The current economic climate raises serious questions about the ability of startups to survive in the country with prevailing conditions likely to restrain the potential growth of small businesses.
With business owners facing challenges such as slow economic growth and an increase in interest rates, it’s clear that starting a new business can be challenging.
Startups are a risk, says Endri Hasanaj, there is no guarantee that the business will succeed.
The marketing professional and founder of financialeconomyblog.com, an entrepreneurship website, says that while every business venture can be a gamble, there are strategies to help stack the odds in the entrepreneur’s favour.
“Indeed, many entrepreneurs fail because they don’t have safeguards in place to shield them from the perils of the marketplace,” he says in an article on Bizcommunity.
Here are Hasanaj’s 4 strategies that startup founders can implement to avoid failure.
1. Be realistic – Avoid setting unrealistic goals, says Hasanaj, this is an issue that many business owners struggle with. While it’s important for entrepreneurs to have ambition, it is vision and setting goals that will enable them to succeed.
2. Be clear and concise – Communication is critical in every business, says Hasanaj. Every startup founder has to have the ability to effectively communicate with others. This will allow them to reach and engage with others from customers to investors.
“When you’re working on a business proposal or applying for a loan, make sure you’re creating something that could be understood in the simplest terms,” he says.
3. Keep up with technology – “We’re in an age where technology can barely keep pace with itself,” Hasanaj says. It is vital that startup founders keep up with technological advancements if they are to remain competitive, he adds.
“Keep your computers up to date with the latest hardware and software to guarantee clients the most contemporary service,” he says.
4. Know your customers – In the startup phase, your targeted customers is the lifeblood of your business. Find the most effective ways to reach them, advises Hasanaj.
“Hire a top marketing company with previous experience marketing towards your target demographic. They’ll create a comprehensive content strategy to help you out. Their expertise could help keep your business afloat,” Hasanaj says.