Hulk Hogan individual fights were like modern day startup fights between two co-founders. Then there was an yearly Royal Rumble. Just like employees wanting more roles and appraisals. Startup can be a chaotic environment. But what is that one thing without which any business fails, despite the fact that passion and hard work is already there? Definetly, growth. Right time, right place, right lighting – just like photography. According to a study, the biggest factor in success of a startup is ‘timing’. Taming chaos into growth is a time function of various variables listed below:
1. Re-Build a Mindset
Start again with a change statement. You need a simple way to keep your team on the same page while getting more work done. Planning is the homework without which nothing can work. You don’t want to spend money on Facebook or SEO but turn your customer into money. Self belief is vital. Rally your team to envision what change is needed and how to do it. Be realist, superficial tendencies in planning definitely brings a business down.
2. Use Modern Tools More Frequently
A sound business plan backed by an astute bank manager. Strong capital base is one. You must have enough assets on the basis of which 6 to 8 months can run even when you don’t have much from the business.
3. Adopt to a Working Strategy
If you can identify what’s causing distractions and remove that from the environment, people’s focus will start to increase. Slipshod of knowledge means not working on idea a great deal before launching it. Censure any urge of not keeping space for the unforeseen factors.
4. Improvise on Value Addition
Ask yourself, what value proposition does your product or service add? Considering customer’s benifit in mind instead of own benifit. The best business person is one having a cause. Causes are mostly generated with the business point of view. For example, Facebook owners generate revenue of which 90-95% used for a cause… still these people are billionares. Don’t be latent in adopting a cause.
5. Faith can turn Chaos into Growth
Discussing the nitty gritty details of the business with your close entrepreneur friends, industry experts who have first hand experience and of course your mentors and a meeting or two is not enough. Never be in Hurry. By insisting that deadlines and expectations become clearly defined, things get done when they should be, not as soon as someone feels like its possible to get moving. You ought to be well prepared for the expected challenges but the ones unforeseen change the game.
6. Keep Your Employees Interested
Your team needs to see that if they buy in and you get through the rough patch there is something in it for them. You can minimise thier disinterst by keeping them in the loop throughout the journey. Who knows they can see what you can’t. Admire their persistent approach and resilience in tough times. Demonstrate a willingness to help them succeed, they, in turn, remain committed to the company’s success.
7. Work Ethics
Ethics is concerned with how we should live our lives. It focuses on questions about what is right or wrong, fair or unfair, caring or uncaring, good or bad, responsible or irresponsible, and the like. (Jaksa and Pritchard cited in Wilcox, p.182)
Work ethic is the most famous type of ethic. A person with a “good” work ethic: works hard, keeps trying, is not lazy, and thinks hard work is good for you. Faith, honesty and hard work comprises in a broader perspective called working ethics. In enforcing work ethics, do prepare for turnover. Change happens through people who prioritize the company over their individual interests. Integrity is so precious but hard to find.
The principle behind professional ethics is that one’s actions are designed to create the greatest good for both the client and community as a whole rather than to enhance the position and power of the practitioner: (Cutlip et al, pp.144-145)
8. Revisit your Revenue Model
Create a recurring model. Supercharge your business model using the right Business Pattern. Depending on your niche, offering price and pricing model you can implement any of these business models:
- Freemium Model
- Multi-sided Pattern
- Bait and Hook
- Ad-centric Pattern
- Collaborative Pattern
- Unbundling Business Model
- Exclusive Pattern
- Long Tail Pattern
- Low-cost Pattern
- Hybrid Pattern
Be consistent in succeeding appraoch, one that fits you. Innovate only when necessary.
9. The LC-Approach
Lead Magnet approach is one in which the customer is already interested, and now you need to put action building your Core effort/value for that cusotmer. Such a customer is already attracted. When somebody says “Consumer is Boss”, they are referring to here is about the customer here. If 80% of your business comes from 20% of customers, then be sure those clients get your absolute best. They’ll keep coming back, and they may bring their friends.
Many of the best process improvements in the business come from harvesting the lessons from a failure, sifting out the most worthwhile ideas, and improving on them until something truly valuable is attained. Remember these points discussed above are time dependent actions, work through your sudden failuresso you should leap forward for a permanent success.