Some startups make it and some don’t. If your startup has fallen into the second category, you can still fix things up. Silvana Suder Shared shares some tips that you can apply to your business to save it from getting shut down. Here’s what he has to say:
Remember your Vision
Successful entrepreneurs know where they are going and have a clear plan of how to get there.
So, resist the temptation to take unnecessary risks and start with your vision again. Analyze your strengths and weakness, define the roadmap and just do it.
Be cautious with expenses
At this point in time, don’t waste money on the things that are not important. Be stingy with your budget and make some tough decisions.
Define short-term goals
Remember you are not in a position to set long-term goals. Don’t even think about it; just define short-term goals that will give an instant push to your startup. Make a complete strategy or game-plan to achieve them.
Solve one problem at a time
Don’t try to multitask and solve all problems at once. Prioritize issues at hand, make a plan and solve them one-by-one.
Manage your time
As a founder, it is of prime importance for you to dedicate time for refining your company strategy and goals. And when the business is not doing well, keep your schedules clear so that you have ample time to think.
Be responsive & accessible
Whether you are in B2B or B2C business, addressing customer queries and requests promptly is always recommended. Don’t let your customers wait; they are your assets both in a good or bad time.
According to a report by Startup Genome, more than 90 percent of startups fail and 10 percent of startups that do succeed encounter several near death experiences.
Every business, just like life, comes along with many ups and downs. And remember, when all your efforts and strategies go down the drain, start afresh. Try something new. As a wise man once said, “Don’t be afraid to fail, be afraid to not try.”
