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
Continue being innovative and adaptable in your industry. Having a few lockdowns under your belt by now means that you and your team are more prepared this time around and capable of handling internal challenges. If you worry that your team will not be able to operate effectively during the lockdown, or yourself, why? Most teams have managed to adapt to positive routines and found good ways to collaborate whilst working from home. Speak to other business owners for any guidance or tips if you are still experiencing difficulties. Being part of a community like Tank Stream Labs enables these types of discussions to occur.
3. Continue networking
Building a network is one of the most powerful assets you can develop. Despite being in a lockdown situation, ask yourself who you can network with immediately or for future opportunities. Many channels still exist to build these networks, continue to utilise Linkedin, sign up to online events or webinars, reach out to local business or industry groups. People will still want to connect regardless if it does not involve a face to face coffee.
As we focus on trying to build new connections, do not forget to collaborate with existing relationships that can add value to you or your business. These established relationships are an excellent way to continue with your networking efforts and re-connect.
4. Identify growth opportunities
Business growth is still an important mindset to maintain, even during such challenging times for your business. In these uncertain times, you have to continually identify new market opportunities when they present themselves. Will you continue to market your existing services or will you pivot and offer a brand new service to your market? Perhaps you will extend your current offering to a new demographic? Or will you change your current offering to suit the ever changing demands of your customers? Identifying how your product or service can offer new or enhanced solutions to people is fundamental to your business continuing to succeed.
5. Keep calm and carry on
We all know that scaling your business is challenging at the best of times. You might find the roadmap you had created for calendar year 2021 has gone out the window and now you are busy rewriting your business plan to accommodate the remainder of the year. But the ability to think outside the box, being agile and adaptable to change is a key characteristic of being a successful business. These could include:
Identifying new opportunities that your competitors have not considered yet;
bettering your product or service to offer a new or creative solution to an existing problem;
Adapting your product or service to a new customer base.
By staying focused on things you can control in the business, you are more likely to set yourself up for success during these challenging times.
If you have any questions on this content or want to speak with a member of the Tank Stream Labs team, feel free to reach out at email@example.com.