Startups are thriving all over the world, even surviving the COVID-19 crisis. There is a lot to think about when you launch a business: Online presence, finance, cash flow, marketing strategy - All essential for thriving startups...
Will your new business be one of the respected thriving startups?
If you have recently started a business, the first thing to say is: Congratulations!
Starting a company from nothing is one of the most challenging undertakings, and it is a real achievement. Especially in these post-COVID trying times. It is also true that now is when the hard work really starts.
Evolving a startup from the initial stages can be extremely difficult, and yet the rewards and feeling of pride, if you succeed, are absolutely worth it. Whatever type of business you own, here are four smart moves of thriving startups.
Keep Marketing
Launching a business successfully usually requires a monumental marketing push to achieve brand awareness in the world. Once this initial step is completed, it can be tempting to consider the job done and focus your efforts and budgets away from marketing. This is a mistake!
The consumer world is fickle, and for your business to survive you’ll need to prioritize efforts to keep spreading your brand message. Resist the temptation to skimp or ignore this. Work with expert digital marketing consultants on SEO campaigns to grow your brand online, and ensure your brand stays in front of your target markets.
Manage Your Money
A small startup business can feel like a relatively simple affair, particularly if you’re currently operating as a one-man-band. Managing your business finances in a professional manner including:
- Cash flow forecasting
- Keeping detailed accounts
- Tracking expenses against profit
- Will be vital systems to have in place as you start to grow
These steps aren’t just for big business. They are important at all levels to keep your business running smoothly and profitable.
Thriving Startups Don’t Grow Too Fast
If everything is going well, it can be tempting to look too far into the future. You might tempted to:
- Expand
- Push your sales or services
- Capitalize instantly on your popularity
Remember - slow and steady wins the race. If you attempt to grow too quickly, you risk making promises you’re not yet equipped to keep. It’s no good to suddenly receive a thousand orders for an item if you only have one hundred units in stock.
Growing your business steadily - with each area in sync with all others - is the key to sustainable growth. It will serve you well for years.
Use Social Media
In the past few years, the use of social media has grown monumentally. If you own a business and you don’t have a profile on at least a few of the major social media platforms:
And even Tiktok - you are giving your competition the competitive advantage. Social media is a great way for you to connect with consumers (and more importantly, potential customers) in an informal and friendly way.
Fostering honest, human connections is a brilliant method to encourage brand loyalty and keep your customers on your side. Social media gives brands a human quality. So your first decision will be:
What kind of business do you want to be - A social business that attracts customers, or one that leaves it to chance?
