The present-day business world is riddled with various challenges – COVID-19 recession, very fierce competition, and unpredictable marketplace are only some of the most notable mentions. Fortunately, as complex as these issues are, they are hardly something novelty in the corporate landscape. The best way to find quick fixes for these problems is to simply refer to the experience of the countless startups before and put it into the context of the new business climate.
So let us take a look then at some of the most effective startup business strategies in existence and see how we can make them work in the year 2022.
Write down your business goals and vision
As mundane as this may sound, having some quick reference about the overall traits of your company as well as the short-term and long-term goals you are trying to achieve is an excellent way to always keep your business on track, make necessary course-correction, and establish relevant KPIs that will help you measure your progress. Therefore, while you are setting up plans for the rest of the years, try to answer the following questions:
- What is the profile of your ideal customer
- What is your strategy for growth
- What is the competition that stands in your way
- What do you want to achieve in the following 6-12 months
- Where do you see your company in five years
- What is the ideal extent of your company (large, small, family-owned, etc.)
- What are the unique qualities and perks you want to offer to your customers
Try to understand your customer
Essentially, your goal is to deliver the best product/service to the ideal customer. Understanding the endpoint of this process is the best way to stay relevant. As complicated as this issue is, your customer base can be best defined in these four terms:
- Problems – The basic everyday issues your company is trying to address
- Needs – How does your company match the unmet needs of the customer pool
- Perceptions – What do your customers think about the industry, competition, your company, best described in pros and cons
- Wants – Putting aside all the rational considerations, what do your ideal customers ultimately want
Put greater focus on the human resources
Over the last couple of years, the corporate climate and labor market experienced a tectonic change. This development can be, to a large extent, attributed to a disruptive influence of the COVID-19. Be that as it may, the old 9-to-5 world bound by traditional work arrangements and models is going extinct and the companies poised to climb their way to the top need to adapt to this new normal. With that in mind, the companies like Juggle Strategies have, for quite some time now, been offering coaching, diagnostic, and consulting services aimed at solving these exact issues so you will be able to find your way out.
Make your company scalable
Due to countless different reasons, the modern business world is in a state of constant flux. If you want to succeed in such a relentless environment, your company needs to be able to quickly adapt and scale up or down in accordance with current circumstances. This important property can be best achieved in two manners:
- Outsource the non-critical departments – This move will allow you to cut the time and money you need to develop these departments in-house, focus on core company activities as well as get more freedom in the hiring/onboarding process.
- Set up the infrastructure in the Cloud environment – Basing your entire company on the pay-as-you-go Cloud-based management model will allow your company to get instant access to fully developed business tools, spend no time on maintenance, and expand/reduce their assets as they see fit.
Don’t compromise with the customer service
According to recent surveys, as much as 61% of small and medium companies have reported that more than half their revenue comes from repeat customers. Accordingly, it is estimated that loyal clients are worth up to ten times more than the ones making the first purchase. Therefore, if you want to give your company competitive legs, do your best to set up the top-tier customer service able to solve the clients’ problems, maintain a positive brand reputation, quickly respond to the pending issues, help clients help themselves, and, most importantly, deliver a personalized approach for each individual customer.
We hope these few tips gave you an idea about the strategies you can use to set your organization for success throughout the rest of the year. As we mentioned in the introduction, the present-day business world is incredibly competitive and volatile. The only way to help it survive is to rely upon as many tried and true strategies as you can. Not an easy task but now, you have a perfect starting point.