In just a few short months the pandemic changed the global economy. And with it, It changed our perspective of how we view work and how we choose to spend our time. Every individual and business has been frantically trying to find their place in this new way of working, without even knowing what the new normal could potentially look like.
All businesses have been impacted, especially early stage businesses. They have had to find new ways to not just survive, but continue their growth journey in an ever-changing market and economy. What is certain is that small businesses, especially those in the technology sector, are adaptable and the best equipped at pivoting their business in times of uncertainty. Their business structure, smaller teams and limited hierarchy puts them in a position to adapt to challenges quicker.
The Australian startup sector has been undergoing significant growth over the last decade with more businesses being launched year on year. The industry has seen many success stories of individuals who decided to take risks and set up their own business.
In this article, we will take you through some tips on how to focus on your business and drive growth even in times of uncertainty and change.
1. There is no need for panic
While we all know that startups have a high failure rate, especially in the first three years. The good news is that if you are not one of those, then you are already doing better than 60% of startups according to startup statistics from 2021. Staying calm and focusing on what you can actually change is critical for surviving as a business, but it’s particularly important as a startup. Being stressed and making any hasty decisions is never good for business, and this is especially true now. Focusing on the company’s core competencies and values for your customers is essential. As a leader, you also do not want to cause unnecessary stress or panic to your team so it is important to remain calm.
2. Continue being adaptable