20 Jan' 16

3 TIPS FOR START-UPS TO SURVIVE THE COMPETITION

survival tips for startups

Starting a business and landing on the favorable side of the market is every founder’s dream. But succeeding in this competitive market is no cakewalk. According to the business analysts, approximately 90% of the new businesses worldwide shut down for not generating a minimum revenue. Even companies like- Quirky, Homejoy, Zirtual, Secret, and Rdio, which came up with new ideas and were on their way to success, crashed. Finding actionable insight on market growth is the only way to keep your business afloat in this continuously changing business environment. Here are a few tricks and tips for start-ups to stay afloat in a competitive market.

Control the Investment Flow

Pipelining huge amounts of money from the investors to your company can be a critical mistake. Investment is obviously required to build and maintain reputation while spearheading various ventures. But, when you say yes to investment that surpasses your own business reserve or capital, you potentially give away a part of your business. By losing sole proprietorship of your company, what you will gain is an illusion of financial security. With increasing affinity of organizations, companies, and business structures to invest in start-ups, over investment issues can appear as a common problem in 2016. Carefully managing the investment flow and thinking about long-term effects before making a decision can be helpful for start-ups and it is one of the most vital survival tips for start-ups.

Get Ready For More Scrutiny Brought By Changing Demand Cycle

With new technology and business trends surfacing in the online world, demand cycle is evolving continuously. Small businesses have to flow with the change and modify their own operation processes for success. Online platform has already brought various ways of interacting with potential clients. Start-ups need to use these channels to know client preference. Otherwise, they will find themselves at the very end of the queue, fighting for client’s attention.

Seriously Consider Migration to the Cloud

Cloud systems and services have already shown promise in developing personalized and high-end security measures for companies. For start-ups, it also means a reliable way to cut the IT cost. You can use it to improve collaboration and create a positive impact on employee productivity. You can access your data and analytics from virtually any place, and never have to worry about your sensitive data bring stolen from your computer.

If you are a start-up, we can help your business by assisting it with tailored business and technological solutions. Contact us here.

Suman Chanda

Business Analyst

Suman works as a business analyst with Shield Watch. From pin to pencil, he is the person we go to for everything!

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