The business world is an unforgiving ocean where the big fish obliterate the smaller fish without remorse. How else would you describe a field where over 90% of new entries (startups) fail and go out of business?
There really isn’t any way to sugarcoat it; the prognosis does indeed look bleak for most startups battling desperately for portions of the market share. This, however, doesn’t necessarily have to be the case as there are instances where new businesses have excelled and ascended to the league of the big players.
Even though these instances are far and few, they do happen and most often involve startups that adhere to certain rules and principles. Here are the things every startup must do if their business is to survive an onslaught from their rampaging competitors:
There must be a readily available market for the product or service
One of the mistakes many startups make is choosing to deal in a product or service with no market for your product. It is simple, really. If you have to explain the reason why a prospective customer needs your company’s product or service, then there’s a good chance that the product/service simply doesn’t have a market.
While this may suggest that startups can’t pioneer innovative products and services, it really isn’t the case. It just means that startups have a better chance of surviving if there is a ready-made market for the products and services that they offer.
Optimize production and service delivery for quality output
Believe it or not, regardless of what some branding experts will have you believe, customers aren’t swayed by the aesthetics of your digital ads or the persuasiveness of your web copy; instead, they care more about the quality of your product or service.
Your ads will count for nothing if the customers are left with bitter tastes in their mouth after conducting business with your company. It is, therefore, important that your product or service is top-notch.
Protect your business from disaster
Businesses can suffer irreparable losses at any point in time, which usually leads to their liquidation. Many startups, however, try to protect themselves from these damages either by bringing in investors to cushion their finances or insuring their businesses.
Being a startup venture isn’t an excuse to abandon this aspect of a business, especially when the rest of the competition actively invests their resources in protecting their businesses.
Have an awesome customer service department
Only those who aren’t knowledgeable about business practices downplay the important role a competent and productive customer service department plays in facilitating growth. Your startup’s customer service team is the major channel between your business and the customers it caters to; hence, having it filled with incompetent personnel is a surefire way to run your business to the ground.
The number of people who have abandoned various service providers solely due to the poor customer service they encountered are numerous, so it is key to the success of a startup that its client service team is a true representation of its brand.