t expect talented employees to burn the midnight oil to help fulfill your vision.
Insisting on overtime and crunching will only result in burnout and a high rate of employee turnover. Employees with a poor work-life balance have been known to experience conditions like blurred vision, cataracts, low quality sleep, increased stress, joint damage, and cognitive impairment.
As a people-first employer, you should put the health and wellbeing of your employees first to avoid health-related conditions from burdening your staff — even if this means you have to reduce capacity or take on new employees. Trying to expand your operations by forcing your existing staff to abandon their work-life balance is not a sustainable, people-first approach, and will only lead to cultural rifts and employee turnover.
Operating as a people-first business can boost your startup culture and create better buy-in amongst your new team of employees. Highly motivated teams are essential for the success of small businesses, as you rely more heavily on fewer people during your first years. You can help develop a people-first culture by creating mission statements and shared values that promote the well-being of all employees. This should be translated into real policies at work like offering coworking spaces and a better work-life balance.
How Does SR&ED Help Small Businesses?
7 Quick Ways to Take the Startup Hiring Process to the Next Level
Top Five Ways to Manage Employee Performance
Interview3 years ago
An Interview with Joel Arun Sursas, Head of Clinical Affairs at Biorithm, Singapore
More3 years ago
6 Promising Up and Coming Fashion Companies
More4 years ago
Factors to Consider When Planning Your Office Design and Layout
Interview2 years ago
An Interview with Russell Jack, Southland-based Yogapreneur and Mindfulness Teacher
Other Internet Tech4 years ago
How to become an IPTV reseller? A beginner’s guide
More4 years ago
IPTV business for beginners
Business Ideas5 years ago
50 Small Business ideas with low investment
More4 years ago
Advantages of Using Ride-hailing Services for Transportation