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Five strategies every startup should implement to sustain its business

ENTERPRISE
By Wainaina Wambu | July 28th 2021

Sendy Ltd's Transport Vice President Chris Nyaga and ARC Ride's Director of Business Development Bede Hesmondhalgh during the signing of the electric vehicle fleet.[Wilberforce Okwiri,Standard]

Implementing a plan at any stage is necessary for companies. Don’t navigate aimlessly as you will not know where you want to go or what goals to achieve.

Being the founder of a startup is a complex and challenging task in itself. You have to face challenges such as having the monetary capacity and the knowledge to get the business off the ground. You’ll have to face fierce competition, a volatile economy and a changing market.

In addition to all this, the Covid-19 pandemic has accentuated the challenges entrepreneurs face.

Many entrepreneurs have since stopped their activities while others have changed their business lines

To get ahead of these situations, some measures must be taken.

G2 Consultores, a firm specialised in startups, makes recommendations for strategies that you should follow to sustain your business:

Create a marketing strategy from the moment you start your business

If you are a recently created company and beginning to generate income, you need to make yourself known with your potential clients. We know that operating costs are high in the early stages compared to your income, so we recommend using free marketing tools found online. Do not start without a strategy, without knowing the customer's needs and what they are looking for in products or services like yours. Learn to identify which social networks it uses so that you can make yourself known. Once you have tested the behavior of your customers and your strategy, define if it is correct or pivotal, measure your KPIs, there are also tools that will allow you to know where you stand to avoid spending resources unnecessarily.

Your solution has to be viable, feasible and desirable

Consider that this requirement is first so that you have the certainty of what is going to work inside your company and then outside. If it is feasible it is because it will work with the technology you are developing, if it is viable it is because it has financial viability and the most important thing is that it is desirable for the market in which you want to enter and this you have to demonstrate in the future with possible, suppliers, investors, etc.

Choose the right people

Usually, the people who accompany you in the early stages of the company are the co- founders, however, with the growth of your company you will see the need to hire staff. Do not take it lightly, draw a correct organizational development strategy, hire the right people who add value to your company and who are experts in those activities that you can no longer or those in which you are not an expert.

Keep doing what's working

If you are growing it is because you are satisfying a need, people need and like what you are doing, so continue doing it for now, do not blur yourself.

Stop doing what doesn't work

Once you have identified what works, try to do the same with what is not generating results, reallocate resources, but first analyse, create a strategy and pivot as soon as possible. The implementation of strategies at any stage is necessary for companies, do not navigate aimlessly, since you will not know where you want to go or what objectives to achieve. If you do not know how to generate business strategies for your company, we suggest you approach an expert.

www. entrepreneur.com

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