Startup

What matters to entrepreneurs in uncertain times?

Forward-thinking entrepreneurs often wonder, “How can I keep afloat when it doesn’t seem like the economy is improving?” For the past year, startup founders and leaders have wondered about a couple of questions. The thread of uncertainty permeates all aspects of life. It is constantly present in the social, personal, and professional spheres since the possibility of a calamity hovers over every decision one take. At the current time in history, with the COVID, uncertainty is higher than usual. That means that risk is higher than usual. There are several strategies taken by entrepreneurs in uncertain times. 

In times of uncertainty, and especially when it comes to making important decisions, people like to know what you think. The advice comes in many forms; some might quickly turn to Google, while others might seek out a mentor or other trusted source. In my experience, entrepreneurs are always looking for ways to improve and move their businesses forward.

Here are some ways to stay safe if you’re affected by a sudden, scary change in your business.

BUSINESS UNCERTAINTY 

Business uncertainty comes from phenomena that a business cannot predict or directly influence. These phenomena will lead to undesirable outcomes. Business uncertainty isn’t risky, but risks can cause business uncertainty.

When you’re an entrepreneur, you will need to navigate through risks. When you navigate through business uncertainty, it can be even more challenging. A big part of business preparation is sorting out your emotions. A big part of risk analysis is being able to differentiate between business risk and personal risk. A key aspect of this is whether the greater threat comes from external circumstances you cannot control or our inability to succeed in certain situations.

DEVELOP AND EXECUTE A UNIQUE BUSINESS IDEA TO BE A SUCCESSFUL ENTREPRENEUR 

If you want to be successful in today’s uncertain economy, a robust and unique brand is what you need. Plus, if you have a unique idea and/or are different in some way, it will have you stand out from the competition during uncertain times.

If you want to keep people buying from you, and not from your competitors, you should make sure they see you as a credible business. That’s why building your brand is important!

The reputation of your brand is defined by how well your target market perceives your brand. For example, companies like Coca-ColaGoogle, and Apple have established strong brand identities within their target markets. Tesla is a relatively new company, and yet despite this, it has secured an impressive position in the market.

HONOURABLE TECHNOLOGY PARTNER 

An honest business partner will never leave you alone during any kind of business’s ups and down instead he will guide you on how to go through these uncertain times. The partner who helps you in your business optimization, developing different technical strategies to grow your business on top is always considered as an ideal one. Plus they also benefit you in different matters like in making complex decisions, coming up with new ideas to takes your commerce to new elevations.  

While choosing your tech companion, you should have to do some research, check their portfolio deeply, take a look at their previous work experiences, have an eye on their abilities; these points will leads you to choose the best partner for your business who helps you to overcome your uncertain times and grow your business go new edges.

Click here to read: How to Dissolve a Corporation

RECONSIDER YOUR BUDGET_ SEED FUNDING

The budget, investment, funds, and priorities, all should be re-evaluated during the uncertain economic time to make your business work flat. Extra expenses should be cut down, reconsider the marketing and advertising budget and rebrand your company. It will help you to endure your business even in bad times.

Some additional steps can also be taken if you want to give worth to your community.

Seed funding should be your top priority to manage your expenses by highlighting your market budget on a platform that cost small investment and generates great revenue. Seed funding includes venture capitalists, startup incubators, and above all angel investors (angel investors provide capitals funds to entrepreneurs to grow up their startup in an altercation of the small business piece in the form of royalties and equity) which helps the small business to persist during a traumatic time.

Click here to read: 3 TIPS FOR STARTUP VENTURE CAPITAL FUNDING

PROVIDE OPPORTUNITIES TO YOUR CUSTOMERS TO DEMONSTRATE YOUR VALUE

When the economy is facing tough obstacles, customers can be more hesitant about purchasing products and services. To acquire customers who are spending less, you must ensure that your audience understands how your business provides value. If you want your brand to expand, think about making what you offer as helpful as possible to your audience.

Here’s a way to quantify the value you add to your community:

OFFER CUSTOMER EXPERIENCE

When your business is feeling an economic downturn, it’s important to concentrate more on customer experience and less on hitting revenue goals. Improving customer experience makes people more likely to buy something, to buy more often, and to buy more of what you sell.

IT’S VALUABLE TO MAKE A SPECIAL DEAL FOR YOUR CURRENT CUSTOMERS 

It’s easier to get customers to stick with your business if you find ways to reward their loyalty. You can reward your users for their commitment to you. After all, the more time they spend engaging with your app or website, the more valuable they’ll be as a potential customer.

By providing loyalty cards or other incentives for repeat customers, your brand will become more popular. The more time elapses between the customer’s first and most recent purchase on your website, the greater the discount for that customer.

PROFICIENCY 

While hard to analyze, content is a significant aspect of any online business. During events like the COVID-19 pandemic, it’s crucial to curate content that is genuine and helpful for your readers. When all else fails, the best way to be safe from the pandemic is by reading blogs that are equipped with simple, step-by-step instructions.

The goal is to give your customers something they didn’t know they wanted; conveniences they can’t live without.

BRAND RECOGNIZATION IS KEY TO CUSTOMER LOYALTY

If you want a company to succeed, your customers must think highly of your brand. Once they start to forget your name, even the best ideas may fail. Handling challenging times and the competitive market shouldn’t be done by being an also-ran, but by making sure that you are indispensable to them. Being kind to your customers and leaving a good impression on them will make them think about your company more often.

Click here to read: 21 Ways to Promote a Startup with no Extra Money

ACTIVELY PARTICIPATE IN YOUR COMPANY AND COMMUNITY 

When it comes to the economy and businesses, when people are fearful, they don’t buy or invest invaluable things, which results in recessions. Since your business makes up a large portion of your net worth, it’s important to stay on top of how things are going. To be more sustainable and more resilient, we must all be involved in our community to some degree. It doesn’t matter whether you manage a non-profit or a small business or a Fortune 500 corporation. It’s not just up to you. It’s everyone’s responsibility – as a team.

SERVICES 

Many people have lost access to the businesses that would normally provide them with daily necessities, so they find it challenging to pay their bills or purchase daily necessities. If you want to help those who are struggling financially, then you can try to identify a product or service that’s necessary for them but which they cannot currently afford. As an example, PG&E temporarily delayed the shutoff of certain bills.

INFLUENCE 

In our present-day, millennial-dominated era, most people follow influencers and friends than they do larger organizations. So as a well-established brand, you can speak with authority on social causes and charity efforts. When you identify social problems or causes that your audience is passionate about, amplify their voices in your content and offer ways for them to get more involved.

TIME

The more goods you have, the more you’ll need to pay to transport them. But whether you want to save money on shipping or you just want to help the community, some companies will rent trucks to send aid wherever it’s needed.

Click here to read: How to Start a Business from Scratch: 24 Steps to Becoming Operational

FINAL THOUGHTS 

Entrepreneurship is ultimately about building something sustainable. It’s about seeing the future beyond the next quarter or year. In an environment where uncertainty breeds fear, resilience is key. A resilient business keeps taking big risks and making bold decisions because it knows that nothing can stop it now. A resilient entrepreneur knows that changing your business model once in a while is perfectly normal so that you can stay competitive in today’s marketplace and tomorrow’s.